Cookhouse Labs: Serving customer-centric Innovation to make insurance better
At DIA Amsterdam 2022 you will have the chance to be part of Cookhouse Labs and co-create innovations with likeminded people.
Thinking to serve innovation in the insurance industry
The insurance industry is experiencing the biggest change ever. Transition from being a passive risk taker to becoming an active risk manager. Cookhouse Labs facilitates sprints and activities and coaches the industry peers to successfully manage this transition by always focusing on the customer first and developing the necessary skills and mindsets in their organization.
Cookhouse Labs hosts a global insurance experts’ community that tackles current and future industry challenges through co-creation, collaboration and open communication. They work with Life and P&C insurers globally. Inspired by a test kitchen, Cookhouse Labs is a collaborative space for innovative chefs, Tastemakers and taste-testers to create recipes, infuse flavours, and experiment beyond boundaries. Their community of innovators and insurance experts is the key ingredient in the ideation process, empowering and integrating a global collection of ideas with Design Thinking to serve innovation in the insurance industry. Cookhouse Labs feeds the curiosity by designing and prototyping new meaningful insurance innovations through co-creation and open communication with peers and partners in the industry to make insurance better. The community is based on a paid membership model.
The Cookhouse Labs focus primarily on customer experience and new business models in all areas of the insurance industry. It brings various insurance organization together to jointly develop Minimum Viable Products (MVPs) using different kind of technologies, for example Blockchain, IoT, Telematics and AI.
In collaboration with its global community of insurers, reinsurers, brokers, startups, vendors and academia, it co-creates solutions to make insurance better using design thinking and lean startup as its key methodology addressing industry challenges picked by the member organizations. In addition, it supports insurance organizations to develop an innovation mindset and culture within their organization.
“It is not our goal to disrupt the industry, instead we bring the industry together to co-create solutions from within that helps insurer to create their own future” Rob Wolvekamp – Managing Director msg global solutions
Why did we invite Cookhouse Labs to DIA Amsterdam 2022?
Its collaboration model is very unique in the industry, since the re/insurers, brokers, startups, vendors, regulators and related industry players (e.g. General Motors, Apple etc.) come together in one lab space to run through facilitated co-creation sprints.
Each Co-creation Sprint starts with a deep learning of the actual challenge. Using Design Thinking and Lean Startup the team of innovators designs and fast-tracks the solution to the specific challenge while developing expertise in innovation. At the end of the sprint, they have an outcome: A Minimum Viable Product (MVP) that each member can share with their company.
At DIA we cheer any initiative to boost innovation and disruption in the industry. Cookhouse manages to not only add to innovation and co-innovation but combines this with start-up methods like Design Thinking, Lean Startup. Their community set-up helps attracting young talent to the industry through partnerships programs with universities around the world.
By learning and implementing the various innovation methodologies the organizations are able to tackle their challenges, ideate solutions and rapidly develop fully tested business models and technical solutions in a short period of time. In addition, some of its activities built the foundation for industry standards and solutions created and provided by insurers collaboratively.
Who/ what is Cookhouse Labs?
Cookhouse Labs is owned by msg global.
As an international group of companies, msg creates added value in the digitized world by giving top priority to people, whether customers, employees or users of its solutions. To achieve that, msg builds on its 40 years of industry expertise and the creative and solution-driven entrepreneurial spirit. It draws on the diversity within the group of companies, from the initial idea through to the application. From this holistic view, they use and combine the entire offering of msg group depending on the task at hand. This is also expressed in its slogan “value – inspired by people”.
With over 9,000 experts in 28 countries, msg is represented in the world’s most important markets. Long-term partnerships strengthen its pulling-power and ensure sustainable success, which is a guiding value.
Since opening the lab in 2017 they have worked with over 100 insurance organizations globally either in their lab spaces in Toronto, Canada and Utrecht, Netherlands or virtually.
You can find a list of selected organizations Cookhouse Labs worked with over the past 5 years here. You can find a list of selected projects and outcomes here. There is an overview global Ideathon events it has hosted here.