ALLSTATE CORP Competition let students present tech-focused innovation ideas
With a fresh take on bringing useful information to drivers, teams of graduate students from Northwestern University's Kellogg School of Management recently competed in the Allstate Insurance Business Challenge. The teams submitted proposals that blended business strategy, technology and domain expertise to develop ideas for innovative new mobile solutions.
The winning team was selected by executives from Allstate's Technology & Strategic Ventures business unit and was awarded $20,000. The second and third place teams received $4,000 and $1,000, respectively, and the company collected valuable innovation ideas.
"The Business Challenge provided multiple opportunities for us, most importantly receiving fresh, new innovative ideas to leverage technology for our customers," said Andy Zitney, Allstate senior vice president. "In addition to the proposals received, the challenge allowed us to interact with and mentor students, build ties with a top university for future recruiting, and reinforce Allstate's status as a leading employer in this market."
The winning team's entry proposed two new mobile apps. The first app, MyCopilot, would give drivers tips on how to improve mileage, monitor the health of their car, and deliver an estimate for their insurance premiums. The second app, CarViser, would package data for agents allowing them to customize information specific to each customer's vehicle and project overall cost of ownership.
The second place team entry offered an idea to create a mobile app allowing consumers to choose a preferred driver for their ride-booking service needs. The third place team idea was for a suite of mobile driving apps designed to promote safer driving and connect users with other drivers and mobile services.
"The Allstate Business Challenge was a win-win initiative for Allstate as well as the Kellogg School of Management as it gave Allstate fresh insights and it provided Kellogg MBA students with a hands-on learning experience and mentoring by Allstate leaders," said professor Mohan Sawhney, McCormick Foundation professor of technology and the director of the Center for Research in Technology & Innovation at the Kellogg School of Management, Northwestern University.
The Allstate Insurance Business Challenge is part of a larger initiative by the Allstate Technology & Strategic Ventures business unit to build relationships with universities to recruit talent, mentor future leaders and identify new and innovative technology offerings. The Challenge was open to teams of four to six students, with at least two of the students coming from the Kellogg School of Management and at least one student coming from one of Northwestern's five other post-graduate institutions. After evaluating the first round of submissions, the top three teams were chosen by Northwestern faculty and assigned coaches from Allstate. With guidance from those coaches, the teams made their final presentations.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is widely known through the slogan "You're In Good Hands With Allstate®." The Allstate brand's network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In 2014, The Allstate Foundation, Allstate, its employees and agency owners gave $34 million to support local communities. Allstate employees and agency owners donated 200,000 hours of service across the country.
The Kellogg School of Management at Northwestern University develops brave leaders who inspire growth in people, organizations and markets. Based just outside of Chicago, the school is a global leader in management education, renowned for its distinctive thought leadership and pioneering approach to learning. Kellogg offers an innovative portfolio of programs: four Full-Time MBA programs including leading one-year program and joint degree programs with the engineering, law and medical schools; a Part-Time MBA Program; the premier Executive MBA global network; and extensive non-degree Executive Education programs.
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Contact:
Chris Bauer
(847) 402-5600
On Twitter @AllstateNews
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