- The value of research and...
The value of research and development
Being able to quickly capture the value potential from new innovations is a start-up’s most competitive advantage. Exploring novel ways to create products and services is key in order to prove a new business and is something inherently very hard for large incumbent players in any market. There is a saying that “The battle between every startup and incumbent comes down to whether the startup gets distribution before the incumbent gets innovation” and while staying up to date with development the challenge for a small team, however, is to balance exploration and execution.
It is costly to make investments for the future when you need to grow you customer base at a neck-breaking pace month over month. What to build and what to buys is constantly up for discussion but an even harder question is what to invent and what to wait for others to invent? Does it even make sense for a startup to do R&D if it is not at the very core of your business?
“At Hedvig we believe that constant innovation is essential to stay relevant for our members as well as attaining and keeping the talent we need.”
At Hedvig we believe that constant innovation is essential to stay relevant for our members as well as attaining and keeping the talent we need. We do not confine innovation to the technology domain but push ourselves to re-think what an insurance product can be, how to deliver the world’s best service and how to create an inspiring and efficient company culture.
Early on we realized the potential of exploring new venues together with students from various academic institutions to get smart around whether there is a potential for a larger investment in the area. There is a vast amount of interesting open problems that have the potential of change the rules of business but on what horizon? The application of a structured academic analysis has been very useful when deciding if a domain is ready to go in our backlog or should be left out. If you are a student and would like to write your thesis with us, please reach out!
Topics that have been explored so far
- Evaluating Random Forest and a Long Short-Term Memory in Classifying a Given Sentence as a Question or Non-Question – Fredrik Ankaräng, Fabian Waldner
- Detecting Smartphone Insurance Fraud – Björn Angtoft, Olof Hallqvist
- Exploring a personal property pricing method in insurance context using multiple regression analysis – Rasmus Guterstam, Vidar Trojenborg
- LSTM vs Random Forest for Binary Classification of Insurance Related Text – Hannes Kindbom
- Extract named entities in text using machine learning and natural language processing – Frida Hammarberg
- The Bubble Funnel – Max Karpefors