We are looking for your ideas around how the insurance industry can create novel products and services that will mitigate risks to vulnerable populations affected by systems that are socially, economically, or racially unjust.
For this challenge, we'd like you to think about seven different points:
- Product Name (__________ Insurance)
- Populations that product/service would protect. If not obvious explain population vulnerabilities.
- Impacts that the product/service would protect against.
- Trigger event that would result in a claim
- Scope and nature of the insurance response (e.g. it could be a cash payment or could include services or a combination),
- Thoughts on why this would be a compelling product.
- Thoughts on how this product would be sold.
To help you get started, here is an example idea submission:
- Product Name: Bail Insurance
- Populations it would protect: Low income residents in over-policed communities
- Impacts this product / service will protect against: Protect residents from impacts of inability to meet low level cash bail requirements for minor and often questionable arrests. EG extended incarceration can cause a domino of impacts such as lost job, lost income, eviction, etc.
- Trigger event that would result in a claim: Arrest and setting of cash bail requirements.
- Scope and nature of the insurance response: Policy would provide up to $5000 to post bail + a case manager to answer policyholder questions about navigating the legal system. Case manager would also set reminders to make sure the accused shows up for any proceedings set.
- Why this would be a compelling product: Cash bail systems cause severe negative impacts for small or no positive impacts to system. 95%+ of arrested persons who post bail show up for hearings regardless. From the insurer's perspective this means that 95% of claims payment would be recovered.
- Product could be sold directly to target communities via an app. Product could also be provided as an employee benefit through employers who hire from vulnerable populations. Product could be sold through affinity programs such as through church groups or other social service organizations.
Presented by InnSure, a nonprofit organization that confidently influences positive change within the insurance industry and provides a safe place for their members to Connect, Learn, and Solve. What sets InnSure apart is their aim to solve the most challenging industry and societal problems by innovating upstream. Their platform is built to generate creative ideas and accelerate them from Blue-sky to Blueprint.
Winning ideas will be reviewed and used by an InnSure Creation Labs working group (PDF) focused on the issue.
Winning solutions must address all seven points, and must be insurable. Ideas for this challenge should focus on quality - we are looking for thoughtful, detailed, and creative submissions from the IdeaScale Crowd community. Prize winnings will be delivered via PayPal.
- Grand Prize (1): $1,000
- Runner-Up Prizes (3): $200
- Out-of-the-Box Prizes (3): $100