Many insurance organizations today push continuous improvement.
They have to.
With the pace of change in industries across the board, there is always a new way to look at something or do something.
At my company, continuous improvement is embedded in the organizational DNA. There is also a tremendous focus on innovation as insurers continue to invest in innovation initiatives.
|Mapping out innovation strategies
Having deep pockets doesn't necessarily mean that innovation is pervasive throughout the organization.
For instance, how can insurers engage employees, partners and colleagues worldwide in the innovation process?
What's more, at some large insurance companies, innovation is a separate domain driven by technology, and innovation efforts are largely divorced from day-to-day business operations.
In the technology think-tank model, on the other hand, innovation drives prototype ideas that are quickly filtered back to business and operations partners for implementation. The idea here is that innovation requires intense focus, and that true innovation comes from not being overly influenced by the business-as-usual.
Other companies take a much more democratic approach to innovation by engaging all employees.
You can come at innovation from multiple directions!
Related: From start-up to scale-up: Deploying insurance innovation at scale
|Tunnel vision
Maintaining focus on continuous improvement is critical. But how can companies find their continuous innovation sweet spot?
Here are some ideas:
First, clarify what innovation means for your team. Given the intense focus on InsurTech and digital transformation in insurance, there's a misconception that all innovation is technology-driven. Instead, think about innovation along a spectrum of employee capabilities as opposed to methods by which you would execute those capabilities (like technology). This could include innovation areas that cover product, distribution, service, and even personal development.
Second, provide high-level guardrails. Simplify the company's objectives for the future to help guide employees. This helps ensure that everyone is toward a common goal.
Third, remember that improvement and innovation are not mutually exclusive constructs. Think of improvement as evolution, which is small, incremental change, and innovation as revolution, which is radical change.
Finally, we need to generate more awareness. This is the communication and engagement strategy that encompasses the innovation program. People throughout an organization need to be shown what innovation means — to the organization as well as to them as individuals. Help employees identify how they can contribute to the innovation process; provide incentives and rewards for those efforts along the way.
Rachel Alt-Simmons is vice president of Program Enablement within the Strategic Analytics team at XL Catlin. Rachel is also an adjunct professor at Boston University, where she teaches Agile Software Development & Strategic Design. She can be reached by sending email to [email protected].
The opinions expressed here are the writer's own.
See also:
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