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Presentation titleJune 4, 2018
Mitch Ocampo, LOGiQ3 Group, Chief Technology Officer
HELLO! I ’M SIMON BELL
C O - F O U N D E R & C E O , L O G i Q 3 G R O U P L O C A T I O N : C A R D I F F , U K
What I do in a nutshell?
What I’m passionate about?
What my BIO won’t tell you?
3
HELLO! I ’M MITCH OCMAPO
C T O , L O G i Q 3 G R O U P L O C A T I O N : C A P E C O D , M A
What I do in a nutshell?
What I’m passionate about?
What my BIO won’t tell you?
4
Life insurance and reinsurance experts providing strategic solutions for risk management.
Specialty: Underwriting, Claims, and Reinsurance Administration
The North American leader in life reinsurance systems that provide data quality and standardized solutions.
Specialty: Life and Annuity Reinsurance Administration Systems
A centralized, standardized digital contracting and compliance solution connecting Canadian advisors, MGAs, and Carriers.
Specialty: Advisor Screening, Contracting, and Compliance
Accelerating insurance innovation through open collaboration using Design Thinking Methodologies.
Specialty: Open Innovation, InsurTech (Life and P&C)
MAKING LIFE SIMPLE
SPEED INNOVATION PROBLEM STATEMENT:
Agree on Start-Up Company Name (as a team) 2 MIN
Individual ideas 5 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
8
B
T IPS FOR SUCCESS • T h i n k b i g
• N o l i m i t s
• N o r e g u l a t o r y r e s t r a i n t s
• U n l i m i t e d b u d g e t
• Q u a n t i t y o r q u a l i t y
• S t i c k t o t i m e l i n e s – t i m e k e e p e r w i l l b e s t r i c t o n m i n u t e s
9
Design a solution Build a minimum viable concept/ product/ service
Test solution and gain customer feedback
• Workshops • Surveys • Interviews • Observations • Secondary Research • Assumptions • Personas
• Problem statement development
• Design Thinking Exercises, e.g., Power of 10, How Might We, Journey Mapping, Random Association, and Storyboarding.
• Wireframes • Applications • Processes • Products • Strategies • Use Cases • Business Cases
• Workshops • Surveys • Interviews • Demonstrations • Observations
10
• Pen/pencils/markers
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
14
• Make insurance better • Foster and encourage open collaboration • Generate new business models
INTRODUCTION
M I S S I O N
• Share and collaborate • Design and create • Accelerate innovation and prototyping
15
B
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.
INNOVATION LAB
16
B
For organizations and Individuals wanting to solve insurance industry problems through Open Innovation and Collaboration with the aim to produce Minimum Viable Products (MVP).
MAKE INSURANCE BETTER
UNIQUE RECIPE FOR INNOVATION
Cookhouse Lab owned by
19
Stakeholder centric support activities, based on Design Thinking Methodology
DELAYS IN APS A leading cause of delays in life and health insurance policy issue is often due to time lags in receiving the Attending Physician Statement (APS) also known as Third Party Reports and how that impacts the underwriting process.
app 12
DISRUPTING A +30 YEAR OLD PROCESS
Customers are waiting months to receive life and living benefits coverage due to poor data quality, lack of physician motivation and a paper based process culminating in long APS cycle times.
MVP
20
U S E LA
BWHY T H E C U R R E N T A P S E X P E R I E N C E R O L E S P A I N P O I N T S
A P
P LI
C A
N T
O K
E R
• Lost business
R E R
• Negative brand perception
• Second APS is often required
• High effort to evaluate an APS
C LI
complete APS requests
• APS requests are lengthy and unclear
• APS fee is not sufficient for timely completion
• Non-digital solution
21
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?
Typical 90 days process is reduced to only 2 weeks!
22
B
PROTOTYPE To encapsulate these innovations, the team created a new digital platform called "Road Runner" 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
ESTIMATED IMPACT Brings Improved Data Quality through New Digital Tools
Introduces a New Physician Bonus Incentive Program
Launches a Digital Process that Reduced Cycle Times by up to 70%
Increases Profitability for all the stakeholders
APS COST CYCLE TIME CASE UNDERWRITING
up to 70% Reduction in costs to request and process APS documentation
50% to 95% Reduction in the time it takes to complete an APS request
100% to 400% Increase in the number of cases underwritten per day which require an APS
24
B
RESULTS Over three months, a high fidelity prototype was developed with the potential to bring about +$80MM in benefits to the Canadian Life Insurance Industry
Visit cookhouselab.com
Empathy Maps
User Interviews
Innovation Report
Project Presentations
TIME TO SELECT A WINNER!
