With a mile-long swim, followed by 25 miles of bicycling, culminating in a six-mile run, triathletes need a variety of coverages to help protect them from risk.
With this in mind, AIG’s Consumer Insurance Canada (CIC) developed the “Tri-Cover” product and is developing a smart phone application enabling triathletes to purchase complete coverage in minutes.
CIC began developing the product with broker Aon after AIG’s idea for the product took the top prize in Aon Canada’s Inaugural Innovation Challenge – with CIC's Consumer Underwriting Special Projects team winning against a dozen competitors.
“We took a deep dive into the segment, analyzing demographics and the training habits of triathletes,” says team member Felipe Fehse. They discovered that very little coverage was available for the growing segment of 2.5 million triathletes. Adds team member Bobby Keillor, “Coverage was fragmented at best, and we had the knowledge that could help fill these big gaps.”
That knowledge, gained from expansive research – as well as a detailed written submission and a unique 45-minute Shark Tank-style presentation pitch using the “Prezi” software – differentiated the CIC team from the competition.
Recognizing that Aon’s Innovation Challenge gave the team a great opportunity to showcase its talent and share ideas, Dónal Corcoran, Head of CIC, said, “The Consumer team in Canada has been very focused on continuing to create product and service offerings that are relevant and desirable for consumers. I am very proud of the team for this win.”
CIC has tested its innovation skills before, such as with the "DaVinci Challenge" in 2014 and the "Transformation 2015" initiative.
Concludes Dónal, “Innovation comes in many different forms, and we welcome fresh ideas and opportunities for improvement all the time. Facilitating this exciting aspect of our daily work environment has many pluses, and we intend to continue this positive trend in Consumer Insurance Canada.”