FROM PROBLEM TO MVP Caribbean Insurance Conference - Innovation Workshop June 4, 2018 - Insurance Association of the Caribbean
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LOGiQ3 GROUP
FROM PROBLEM TO MVP
Caribbean Insurance Conference – Innovation Workshop
June 4, 2018
Simon Bell, LOGiQ3 Group, CEO & Co-Founder
Mitch Ocampo, LOGiQ3 Group, Chief Technology Officer
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LOGiQ3 GROUP
HELLO!
I’M SIMON BELL
CO-FOUNDER & CEO, LOGiQ3 GROUP
LOCATION: CARDIFF, UK
What I do in a nutshell?
What I’m passionate about?
What my BIO won’t tell you?
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LOGiQ3 GROUP
HELLO!
I’M MITCH OCMAPO
CTO, LOGiQ3 GROUP
LOCATION: CAPE COD, MA
What I do in a nutshell?
What I’m passionate about?
What my BIO won’t tell you?
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LOGiQ3 GROUP
MAKING LIFE SIMPLE
Life insurance and reinsurance The North American leader in A centralized, standardized Accelerating insurance
experts providing strategic life reinsurance systems that digital contracting and innovation through open
solutions for risk management. provide data quality and compliance solution connecting collaboration using Design
standardized solutions. Canadian advisors, MGAs, and Thinking Methodologies.
Carriers.
Specialty: Underwriting, Claims, Specialty: Life and Annuity Specialty: Advisor Screening, Specialty: Open Innovation,
and Reinsurance Administration Reinsurance Administration Contracting, and Compliance InsurTech (Life and P&C)
Systems
Speed Innovation Challenge
Why Does Co-Creation Exist?
Caribbean Insurance Conference 2018
S P E E D I N N O V A T I O N P R O B LE M STATEMENT: To be determined
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TODAY’S SPEED CHALLENGE
COOKHOUSELAB
ACTIVITY SUGGESTED TIME ALLOCATION
Split room into groups
Agree on Start-Up Company Name (as a team) 2 MIN
Individual ideas 5 MIN
Individually pick top 2 ideas 2 MIN
Pair up in group & Pitch 7 MIN
Pair up in group & Pitch (other direction) 7 MIN
Mental vote for favorite idea heard 1 MIN
Pick top team idea 5 MIN
Draw idea/ prepare pitch /select anchor 15 MIN
Submit ideas to Facilitators/Judges 2 MIN
Judge deliberation | Open Collaboration Discussion 15 MIN
Judges pick top 3 ideas 5 MIN
Anchor from top 3 pitch idea to all 9 MIN (3 each)
Live voting to pick winner 4 MIN
Submit ideas to build on winning idea 5MIN
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COOKHOUSELAB
TIPS FOR SUCCESS
• Think big
• No limits
• No regulatory restraints
• Unlimited budget
• Quantity or quality
• Stick to timelines – time
keeper will be strict on
minutes
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COOKHOUSELAB
DESIGN THINKING PROCESS
Understand the Identify the opportunity Design a solution Build a minimum viable Test solution and
customer‘s need or problem concept/ product/ service gain customer feedback
• Workshops • Problem statement • Design Thinking • Wireframes • Workshops
• Surveys development Exercises, e.g., Power • Applications • Surveys
• Interviews of 10, How Might We, • Processes • Interviews
• Observations Journey Mapping, • Products • Demonstrations
• Secondary Research Random Association, • Strategies • Observations
• Assumptions and Storyboarding. • Use Cases
• Personas • Business Cases
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COOKHOUSELAB
MATERIALS YOU
CAN USE
• Exercise Template
• Pen/pencils/markers
• Flipboard for each table
• Submission formFIRST TASK: NAME OF YOUR STARTUP COMPANY You no longer work for the company you came here working for, you are now part of a start-up company - pick your name!
TIMER
INNOVATION CHALLENGES • Lack of innovation expertise - Where Do I Start?” • Lack of infrastructure and facilities • Lack of corporate support • Lack of urgency • Wicked problems are big and ugly
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COOKHOUSELAB
INTRODUCTION
VISION
• Make insurance better
• Foster and encourage open collaboration
• Generate new business models
MISSION
• Share and collaborate
• Design and create
• Accelerate innovation and prototyping15
COOKHOUSELAB
INNOVATION LAB
Companies and Individuals looking to work on insurance innovation topics and projects through an open/collaborative approach with the aim to produce
a Minimum Viable Product (prototype) via a paid membership.
