4 July 2018 07:00
Photo : Freepik
Promote innovation internally or among its suppliers is certainly a need, across all sectors. In insurance, there are specialists that can help the industry to confirm the value of an idea and turn it into a real application.
Carol Roy, senior vice-president of V-NEO , and also head of the Centre for innovation and performance in insurance (CIPA), a subsidiary of this firm of consultants, and Patrick Bourbeau, chief innovation officer at V-NEO, presented their approach during the second edition ofInsurtech Quebec. The CIPA was created two years ago to extend the innovation outcome of start-ups (startups) in the insurance technology to a concrete application in the industry.
Know which one to choose
As the universe of insurtechs is in growing expansion, it is necessary to know how to choose with whom the insurer wants to undertake the partnership. Even if it is necessary to leave flexibility to the innovation, the approach still requires a certain discipline. We can do land on concrete projects more quickly, said Mr Roy.
V-NEO has developed the approach INNOCASE, which was presented by Patrick Bourbeau. The approach is structured in three main steps. The first is to structure the opportunity. “It seeks to distinguish what are the problems and the challenges, what are the opportunities and the threats,” said Dr. Bourbeau.
Then comes the phase aimed at understanding the offer and create a synergy with the ecosystem insurtechs. “It creates a business relationship, verifying that the proposed solution is mature,” said Dr. Bourbeau.
If all goes well, the last step is to validate the business model.
Classify the insurtechs
V-NEO attends to classify the insurtechs in this broad spectrum of innovation. It goes from discovery to ideation, and experimentation.
The consultant tries to regulate the relations between the company and the insurer, with meetings in working groups at regular intervals, in a process that should not extend beyond three months. Mr. Bourbeau stressed the need to accelerate the learning curve (” learn fast “), and to adjust rapidly in the event of a probable failure (” fail fast “).
The objective is to adapt according to the results obtained during the experiment and to correct the orientations of the project along the way. This review is conducted jointly by the sponsors and technology specialists.
“This is an attempt to get a deliverable based on the target consumer and the need that we want to fill. You can have a good idea, the solution works, but it is necessary to find the path to achieve it, ” says Bourbeau.