26
1. Go to SLIDO.COM
2. Enter code 4905
29
30
Get involved at Cookhouse Lab
[email protected]
cookhouselab.com
Mitch Ocampo, LOGiQ3 Group, Chief Technology Officer
HELLO! I ’M SIMON BELL
C O - F O U N D E R & C E O , L O G i Q 3 G R O U P L O C A T I O N : C A R D I F F , U K
What I do in a nutshell?
What I’m passionate about?
What my BIO won’t tell you?
3
HELLO! I ’M MITCH OCMAPO
C T O , L O G i Q 3 G R O U P L O C A T I O N : C A P E C O D , M A
What I do in a nutshell?
What I’m passionate about?
What my BIO won’t tell you?
4
Life insurance and reinsurance experts providing strategic solutions for risk management.
Specialty: Underwriting, Claims, and Reinsurance Administration
The North American leader in life reinsurance systems that provide data quality and standardized solutions.
Specialty: Life and Annuity Reinsurance Administration Systems
A centralized, standardized digital contracting and compliance solution connecting Canadian advisors, MGAs, and Carriers.
Specialty: Advisor Screening, Contracting, and Compliance
Accelerating insurance innovation through open collaboration using Design Thinking Methodologies.
Specialty: Open Innovation, InsurTech (Life and P&C)
MAKING LIFE SIMPLE
SPEED INNOVATION PROBLEM STATEMENT:
Agree on Start-Up Company Name (as a team) 2 MIN
Individual ideas 5 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
8
B
T IPS FOR SUCCESS • T h i n k b i g
• N o l i m i t s
• N o r e g u l a t o r y r e s t r a i n t s
• U n l i m i t e d b u d g e t
• Q u a n t i t y o r q u a l i t y
• S t i c k t o t i m e l i n e s – t i m e k e e p e r w i l l b e s t r i c t o n m i n u t e s
9
Design a solution Build a minimum viable concept/ product/ service
Test solution and gain customer feedback
• Workshops • Surveys • Interviews • Observations • Secondary Research • Assumptions • Personas
• Problem statement development
• Design Thinking Exercises, e.g., Power of 10, How Might We, Journey Mapping, Random Association, and Storyboarding.
• Wireframes • Applications • Processes • Products • Strategies • Use Cases • Business Cases
• Workshops • Surveys • Interviews • Demonstrations • Observations
10
• Pen/pencils/markers
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
14
• Make insurance better • Foster and encourage open collaboration • Generate new business models
INTRODUCTION
M I S S I O N
• Share and collaborate • Design and create • Accelerate innovation and prototyping
15
B
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.
INNOVATION LAB
16
B
For organizations and Individuals wanting to solve insurance industry problems through Open Innovation and Collaboration with the aim to produce Minimum Viable Products (MVP).
MAKE INSURANCE BETTER
UNIQUE RECIPE FOR INNOVATION
Cookhouse Lab owned by
19
Stakeholder centric support activities, based on Design Thinking Methodology
DELAYS IN APS A leading cause of delays in life and health insurance policy issue is often due to time lags in receiving the Attending Physician Statement (APS) also known as Third Party Reports and how that impacts the underwriting process.
app 12
DISRUPTING A +30 YEAR OLD PROCESS
Customers are waiting months to receive life and living benefits coverage due to poor data quality, lack of physician motivation and a paper based process culminating in long APS cycle times.
MVP
20
U S E LA
BWHY T H E C U R R E N T A P S E X P E R I E N C E R O L E S P A I N P O I N T S
A P
P LI
C A
N T
O K
E R
• Lost business
R E R
• Negative brand perception
• Second APS is often required
• High effort to evaluate an APS
C LI
complete APS requests
• APS requests are lengthy and unclear
• APS fee is not sufficient for timely completion
• Non-digital solution
21
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?
Typical 90 days process is reduced to only 2 weeks!
22
B
PROTOTYPE To encapsulate these innovations, the team created a new digital platform called "Road Runner" 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
ESTIMATED IMPACT Brings Improved Data Quality through New Digital Tools
Introduces a New Physician Bonus Incentive Program
Launches a Digital Process that Reduced Cycle Times by up to 70%
Increases Profitability for all the stakeholders
APS COST CYCLE TIME CASE UNDERWRITING
up to 70% Reduction in costs to request and process APS documentation
50% to 95% Reduction in the time it takes to complete an APS request
100% to 400% Increase in the number of cases underwritten per day which require an APS
24
B
RESULTS Over three months, a high fidelity prototype was developed with the potential to bring about +$80MM in benefits to the Canadian Life Insurance Industry
Visit cookhouselab.com
Empathy Maps
User Interviews
Innovation Report
Project Presentations
TIME TO SELECT A WINNER!
26
1. Go to SLIDO.COM
2. Enter code 4905
29
30
Get involved at Cookhouse Lab
[email protected]
cookhouselab.com