Re/Insurer MGA Broker Academia Entrepreneur Accelerator Vendor16
COOKHOUSELAB
MAKE INSURANCE BETTER
For organizations and Individuals wanting to solve insurance industry problems through Open Innovation and Collaboration with the aim to produce
Minimum Viable Products (MVP).
TORONTO, Canada Pop-up MUNICH, Germany
UNIQUE RECIPE OPEN GLOBAL FLEXIBLE
FOR COLLABORATION INSURANCE MEMBERSHIP
INNOVATION MODELS EXPERT CROWD OPTIONS
Selected Members & Participants
Owned by17
COOKHOUSELAB
MEMBERS & PARTICIPANTS
LOCATIONS:
Toronto, Canada
Pop-up - Munich, Germany
Cookhouse Lab
owned byC O - C RE A T I O N E X A M P L E : D E LA Y S I N A T T E N D I N G PHYSICIANS STATEMENTS Innovation Project Summary
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COOKHOUSELAB
12
Weeks D I Sapp
RUPTING A +30 YEAR
DELAYS IN APS OLD PROCESS
A leading cause of delays in life Stakeholder centric support activities, based on Design
and health insurance policy issue Thinking Methodology
is often due to time lags in 9
receiving the Attending Physician Members
Statement (APS) also known as
Third Party Reports and how that
Customers are waiting
impacts the underwriting process.
months to receive life and
2017 living benefits coverage due
to poor data quality, lack of
May – Jul
physician motivation and
a paper based process
culminating in long APS cycle
times.
1
MVPTime commitment to complete APS requests
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COOKHOUSELAB
WHY
THE CURRENT APS EXPERIENCE ROLES PAIN POINTS
INSURER
APPLICANT
BROKER
CLINIC
• Long time without • Lost business • High costs related to low • Time commitment to
coverage • Delayed commission placement complete APS requests
• Bad customer payment • Negative brand perception • Lack of understanding
experience • Frustrated customers • Dependency on TPA’s of the APS value
• Long time spent waiting for • APS requests are
APS results lengthy and unclear
• Second APS is often • APS fee is not sufficient
required for timely completion
• High effort to evaluate an • Non-digital solution
APS21
COOKHOUSELAB
DISCOVERY Typical 90 days process is reduced to only
2 weeks!
What should this process look like in today's
digital age?
How can we expedite the Third Party Reports
request process?
How can we provide a risk relevant synopsis of
these reports to the underwriter for a faster
risk premium classification?22
COOKHOUSELAB
To encapsulate these innovations, the team created a new digital platform called "Road Runner"
PROTOTYPE focused on accelerating the APS process.
One platform where all the roles
can access, upload and review
information. The content
displayed responds to the role
specifics (e.g.
Insurer, Underwriter, Physician)23
COOKHOUSELAB
ESTIMATED IMPACT
Brings Improved Data Quality through
New Digital Tools
Introduces a New Physician Bonus
Incentive Program
APS COST CYCLE TIME CASE UNDERWRITING
Launches a Digital Process that
Reduced Cycle Times by up to 70% up to 70% 50% to 95% 100% to 400%
Reduction in costs to Reduction in the time it Increase in the number of
Increases Profitability for all the
request and process APS takes to complete an APS cases underwritten per day
stakeholders
documentation request which require an APS24
COOKHOUSELAB
Over three months, a high fidelity prototype was developed with the potential to bring about +$80MM in
RESULTS benefits to the Canadian Life Insurance Industry
10 45 5 35 80 4 1 3
Empathy User Surveys Wireframes MVP Screens Prototype Innovation Project
Maps Interviews Iterations Report Presentations
Participants Want Access to the Outcome Report?
Visit cookhouselab.comTIME TO SELECT A WINNER!
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COOKHOUSELAB
TIME TO SELECT A
WINNER
1. Go to SLIDO.COM
2. Enter code 4905
3. Select PollsCONGRATS!
LET’S CONTINUE THE MOMENTUM!
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COOKHOUSELAB
SELECT QUESTIONS
AND TYPE YOUR
SUBMISSION30
COOKHOUSELAB
EAGER TO SOLVE
AN INDUSTRY
CHALLENGE?
Get involved at Cookhouse Lab
Hello@cookhouselab.com
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