Innovation Project Summary Cookhouse LabS
SummerHack 2021: “New Times, New Experience” Winning Solution
Facing the challenges of the global pandemic, insurers must reimagine their products and services to cater to the new challenges faced by consumers.
2
DAYS
ONLINE
2021
12
TEAMS
12
MVPs
Challenges
Under the theme “New Times, New Experience”, we asked our teams to choose from these challenges and ideate a real business solution using our Design Thinking methodology:
Ecological Footprint
Access to Insurance
How might we develop a solution/service to cater to the growing underserved population?
Embedded Insurance
How might we develop an embedded insurance solution/service to attract and serve the younger generation?
Gig Community
How might we develop a solution/service to support dynamic and engaged independent workers?
WHY?
Understanding Jason and Sarah, part of our Gig Community
With limited time on hand, Team Foresters decided to take on the challenge of supporting and engaging the Gig community, seeing that the current crisis is pushing many people to search specifically for non-traditional forms of employment that provide flexibility and additional income.
PAINS (COMMON)
- Limited options for independent workers
- No employment insurance available
- All options available are co-pay structure
GAINS (COMMON)
- Appreciate having the choice to earn through more creative endeavors
- Enjoy time flexibility
DISCOVERY
Insurance companies cannot measure crucial data when it comes to self-employed gig/seasonal workers, therefore current insurance coverage options do not align with their needs and ability to pay.
How can we make it easier for gig workers to access insurance to fulfill their financial and health needs?
How can we offer seasonal workers a sense of stability despite their fluctuating income?
SOLUTION
The team ideated several solutions to offer gig workers ease and stability when it came to their insurance coverage, and together, they selected the final solution to prototype.
How might we provide a flexible insurance solution that improves the well-being of gig workers?
GIGLIFE
In essence, gigLife offers benefits and community within the gig economy, including access an exclusive community forum, learning platform, and discounts while managing credits in a healthcare spending account during and between gigs.
GigLife supports independent workers by providing benefits they may lack, a buffer when they are between gigs, and access to professionals who can offer financial and legal advice. The platform provides health benefits funded through a combination of participation fees. The platform could also provide benefits to participants by purchasing a life insurance policy and advancing a portion of the death benefit to cover the costs of the current benefits, all legalities taken into consideration.
Further, it aims to create an opportunity for organic group advocacy for the gig working community through social networking features.
RESULTS
At the end of the 2-day ideathon, 11 global teams pitched their ideas to our panel of experts.
16
Countries
18
Hours
100+
Participants
12
Participating Teams
11
Judges
3
Winners
12
MVPs
1
Final Pitch Event
PARTICIPANTS
More Co-creation Sprints
Our test kitchen has cooked-up new customer-centric solutions to industry problems and challenges through rounds of innovation sprints with our global community. Check out the results!
We also offer intro sessions that provide insurance professionals with the opportunity to experience our Cookhouse Labs methodology and a sneak peek at what it’s like to co-create and collaborate with our global community. If you are not a Cookhouse Labs member and are interested in finding out more, check out our membership benefits!