Improved Innovation Strategy Allows Ideas to Flourish

CapTech helps align senior leadership understanding and expectations to build an innovation strategy that unlocks ideas and delivers results

Innovative ideas

Innovative Ideas: Stuck in a Holding Pattern

A Fortune 500 Global Holding Company for insurance, reinsurance, and investment operations, had no clear process for capturing innovative ideas from employees. Those that were documented and approved were either stalled or cancelled due to lack of bandwidth and/or executive focus. They knew they needed a better process in place to succeed and turned to CapTech to deliver a clear innovation program designed to increase visibility, prioritization, and the required resources necessary to execute growth concepts.

Practitioners Approach Paves the Way for Leadership Buy-In

CapTech worked directly with key stakeholders to:

  • Confirm the innovation strategy
  • Formalize an innovation process
  • Establish monthly innovation reporting with content, process and forums
  • Help build the initial set of market and technology domains that offered the richest sets of innovation opportunities

Interviews with executives acknowledged a strong breadth of support among the leadership team, and opened important discussions regarding company culture, resources, and the importance of associate engagement. These interviews contributed significantly to the defined innovation strategy and allowed a move from innovation strategy to tangible initiatives quickly and without the knowledge loss from changing vendors.

New concepts transform the organization

New Concepts Transform the Organization

The new proven process for identifying, evaluating and quickly testing new strategic opportunities keeps executive leadership informed, engaged, and supportive and led to the generation of over 50 ideas.

  • From those 50 ideas, 20 were promoted into the pipeline, 18 business cases were built, and five were moved into the design/development phase
  • One proof-of-concept is expected to generate an increase in net premiums written and will transform the way our client markets and offers insurance solutions to customers
  • The new innovation team uses a proven process for evaluating and quickly delivering large cross-functional corporate projects and investments
  • Enhanced view of the thought leadership at the associate level of the organization

By partnering with key stakeholders in strategy, project management, design, and development — CapTech helped our client secure executive commitment, along with the resources to launch and accelerate the early innovation initiatives to prove their process and generate early wins.