SBC CoLab InsurTech’s first Innovation Pulse brought together handpicked industry partners, mentors, growth-stage companies, investors and experts from within the ecosystem to discuss the Future of Lead Generation in insurance and celebrate the achievements from the CoLab program.
It was a day to provide business experts and executives from within the participating corporate partners with the inspiration to take their projects forward and also to understand the risk of doing nothing within the fast paced market we are operating in. It was a chance to drive genuine next generation thinking.
What is CoLab and how did we get to Innovation Pulse?
CoLab is an innovation program for mature markets that helps corporates to solve real business problems. By evaluating and understanding the insurance industry’s innovation context, we identify priorities and gaps within business operations and align the very best emerging technologies, and growth-stage scaleups, to solve our industry partners’ global challenges by taking a partnership and ecosystem approach. The industry partners and growth-stage companies engage around facilitated co-creation labs to optimise knowledge and foster highly effective partnerships.
Over the course of the CoLab program – just 7 business days – the engagement evolved from a conceptual idea of how to address the defined problem statement to a detailed statement of work (or further discussion) between the corporate and growth-stage company, articulating a plan to prove the value that can be generated by the solution within a commercial pilot.
But there isn’t a one size fits all approach. CoLab allows us to design a solution that’s very personal to the companies involved in the process: a customer journey that’s not only frictionless but also relevant and delivered at the appropriate time. This is what we have explored over the last few weeks of intense engagement.
Why does Lead Generation in insurance matter?
As new players enter the insurance market and insurer’s margins are eroded, insurers want to better understand how to differentiate customer propositions. Growth-stage companies focusing on lead generation enable incumbents within the insurance industry to take large amounts of data, better understand customer profiles and propose the most suitable products at the right time.
Artificial intelligence and machine learning enables us to capture the data insights that allows us to find partners for particular types of customer. We can determine when a customer is ready to buy based specifically on their online behaviour.
Lead scoring for example helps us to better understand how much time a customer has spent on a certain page and what they’re actually interested in – rather than what they say they are interested in. We’re then able to process that information enhanced with additional data points on each prospect and do something relevant with it, such as targeted real-time acquisition of new customers or cross-selling or up-selling to existing customers.
Where do our growth-stage businesses fit in?
We identified a number of best in class lead generation solutions that participated in the Innovation Pulse and addressed different aspects of the problem statement our industry partners wished to address.
All growth-stage companies are progressing to the next level of engagement with participating partners and will now put the results of the discussions had during the program into motion and physically test each solution in a live environment.
Our next CoLab cycle begins in January 2019 and will be focused on Customer Engagement in Insurance. Find out more about CoLab InsurTech here.