Innovation hubs are the heart insurtech. Why? Because bringing like-minded individuals together to generate solutions for today’s complex insurance challenges is key to the future of insurtech. Innovation incubators are responsible for kickstarting some of the most notable insurtechs in the United States.
A very similar trend is taking root in Canada. Three incubators focused solely on insurtech innovation have been launched over the past year, and what’s even more exciting is that prominent insurers are driving these initiatives.
Recently acquired by Reinsurance Group of America, The Cookhouse Lab, known as the first “Insurtech Innovation Hub” was launched in 2017 and is inspired by a test kitchen. The space was designed to promote collaboration for insurers, reinsurers, technologists, academics, and entrepreneurs who are developing solutions for current and future trends of Insurtech.
Announced this past month, Aviva Canada and OneEleven joined forces to launch the Insurtech Growth Program which supports the success of growing Canadian Insurtech companies. IGP is a four-month incubator that selects six high-impact startups that provide insurance related services or solutions to participate in the program. Participants will receive mentoring sessions from Aviva Canada executives as well as feedback from OneEleven. Applications for the program close early March 2018.
Homegrown within Aviva Canada, Aviva’s Digital Garage is based in Toronto and offers an open concept agency-esque space to promote creativity and collaboration for problem solving and building digital solutions for customers. The space was designed specifically to break barriers of traditional ways of thinking and to explore “all things digital.” Aviva Digital Garage partners include DMZ at Ryerson University, Plug and Play and OneEleven.
Fueling the future of insurance
Insurer driven innovation hubs will be a catalyst for a change within the insurance industry, and these inspiring hubs are just the beginning for a range of new products and services focused on meeting the ever-evolving needs of today’s insurance customers.