A leading life insurance company wanted to work with startups as an integral part of their operations to address some key business problems, lead the industry in innovative solutions, and incorporate an innovative culture into their workplace. The company wanted access to startups across industries that would add value to their business and processes, support in doing due diligence on startups to shortlist the most relevant, scalable, and suitable based on the company technology platform, design processes to streamline how the startups engaged with internal company teams, and stay abreast of innovations in the insurtech space.
IvyCamp worked with the company's management team to understand its business and help narrow down targeted use cases for which solutions would provide the most impact.We identified parameters to use while evaluating the startups, based on the business outcome, the company desired. Our key advantages:
IvyCamp was the conduit between the start-ups and the company throughout the process from scouting -> pitching -> selection -> POC to ensure the process was seamless and met deadlines. During the program, IvyCamp solicited feedback from both the startups and the company to ensure that we improve the experience and process for all stakeholders to get the desired business outcomes. We also recommended new activities like reverse pitches to increase engagement in areas we felt would be beneficial. On an ongoing basis, we provide the company with recommendations on areas of innovation to explore moving forward based on our market research and analysis.
Over multiple phases of the program, the company teams looked at solutions from almost curated 500 startups, (across multiple areas including health tech, customer engagement, process automation, hiring and development, fraud detection and across multiple technologies such as AI, RPA, ML, blockchain, metaverse). Ultimately the company selected 11 startups for POCs. Through the various startups interactions, the internal teams have also gotten ideas that they have readapted and built out to target their specific needs. The internal innovation team has grown and more business units within the company now interact with startups. The program is now in its 3rd year.