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Client

Fortune 500 Global Insurance Company

Industry

Financial Services

Topics

Agile, Innovation

Challenge

A Fortune 500 company wanted to capture innovative ideas from employees. In their existing structure, ideas that were documented and approved were put on hold or cancelled due to lack of bandwidth. They knew they needed a clear innovation program designed to increase visibility, prioritization, and the required resources necessary to execute it.

Results

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 viable ideas.

  • One proof-of-concept is already 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 thought leadership at the associate level of the organization

Practitioners Approach Paves the Way for Leadership Buy-In

We partnered 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 helped accelerate the early innovation initiatives to prove the process and generate early wins.

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