CASE STUDY
Hedging the future of insurance
Royal London realised they needed to up their innovation game. We helped them spot the gaps, identify gamechangers, and explore partnerships with startups who could accelerate their transformation.
BACK STORY
As the UK’s largest mutual insurer, Royal London has over £150 billion in funds under management. Despite their heritage, they realised they needed to infuse a culture of innovation in order to ensure that yesterday’s success is continued well into the future. Royal London engaged Co:cubed to help connect the dots between their challenges and startups who were pioneering the future.
SOLUTION
Following a series of stakeholder interviews, 5 key themes were identified, a global search for solutions was conducted, and 10 startups were selected. We coordinated a ‘Co:creation’ session involving over 100 leaders from across Royal London. Following a brief pitch from each of the startups, Royal London leaders then broke into groups and collaborated with the startups to ‘hack’ potential solutions, using the startups technology.
RESULTS
Following this intensive session, several initiatives were launched with startups that would enable Royal London to offer more personalised, on-demand and consumer-friendly insurance options to their clients. While this initiative has helped to fuel their innovation agenda, it was also the catalyst for Royal London’s Changemakers programme, which has been transformational for a large number of startups.