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AXA XL Cube Risk Innovation Incubator

What key achievement did your entry highlight?

Cube is the world’s first ever risk innovation incubator. The most outstanding aspect of it as an incubator is collaboration: the end-to-end customer-centricity and co-creation. The methodology brings AXA XL’s clients into the development of the new risk solution, through the process of problem discovery, idea evaluation, experimentation to de-risk the business case and the creation and testing of prototypes. Clients commit to a programme, and AXA XL commit expertise to bring the ideas to life.

Solutions identified in Cube projects can be delivered through AXA XL's Digital Risk Engineer programme, or in partnership with Axa XL Risk Consultancy.

Can you share data or testimonials to back up your bid to win?

“Cube supports our goal to go beyond traditional insurance to become a comprehensive partner to our clients. The programme’s structured approach allows us to offer a robust environment to innovate. We strongly believe that our co-creation approach fosters powerful innovation and helps our clients improve their risk profile.” Philippe Gouraud, Global Head of Strategic Distribution at AXA XL

“We have successfully completed and scaled a number of innovative proofs of concept. It is time to leverage what we have learned to help our clients solve some of their most challenging risk management issues.” Hélène Stanway, Digital Leader at AXA XL

What sets your firm apart from the other shortlisted contenders?

The AXA XL Cube was designed and launched with support from Ninety, an innovation consultancy for the insurance sector. Ninety is a for-purpose social enterprise business and 90% of their distributable profits go to causes principally dealing with global poverty. The profits distributed from our work on the Cube with Ninety have been allocated to Living Goods, a charity widely recommended by top charity evaluators such as GiveWell, ImpactMatters, and more.

How will you celebrate if you are the victor?

AXA XL and the team involved in the Cube will be grateful for the recognition. It will be celebrated with everyone involved in bringing the concept of the risk innovation incubator to life.

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“We reviewed many insurance products and Collective Benefits was the best in the market - not only have they developed benefits that specifically meet our self-employed drivers’ needs, but the flexibility and service they provide has been a breath of fresh air.” -
Jonny Goldstone, Green Tomato Cars (CEO)

“Collective Benefits is the best in the market having rebuilt insurance and benefits specifically for the gig economy, flexibly and digitally first.” - Seb Robert, Gophr (CEO)

What sets your firm apart from the other shortlisted contenders?

The self-employed segment is fast-growing, yet worker vulnerability is becoming an increasingly critical social issue. At Collective Benefits, we set out to completely reimagine insurance for independent workers by bridging the gap between the two.

The self-employed fall outside of traditional models of insurance. It was a huge ambition but in just six months we succeeded in creating a whole new market. Designed to be more flexible, intuitive and transparent, our end-to-end, digital-first platform and Time Off Work product have enabled us to effectively address the unique needs and challenges facing this community for the very first time.

How will you celebrate if you are the victor?

The team here at Collective Benefits would be beyond thrilled to receive this award as recognition for all their hard work and ambition. We of course would say a huge thank you to Canopius Group, who worked with us on Time Off Work to rewrite income protection for the self-employed and would be delighted to share the news with our supporters, partners and our community. Perhaps we’d raise a glass or two in a virtual toast!

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Markel UK

What key achievement did your entry highlight?

Put simply, the entry highlighted how we were determined to live up to our ‘Expect More’ promise and stepped up to te up to the plate during lockdown.

This is best illustrated with the example of a 9,500-strong childcare membership group of individual carers/micro-companies looking after 30,000 children. Covid-19 created a denial-of-access nightmare and a potential 2,400% increase in claims for Markel.

We confirmed cover and worked tirelessly with the broker to solve the claims volume challenge. In just 22 days we designed, built and delivered a dedicated online portal. Claims could be submitted quickly, making processing and settlement easy.

What sets your firm apart from the other shortlisted contenders?

From the get-go, we were determined to live up to our sector-specialist reputation and ‘Expect More’ promise by supporting brokers and their customers in their time of need.

We certainly made every effort to successfully find a cover solution for this group of clients, not least because failure to do this would have also affected those with childcare needs, many of whom were key workers.

Our Expect More promise really does mean something. This is an example of how we responded at a difficult time, for everybody, is a good illustration of that.

How will you celebrate if you are the victor?

We’d share the news far and wide if we won. This was definitely a team effort so any recognition goes beyond the Markel team and onto the broker and membership organisation, all of whom were so resourceful throughout the process.