As the average corporate lifespan reduces from 60 to 15 years, insurance providers as many other businesses must reframe the way they deliver consistent growth. They must learn new ways to interpret innovation trends, partner with new market entrants and build the products, services and business models that will meet the evolving needs of the customers of the future.
The pressure is on.
Whether retail consumers or business customers, your insurance buyer is reframing his expectations, mostly through activities continuously interconnected and increasingly frictionless. Challenger brands are setting the tone and teaching us what the customer engagement should be. Disruptive technologies are gradually becoming tomorrow’s innovation norm, making traditional insurance providers’ business models barely recognizable. What are your options to remain relevant?
Between 2015 and 2050, the proportion of the world's population over 60 years of age will nearly double from 12% to 22%. People aged 65-and-older will grow 78% between 2010 and 2030. At the same time individuals aged 50+ account for nearly 50% of spending across a range of products and services. How could insurers improve the elderly’s lifestyle, identify the right care provision while reducing dependencies on younger generations?
AI is more than robots automating factories to optimise efficiency. AI is about the gradual and systemic replacement of tasks to design truly predictive business models. AI will transform businesses within the next three years. The GAFAs are already gaining most advantage of it. Learning from Tesla’s experience, humans and robots will likely cohabit. How are you embedding AI within your core business?
Illuminating probabilities and creating opportunities through commercial impact, Rainmaking InsurTech solves big real-world problems with tangible solutions. Focused on delivering results, our team uniquely combines the agility and inventiveness of start-ups with the structure and resources of the multi-nationals to create differentiation and competitive advantage.
Founded in 2010 by Rainmaking, Startupbootcamp supports early-stage tech founders to rapidly scale their companies by providing direct access to an international network of the most relevant mentors, partners, and investors in their industry. In 2015, we launched leading InsurTech accelerator with the support of 16 partners. Today, we have invested and accelerated 30 start-ups and exited two in London.
Based in Hartford, one of the world’s leading insurance centers, Startupbootcamp is powering the first InsurTech accelerator in Connecticut and attracting entrepreneurs to relocate in this unique location. Our goal is to enrich the InsurTech ecosystem by helping ambitious founders build their business in collaboration with the local insurance players.
Solving the most pressing real business problems is at the core of this collaborative initiative. CoLab drives effective commercial action in 120 days, by effectively utilizing co-creation and innovation techniques. Our depth of insurance knowledge helps us unearth pertinent mature ventures and connected them with the right corporate stakeholders to discover unique sources of differentiation.
In today's highly competitive world it is mission critical for organisations to ensure that they have the right internal skills, mindset and culture to shape the flexible and agile businesses that will drive tomorrow’s growth. Whether you are looking to refine your innovation strategy, KPI framework or super-charge your organisation with entrepreneurial skills, we can help you design the programs that will help you focus on the innovation levers that trigger profitable growth.
Our venture team uses rigorous design thinking techniques to build new digital businesses with corporate partners. Our model allows us to combine the scalability strength and deep domain knowledge of corporates with the entrepreneurial execution and mindsets of young startups. By fusing the two worlds, we are able to rapidly move from idea to product to real business venture.
Limited understanding of the quality of the leads generated online resulted in high online acquisition costs for this insurer. In addition, approaches used to engage and prioritize top customer profiles remained outdated and somewhat manual.
Participation in Rainmaking InsurTech's Co-creation Lab [CoLab] to identify best fit lead generation scale-ups to accelerate top line growth in record time.
Facilitated the simplified end-to-end evaluation and identification of best-fit ventures.
85% of candidates moved to commercial partnership within 2 months from selection.
Client identified that their current business model was under threat from new entrants. Needed to build propositions that unlocked new growth opportunities and revenue streams to deliver additional value to current clientele while reducing volume of low impact innovation activities.
Shaped internal innovation lab which welcome innovation teams from every part of the business. Applied structured innovation frameworks to bring new ideas to market in a very short time scale.
Pushed three quality ideas that were able to generate over $350k in revenue from incubation to market testing. The ideas secured partnerships with companies such as Google. Selected innovation teams all received follow-on investment for each growth idea able to deliver growth within 12 months. Forecasts show significant new revenues to be generated in 2019
Co-building a new competitive advantage:
With increasing commoditization of insurance products, leading Nordic insurer Tryg came to Rainmaking to co-create a radically different insurance experience.
Identifying an untapped customer segment:
40% of millennials in Scandinavia are not insured, yet this will be the biggest customer segment by 2025.
Developed a digitally native insurer:
Undo launched in Q1 2018 with the next generation of on-demand insurance services including gadget insurance. Now winning over digital customers who expect a digital experience and won’t tolerate the frictions existing in traditional insurance processes.
Don't be out-paced. Schedule an innovation workshop with us today or join a CoLab
The 2019 Trends Report from Hartford InsurTech Hub is out now. The report shows that the narrative surrounding
the InsurTech industry has shifted and both parties are now working together to take the insurance industry into the next decade.
Five amazing women active within InsurTech share five inspiring lessons. Each lesson holds a key to helping the insurance sector navigate the explosive change impacting the industry.
Rainmaking is a venture builder and innovation consultancy assisting large corporates in their innovation strategy, startup engagements, venture building and internal innovation efforts. Startupbootcamp, one of Rainmaking's ventures, supports early-stage tech founders rapidly scale their companies by providing direct access to an international network of the most relevant mentors, partners and investors in their industry.
Together our team has more than 90 years of expertise working and advising within the insurance sector. Through our Startupbootcamp work and delivering innovation programs, we identified emerging business models that will impact the insurance value chain. We have accelerated 60 startups and coached 100s of young ventures on ways to collaborate and partner with incumbent insurance players.
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