As evidenced by significant advances in recent years, the life insurance industry
offers transformative opportunities to better serve consumers. At RGAX, we are working to seize those opportunities. RGAX understands that engaging the entire insurance ecosystem, from incumbent carriers to insurtech startups, is the most effective way to bring meaningful solutions to market. To facilitate this process, we have implemented uniquely collaborative approaches and programs devoted to shared innovation.
Life Design Sprints are focused sessions designed to tackle the industry’s biggest challenges. Groups of 8-12 colleagues from varied disciplines – sometimes even from competing companies – conceive new ideas, select those most likely to work, build prototypes, and learn from results with real customers. Rooted in design thinking, Life Design Sprints help RGAX partners produce concrete, tested output in days rather than weeks or months. In 2019, RGAX expanded these sessions globally and hosted sprints in several markets, taking on bancassurance in the Middle East, customer engagement in Madrid, and insurance’s potential role in suicide prevention in the U.K., among others.
Big Ideas, an RGAX program launched in 2017, invites entrepreneurs, technologists, students, and innovators to compete for prize money by proposing solutions to enhance life and health insurance products and services. After semifinals in five countries culminating in a final in Paris, we crowned two winners in 2019: a service that promotes early recognition of skin cancer via smartphone and an AI-driven virtual assistant for patients enrolled in clinical trials. We see clear opportunities to incorporate such innovations into insurance offerings and make insurance more integral to everyday life.
Moving forward, RGAX will continue to expand these innovation programs and leverage them together to fuel even bigger thinking. In 2020, for example, we plan to submit select output from Life Design Sprints to the Big Ideas program and then present Big Ideas winners at RGA Technovate Labs, events that showcase promising insurtech startups. Our goal through it all: enhance people’s perception of the value of insurance, generate greater consumer engagement, improve the end-to-end customer journey, and – above all – help people live healthier, happier lives.