Within every insurance company, there is a wealth of ideas about how to improve processes and deploy technology in creative ways to solve business problems. The challenge for most insurers is to create a pipeline for ideas and then find ways to turn the best into innovative developments that deliver business value.
Fostering enterprise innovation is the objective of the recently created Innovate ITG (Information Technology Group) program at MetLife. "Innovate ITG is designed to encourage employees, regardless of level, to make business practices better," explains Lynn McGinty, ITG vice president, supporting MetLife Auto and Home. "Those ideas are vetted by a group within ITG, and the most important ones get moved to the top."
Additionally, innovation at MetLife has been facilitated by a recent change to agile development in the ITG. "We had always utilized a waterfall approach, but have come to realize that it is not the best method in a competitive business where speed-to-market is important," McGinty says.
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