Virtual Tour: John Hancock's Innovation Lab
November 17, 2015 9:36 AM
Sebastian Blandizzi, CIO of John Hancock parent Manulife's investments division (pictured), was the major business sponsor for LOFT, Moghimi says. He launched the program by introducing its first major event: A hackathon, titled "Unleash" to brainstorm service solutions for the next generation of John Hancock customers.
Scramble Systems, which helps corporations run hackathons and other innovation initiatives, was brought in to manage the process. Pictured: Scramble founder Stephen Douglass.
Luann Ngo, head of operations for John Hancock asset management in Vietnam, was recognized for taking the longest trip to join the event.
Employees were instructed to come up with solutions to answer the question: "How might we prepare to serve our next generation of customers and expand our services to those who are just beginning to think about securing their financial future?"
LOFT is an "accelerator for the entire company," Moghimi explains. "We want to build a systematic way of going through the innovation process and provide the tools, resources and programs to people within the company to champion and work on ideas."
The people in green shirts are coaches -- Hancock executives AVP level and above who came in to help employees' ideas coalesce, Moghimi says.
"The executive sponsorship really shows how the culture is changing," Moghimi says. "Life insurance companies are so massive, so complex, its about simplifying and getting closer to the customer. That means changing the whole entire model and process."
Some of the technologies being explored at LOFT include augmented reality, blockchain technologies, cognitive computing, machine learning, predictive analytics, Moghimi notes.
It's not just about better service, but also existencial, Moghimi explains: "With the pace that things are changing, its cheaper to get into the life insurance market, and barriers to entry are lower for competitors. We want to continue to innovate to stay relevant."
Moghimi (front row, second from right) and his team run the Boston and Toronto labs, and have a counterpart in Singapore working on one in that country.