At our June Fast Forward event, I announced the creation of a new innovation centre at our Cambridge campus called Discovery Concourse. This amazing facility on the lower level of our 1936 building has reclaimed cavernous rooms of old boiler equipment and storage, transforming it into a bright, modern and functional space.
Discovery Concourse houses our Innovation Lab and we’ll be inviting brokers, InsurTechs, reinsurers and technology partners to join us there to collaborate on solutions to industry issues. We’ll use design thinking methodology and open source technology to get ideas ready to test within days. We’re continuing to work on new ways to leverage API technology and new products designed for digital distribution. Live in the market now are a subscription billing tenant package, two-click condo and our unique, simple home-based business product. We have several new ideas in development including episodic and home-monitoring products.
IP is important, but sometimes it stifles innovation and ends up not producing any upside. In that spirit, we’re opening Discovery Concourse to anyone who can bring ideas, hard work and a collaborative approach to problem solving. We’ve already seen great success cooperating with groups of brokers, competitor insurers and InsurTechs. Our ‘lab rules’ are a key part of setting the foundation for this. If you’d like to take part in future projects, take a tour of the facility or just find out more about our approach to innovation, contact your Business Development Manager.
In 2019, Gore Mutual celebrates 180 years in business and even during a period of very tough results, we are more focused than ever on becoming a strong, sophisticated and ambitious independent Canadian mutual company. We have an exciting future of innovation ahead and Discovery Concourse is just another small step in that direction.
I look forward to sharing our new space with you.