Case Study: Japanese global insurance conglomerate uses Idea Pulse data to drive innovation agenda
One of the biggest Japanese insurers, a major global conglomerate out of Tokyo, has been operating a ‘Labs’ team. This is charged with holding a ‘front-row seat’ in the world of innovation and thus helping the group innovate. The Labs team were looking for insights to help their portfolio planning, and to direct their scouting for new ideas in the market. They wanted intelligence on innovation activities from other global insurance peers, and clues as to ground-breaking partnerships that might be relevant to pursue.
Our client purchased a license for their team to access Ninety’s Idea Pulse 2021 report as well as the dataset behind it. The dataset contains well over 1,000 recent insurance innovations from the world’s top 250 insurers and is growing at around 75 innovations per month. Each innovation is categorized into type (e.g. product, claims, underwriting, etc.) as well as enabling themes (e.g. machine vision, blockchain, etc.). The dataset lists any partners or startups that were key to each innovation.
The dataset was particularly interesting for this Japanese insurer’s Tokyo and Silicon Valley teams, as it allowed them to search by theme, by technology, by region and by line of insurance business. The classification by Ten Types of Insurance Innovation was helpful in navigating and shortlisting relevant ideas for inspiration or partner scouting.
Our client was able to enrich their existing data sources with a new dataset that is specific to insurance innovation to support their scouting activities. They were able to rapidly access a source of potential partnerships and interesting startups/scaleups at the press of a button.
Book a demo of Ninety’s Idea Pulse dataset to see how this data might help your own innovation agenda or scouting activities.