Recently, the EFU Life team participated in SummerHack 2021 – a global insurance Design Thinking ideathon organized by Cookhouse Labs, in collaboration with InsurLab Germany and msg global. SummerHack 2021 was a 2-day ideathon with 100+ innovators who were represented by 12 teams from 16 countries from APAC, EMEA, and the Americas.
Based on the challenges faced by customers due to the pandemic, this year’s theme was “New Times, New Experience” and the participating teams were asked to prepare a blueprint for a product or service idea. The global teams raced against the clock to develop new solutions to the theme, and winners were acknowledged based on their creativity, innovativeness, and business plan feasibility.
The EFU Life team was headed by Mr. Zain Ibrahim, and accompanied by Mr. Ashfaque Ahmed, Mr. Arshad Iqbal, and Mr. Raza Hassan. Their proposed innovative solution was called ‘Bread Protects’ and aimed at tackling the ‘Access to Insurance’ challenge to cater to the underserved population segment. The solution was awarded the title of ‘People’s Choice (APAC & EMEA)’. EFU Life was the only company to represent Pakistan at this global event.
Inspired by a test kitchen, Cookhouse Labs is a leading insurance innovation lab offering a collaborative space to the global community of insurance professionals with a vision to foster co-creation and ideation to solve industry problems using the Design Thinking methodology. Through this, they aim to collectively develop an ecosystem of digital excellence and strive to make insurance better globally. Cookhouse Labs was founded in 2017 and currently has offices in Canada and the Netherlands.