NewFinance #London Insurance Disrupters - Business Model Innovation day
Event Info
Description
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Hi Everyone,
This is the final full-day workshop of our six month Insurance Disrupters series of monthly events that examine disruptive technologies with the potential to transform the Insurance Industry.
The objective of this workshop is to change the business mechanics of the Insurance industry by creating new business models that may be adopted by existing and new companies.
Using the business model canvas, a leading methodology for business model innovation and data from the previous sessions, we will answer the following questions:
• Do the technology disrupters impact the current insurance business model and how?
• Are these disrupters just interesting technologies or do they have the potential for being scalable and profitable?
• What kind of business model would make them profitable and scalable?
• Which of the above business models include the insurance companies or can be adopted by them, and which are possible without any participation of insurance companies?
This workshop will bring together Insurance Professionals, Technologists, Entrepreneurs and FinTech Experts to identify the opportunities in this very exciting and undersubscribed space.
The content from this session will be captured and circulated to the group as slides, documents and drawings.
We'll be videoing the session as usual for those of you who are unable to attend. You may click here to watch the videos from our previous seminars and here to see the photos.
Students - we currently have a number of free tickets available for students, please join the group using your academic email and then message an Organiser if you'd like one.
Agenda
Please be aware that the agenda is updated on a regular basis
08:30 - Arrivals
Refreshments will be provided courtesy of our Sponsors
09:00 - Welcome address
Eddie George, Founder & CEO, NewFinance
09:10 - Audience Mapping
A networking exercise to see which parts of the industry and technology are represented at the session
09:15 - The Business Model Canvas Methodology
An introduction to the Business model canvas methodologyusing examples from other fields
10:00 Group Discussion - existing Insurance Business models
We'll work as a group to compile a list of the current business models of a typical Insurance company. Are there any variations or are all Insurance companies operating under the same business model(s)?
10:30 Business model patterns
We'll examine examples of how to use the canvas to innovate business models for Insurance.
Warm up exercise - the Silly Cow business model
11:00 Generating new business models
Starting from some of the scenarios used in the Disrupter series, we'll split into groups and apply multiple business model patterns to the different scenarios/disruptive technologies. The goal would be to come up with a few dramatically different patterns that work. A list of criteria that define a “working” model would be provided to each group. These are called business model “mechanics”
12:30 Group debriefEach group will present their findings - both the models that work and those that don’t and explain why.
13:00 Lunch & Networking
Refreshments will be provided courtesy of our Sponsors
14:00 Business Simulation
As a test of the business models, we'll run a paper simulation exercise using the models generated in the previous step, applying some data/constraints and “ running” them a few years in the future. Finally we’ll compare results to see which of the models seem to be most successful (scalable, sustainable and profitable)
15:30 - Learning and Reflection
We'll ask everyone to highlight their key learnings from the session, we'll scribe and video this section and produce a summary doc to share with Delegates and more widely within the NewFinance group
16:00 - Closing address
Recap, feedback shout-outs, future event details and final messages from Eddie and the NewFinance team
16:10 - Networking opportunities
Refreshments will be provided courtesy of our Sponsors
17:00 - Workshop ends
Cheers
Eddie
