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Corporates within the insurance industry are looking to take advantage on new digital tools including lead to solutions for the biggest challenges they face.
Insurance is often seen as one on the most traditional industries, but a number on corporates within the space are looking to move into the 21st century including beyond accompanied by of} digital innovation labs.
These labs cover a range on needs, from improving client system accompanied by of} new digital tools, to investing within blockchain including virtual reality technology.
Here we list the insurance innovation labs created via some on the biggest names within the industry — from Anthem to Liberty Mutual — as skilfully as from newcomers looking to make a name through tech.
We’ve and listed corporate innovation labs focused on top of healthcare, retail, and finance, as skilfully as 75 labs across a variety on industries.
1. America’s Health Insurance Plans — AHIP Innovation Lab
Founded: 2015
Key people: Rahul Dubey, senior vice president including founder on AHIP Innovation Lab
The motto on America’s Health Insurance Plans Innovation Lab is “Collaborate, create, including implement.” Operating out on Chicago’s West Loop, the lab aims to bring together door key stakeholders from each and every part on the healthcare industry to explore new solutions to chronic care management, condition literacy, worth transparency, including telemedicine.
Notable projects or investments: The Solutions Working Group was created via AHIP’s Innovation Lab to work accompanied by of} healthcare providers including specific subject matter experts to assist within “providing deliver actionable, outcomes-driven solutions” for insurance plans.
2. Anthem — Anthem Innovation Studio
Founded: 2016
Key people: Tom Miller, chief information officer
The goal on the Anthem Innovation Studio is to be as agile as viable within creating including testing new ideas that could aid transform the healthcare industry. The lab is currently exploring the idea on the consumer as the “CEO on their health” via focusing on top of how advancements within technology can improve access, finding making, including costs.
Notable projects or investments: In addition to re-formatting all on their web platforms to be mobile responsive, the Anthem Innovation Studio has created the Anthem Anywhere app for members to access their healthcare information, pay premiums, including manage prescription benefits.
3. MetLife — LumenLab
Founded: 2015
Key people: Zia Zaman, chief executive official on LumenLab including chief innovation officer, Asia region
LumenLab focuses on top of teamwork across MetLife’s Asia region, working accompanied by of} teams including gaining insights from partnerships within MetLife including through outside finance including healthcare providers. The lab facilitates a three-month accelerator program called Collab, which focuses on top of insurtech brands.
Notable projects or investments: Paris-based Shift Technology — a SaaS implement that utilizes machine learning to detect fraudulent insurance claims — was within the first cohort on Collab graduates. The company raised a $60M round on funding within March 2019 from investors containing Accel including Iris Capital.
4. AXA — AXA Lab
Founded: 2013
Key people: Guillaume Borie, CEO on AXA Next; Guillaume Cabrère, CEO on AXA Lab
AXA Lab launched within Silicon Valley. Today it and has locations within London, Shanghai, including Singapore. The Lab operates within four door key areas: creating connections accompanied by of} tech hubs; fostering innovation within AXA; identifying potential trends including partnerships to aid improve AXA’s product mix; including racing pilot programs accompanied by of} startups.
In January 2019, AXA Lab became a part on a new entity called AXA Next. This program brings all on AXA’s innovation branches together accompanied by of} the goal on “building new services including business models, going beyond the insurance coverage, to develop into a true squeeze on our customers.”
Notable projects or investments: AXA Health Keeper is a product developed within the Lab that is currently racing within Spain. The app tracks condition metrics including qualifications goals, including rewards reward users accompanied by of} “Fitpoints” that can be used to earn discounts on top of condition including wellness products.
5. Swiss RE — Swiss Re Institute
Key people: Jeffrey Bohn, controller on Swiss Re Institute
The Swiss Re Institute is Swiss Re Group’s investigation arm. The Institute “harnesses Swiss Re’s risk sense to produce data-driven investigation across the company including accompanied by of} squeeze organizations.” Its investigation publications, global events, including expert insights aim to aid companies approximately the world gain sense including make better decisions about the risks facing their businesses.
Notable projects or investments: Sigma Explorer is a web-based app that was developed via the Swiss Re Institute to aid companies “visualize the loss on life, destruction including financial worth on catastrophes” including the potential impacts on top of the insurance industry.
6. Aviva — Aviva Digital Garage
Founded: 2015
Key people: Andrew Brem, former chief digital officer; Serge Taborin, former company digital innovation director
With three locations worldwide, Aviva Digital Garage looks at risk across a filled spectrum rather than within insurance’s typical siloed verticals. It and focuses on top of improving products, enhancing client engagement, including watching emerging trends — especially approximately client pain points.
Aviva has and teamed up accompanied by of} DMZ to lead to an Insurtech Accelerator that offers connections, education, mentorship, including support to a handful on chosen startups each year.
Notable projects or investments: Last year, the company launched Aviva Drive, an app for vehicle insurance discounts that and operates as a dash cam for drivers. If users are involved within an accident, the video footage is automatically sent to Aviva as part on their claim.
7. Zurich — Innovation Foundry
Founded: 2018
Key people: Mark Budd, head on innovation, UK
Zurich created it’s UK-based Innovation Foundry to aid tackle the ever-present challenges faced via new customers demands associated accompanied by of} advancements within digital technology. The overall goal on the Foundry is to form long-term partnerships accompanied by of} other brands to aid training teamwork including support a “start to finish” process approximately responding to customers needs.
Notable projects or investments: FaceQuote is a implement developed via the innovation teams at Zurich. Essentially, it’s an app that has users take a selfie including then based on top of AI technology determines the user’s approximate age. From there, users can get information on top of how much life insurance would worth each month. It’s been rolled out as a first step investigation implement for a younger generation.
8. Wawanesa Mutual Insurance Company — Wawanesa Innovation Lab
Founded: 2018
Key people: Al McLeod, vice president on innovation
Since 2017, Wawanesa has opened two Innovation labs within Canada. The goal is to “foster partnerships accompanied by of} door key players working collaboratively to be at the forefront within implementing the digital innovations that are changing the insurance industry.”
The partnerships run the gamut from startups to brokers, government agencies, including tech incubators. Wawanesa is focusing on top of bringing to market new products including ideas to serve its customers digital needs.
Notable projects or investments: Wawanesa has teamed up accompanied by of} ProNavigator including the Excalibur Insurance Group to work on top of a project that harnesses voice technology via an Amazon Alexa skill to let customers get insurance quotes from brokers for home or vehicle insurance.
9. Allianz — Allianz X
Founded: 2016
Key people: Dr. Nazim Cetin, CEO on Allianz X
Allianz X was originally created to be the in-house incubator for Allianz; however, after a shift within strategy, it’s now the go capital arm on the company. With a recent cash injection within beforehand 2019 that brings the fund up to over $1B, it’s set to take the next step.
Allianz X looks for digitally-focused investments within its core areas on fintech, insurtech, health, data intelligence, including cybersecurity.
To date, the fund has made 15 investments within companies that align accompanied by of} Allianz’s goals. Allianz X and looks to make strategic partnerships “between the portfolio company including one or more Allianz operating entities or global business lines, leveraging expertise on top of both sides.”
Notable investments or investments: Allianz X has invested Bima, a startup that sells microinsurance services aimed at low-income consumers across Africa, Asia, including Latin America. It has and formed a partnership accompanied by of} Indonesian ride-hailing system Go-Jek to present with a suite on potential financial including insurance tools to customers.
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This article is posted on category , the date 01-09-2019, quoted from GOOGLE Searcing https://www.cbinsights.com/research/insurance-innovation-labs/
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