Toronto-based insurance consulting organization LOGiQ3 Group has teamed up with Switzerland-based IT consulting firm msg global solutions to launch an insurance innovation lab in Toronto.
The new initiative, called Cookhouse Lab, aims to create a space in which insurance and financial services professionals can collaborate with IT experts and investors on the development of customer-focused insurance technology.
The lab is led by Chris Murumets, co-founder and co-CEO of LOGiQ3 Group, and Sven Roehl, executive vice president and head of insurance innovation at msg global solutions.
“The world is changing,” says Murumets in a statement. “Insurance is changing – particularly for insurance companies that are faced with the challenge of building a customer relationship beyond premium collection and claim adjudication. We believe open collaboration and innovation will drive that change by helping us reimagine insurance products and how they are accessed and delivered.”
Cookhouse Lab brings together professionals, entrepreneurs and academics with experience and expertise in life insurance, property and casualty (P&C) insurance, reinsurance and financial services. Participants will work with global experts who contribute to the lab virtually through a defined process and technology platform.
“Cookhouse Lab gives insurers the creative place to think out of the box, invent and shape the future of insurance,” Roehl says in a statement. “It’s a test kitchen in which insurers collaborate with each other and combine organizational knowledge with other ‘ingredients’ such as innovation experts, legal counsel, designers and entrepreneurs to create the customer experience of tomorrow.”
Insurers and reinsurers are invited to send individuals or teams to the lab beginning in February 2017.
Photo copyright: nexusplexus/123RF