SAFE.

Insurance Innovation Lab

SAFE is a pioneer Insurtech Innovation Lab that creates a new rapid channel for international insurance companies to partner with cutting-edge startups from the Fintech and Insurtech space of Israel, the Startup Nation.

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SAFE consist of two main pillars:

1)  The POC Lab Pillar

The POC Lab provides a swift POC process between startups and large insurance corporations. By bridging the complexity and preparing a convenient infrastructure for immediate collaboration between both parties, the program allows corporations to test a number of new technologies and measure their efficiency in a short period of time.  

About the Process:

Duration: 3 months

The steps:

1.   Desired Scope of Innovation

The insurance companies will outline the scope of innovation and define what business vertical it desires to innovate (e.g. HR, Costumer Service, Actuary etc., can be more than one sector). The company will share a challenge brief with the SAFE team according to the provided template.

2.   Innovation Champions Team

The company will form an internal Innovation Champions team to lead the process and work with the SAFE team. The Innovation Champions team will include representatives from: CEO office, CITO, relevant Business Units, Legal Department, Information Security Department and Marketing.

3.   Preparing the Ground for Innovation

The team will compose in advance:

* legal documents such as NDAs, IP & Security Validations etc.

* anonymise data OR direct access to the data output that will be used in the pilot

* elaborated document which encompasses the software integration with current state or future state architecture.

4.   Selection Process

SAFE will source for relevant startups that can accomplish the company’s desired goals. Through a rigorous business-case due diligence procedure the SAFE team will comprise a list of relevant startups for the insurance company according to the pre-defined challenges. The company will select up to 8 startups.

5.   Presentation Day

The chosen startups (5-8) will present their ventures to the company. Among them 3 will be chosen to start the Proof of Concept track.

6.   Starting the POC

a.   Stage 1: two joint workshops between the selected startup and the insurance company to outline the POC KPIs, timeline, roadmap and workplan.

b.   Stage 2: Running the POC for 2-3 months (according to pre-defined period of time)

c.   Stage 3: POC assessment and examination of further mutual collaboration

Unique Value to our Partners

 Value for Startups

• POC Fast Track
• Save time, effort and resources on corporate bureaucracy
• Access to leading multinational insurance companies
• Exclusive opportunities for investment by leading Venture Capital partners.

Value for Insurance Companies

• Access to cutting-edge technologies
• Immediate results for company’s specified challenges
• Stay at the forefront of innovation and maintain competitive advantage in the market
• Gain innovation best practices and unique method for quick pilots.

2)  The Venture Builders Pillar

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Duration: 8 months

Phase 1: Challenge Creation

• Forming Corporate Innovation Champions team +innovation training
• 3 workshops led by SAFE team to identify the company challenges
• Research and analysis composed by SAFE team for creating comprehensive challenge briefs.

Phase 2: ParticipantsApplications

• Dedicated event, internet and social media outreach, launch of program’s mini website. Promotion of the program among the entrepreneurial ecosystem
• Screening all applicants (application forms +interviews) and choose entrepreneurs to take part in the SAFE Venture Builders program.

Phase 3: InnovationBootcamp

• Led by 3-4 facilitators experienced in ideation methodology, UX research and innovation practices.
• Bootcamp of 10 days between entrepreneurs and the company’s Innovation Champions team.
• Selected entrepreneurs undergo 2-month solution development process for the company.

Phase 4: TechnologyDevelopment

• Establishing a formal agreement between the company and the new startup team that includes a grant/initial investment for the startup’s bootstrap stage and technological development expenses
• Technology development and testing.

Phase 5: POC Process

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Value for Program’s Partners

• Gaining strategic understanding of the current Insurance technology development
• Tailor-made challenge creation and startup solutions to create real, measurable value.
• Receiving tailored solutions for the partners’ challenges
• Expanding partners’open innovation capabilities
• Advancing the company's presence as a valid partner in the entrepreneurial ecosystem in Israel
• Enhancing internal innovation culture
• Creating high-profile visibility and PR as an innovation-driven company.

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Value for Entrepreneurs

• Opportunity to collaborate with potential clients and scale up
• Validate and pilot new venture technology
• Establish a new solution in a supportive framework for a validated need together with the end user
• Pivot and iterate according to real industry needs
• Get support from startup experts and mentors and take your ideas to the next level.

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 Join us:

SAFE is an exclusive membership project.  We are looking for trendsetters in the Insurance and Pension industries to  become the founding partners and – with our support – become leaders of the Israeli  InsurTech & PensionTech. 

Contact:

Inbal Elazar,

Head of Corporate Innovation Programs

inbal@creatorspad.com

+972546603270