Conference session
Case study presentations from session at ICMIF/Americas Annual Conference 2018
Technology is changing the entire insurance value chain and has the potential to fundamentally revolutionise how an insurance company operates in the future. The many segments of new insurance technology (or InsurTech) stands to bring transformational innovation to the insurance industry, which will either disrupt or empower incumbent insurers. In these case studies, learn how mutual/cooperative insurers are adapting for the future by embracing InsurTech, developing digital capabilities and implementing new internal processes to disrupt and innovate.
Digital innovation: Stormia case study
Seguros Unimed is the insurance arm of the Brazil’s largest medical work cooperative and health insurance provider. It is one of Brazil’s leading insurance companies, serving six million clients in the health, dental and life segments.
In March 2017, the company implemented its Stormia platform, a cell for digital innovation, in an effort to catalyse Unimed’s digital transformation strategy. Stormia is a cooperative welfare and services platform built on open technology, which acts as a tool that can be used throughout the Unimed health system. More than an application, the platform aims to be a space for interaction between Unimed and its members and customers, strengthening the relationship and generating potential for new business. It has over 200 features and the development tools used make it possible to add products and services to the platform collaboratively.
The platform is structured on three fronts. The first one, “Minha Unimed”, contains services and product information for its customers. The second focuses on the concept of wellbeing and health, with interactive and “gamified” content to encourage healthy habits tailored to the profile of each user. Finally, a marketplace offers diversified services in line with the UN’s Sustainable Development Goals (SDGs).
Presenter:
Fabio Leite Gastal, Director of Strategy, Management & Innovation, Seguros Unimed (Brazil)
Driving transformation: Open innovation and change management
In July 2018, Grupo Asegurador La Segunda held the first InsurTech Hackathon in Argentina: “Hack2In”. Over a period of 30 hours, 20 interdisciplinary teams of young programmers, designers, marketing professionals and enthusiasts of new technologies, developed software solutions and business ideas aimed at transforming the insurance and agricultural industry. The Hackathon was not just about designing new products, but rather about transforming old processes and ways of working.
Based on its cooperative nature, La Segunda aims to build ties with and strengthen the entrepreneurship community, following a model of co-construction and open innovation to drive transformation within the insurance group. The project allowed La Segunda to scout start-ups and new talent; begin to form the L2 Entrepreneurial Community; work on the co-creation of customer-focused technological solutions; and continue to improve its positioning and relationship with stakeholders.
Hack2in was the result of the work of a team of millennials from La Segunda who, with a great amount of effort and enthusiasm, were trained in the subject and co-created the project. This group are currently working on initiatives that focus on La Segunda customers and improving the service that the organisation gives them.
Presenter:
Virginia Lingiardi, Supervisor, Project Management Office, Grupo Asegurador La Segunda (Argentina)
Managing innovation and strategic development at Thrivent
A rapidly shifting landscape and potential for industry-wide disruption is driving a need for Thrivent (USA) to actively explore innovation. It looks at innovation across three levels: core innovation – optimising existing products or processes (one year out); adjacent innovation – expanding from existing business into “new” (two to three years out); and transformational innovation – developing breakthroughs and new-to-market inventions (three to five years out).
The organisation has multiple groups of innovation, and whilst there is some overlap, it differentiates between innovation and development (core innovation to design new solutions and experiences for customers) and long-term strategic development (transformational innovation to uncover new markets or opportunities).
The corporate disciplines of innovation at Thrivent are:
- Continuous improvement – build and optimise processes that deliver the best customer experience and value.
- Agile – deliver value to customers faster, test ideas quicker.
- Change management – Ensure the speed of adoption, structured approach to support organisational change.
This integrated platform of corporate disciplines helps Thrivent to build capabilities and drive change within the organisation.
Presenter:
Sarah Van Slyke, Director of Strategic Development, Thrivent (USA)
More information
If you would like more information on the topic or case studies presented above, please contact us. We are here to make tailored introductions to your fellow ICMIF members and we can also share other member-only resources with you based on your specific challenges and interests.
