(Image source: SBC InsurTech CoLab homepage.)
SBC InsurTech (known to IIR readers as Startup Bootcamp), the London-based provider of innovation programs for the insurance industry, has announced a new collaboration with global professional services firm, Aon (London).
Aon has joined the SBC community as an industry partner for SBC InsurTech CoLab, a themed-based innovation program for mature markets. CoLab aims to align the impact innovation can deliver with an organization’s strategic imperatives and top priorities. Aon will focus on CoLab’s Commercial and Specialty Lines sector, which will look at specific problems in key customer segments ranging from SME to large industrial insurance. SBC InsurTech says this will drive greater understanding and practical responses to key gaps in the insurance value chain through collaboration with growth0stage startups. Themes that will be explored within the CoLab include the following, according to SBC InsurTech:
- Cycle I (Dec 2018 – Mar 2019): Industrial IoT and how it enables the better understanding of risk
- Cycle II (April – July 2019): Enabling People Safety & Wellbeing on high risk work sites
- Cycle III (September – December 2019): Tracking and estimating the value of cargo within the Marine/Logistics sector or the future of SME Engagement & Distribution
SBC InsurTech describes Aon’s Reinsurance Solutions business’ collaboration as reigniting a debate about the challenges of providing cover for uninsured risks, particularly intangible assets. Through the selection and sourcing of growth stage businesses, Aon’s goal is to specifically address the challenges its re/insurer clients face, that have not developed a startup ecosystem on their own, according to SBC InsurTech.
“SBC InsurTech is committed to delivering targeted innovation programs that address real business challenges faced by the insurance industry, within blurred ecosystem boundaries that fast-moving technology creates,” comments Sabine VanderLinden, CEO, SBC InsurTech.
Addressing the Gaps Faced by Corporate Partners
SBC reports that the CoLab program is split into sub-sectors, one of which is Commercial and Specialty Lines, to best utilize the business context of those industry players that want to drive unique and fast market advantage. The organization says its first CoLab delivered a conversion rate of 100 percent from matching well defined problems to a customized solution. SBC says its co-creation process aims to align the best growth stage ventures to the gaps its corporate partners wish to address.
“We certainly recognize the significant role a global professional services firm has to play in the sub-sector of Commercial and Specialty Lines, and we’re excited to have Aon onboard,” comments Tshidi Hagan, Program Director, SBC CoLab InsurTech.
SBC’s team will work with the Aon team to establish the particular problems that Aon and its clients want to see solved. The organization’s sourcing engine will then be engage once the problem is adequately diagnosed. That will be followed by applying what SBC calls CoLab’s structured and facilitated co-creation approach, designed to optimize access to the right expertise, fosters highly effective partnerships and quickly results in commercial engagement.
“Aon is committed to helping clients navigate the InsurTech ecosystem and adopt new technologies that advance strategic initiatives,” comments Kelly Superczynski, Head of EMEA Analytics, Aon Reinsurance Solutions. “Working with CoLab means we can match startups with new product development to deliver growth opportunities. This will ultimately provide customers with broader insurance protection and risk management while enabling insurers to stay ahead of the game with a competitive advantage.”
SBC InsurTech CoLab engages multiple industry players for each CoLab sub-sector; for example, Zurich Insurance is also part of the organization’s Commercial and Specialty Lines program.
Agile Approach to Working with InsurTech Startups
“We see the SBC CoLab approach as an accelerated and agile way agile way for us to work with InsurTech startups to solve customer and industry problems,” comments Antony Elliott, Group Head of Business Transformation, Zurich Insurance Group.
SBC reports that the Commercial and Specialty Lines engagement period will take place in February where the industry partners and selected startups explore possible use-cases to address the problem statements identified which once vetted are progressed to a commercial pilot.