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.
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:
Access to Insurance
How might we develop a solution/service to cater to the growing underserved population?
How might we develop an embedded insurance solution/service to attract and serve the younger generation?
How might we develop a solution/service to support dynamic and engaged independent workers?
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.
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?
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?
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.
At the end of the 2-day ideathon, 11 global teams pitched their ideas to our panel of experts.
More Co-creation Sprints
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!