Innovation within the Insurance industry

The Rationale

We are moving into a discontinuous, disruptive, digital world underpinned by rapid disintermediation and sector shifts.

Large firms and industries as a whole are faced with developing this muscle and building an innovation culture that adapts and overcomes while also remaining profitable and seeing growth.

As an insurance agency, it is crucial to maintain a sturdy approach to adaptation as well as coping with the surrounding environment changes that are grounded politically, socially, technologically and legislatively.

The Task

Our team was tasked with developing an internal innovation function that is sustainable. Through strategic advisory, strategy formulation, leadership support and innovation sprints to move the firm into coping with the environment continuously in place of only coping with the current circumstances.

We developed a series of “sprints” or collaborative sessions that developed executable ways forward with strategic backing. These sprints were done in a short amount of time with the executive team at the firm. The aim was to bridge the team and strategy together through collaborative brainstorming, research and preparation from both our firm and theirs.

Building an innovation-oriented firm is a process that occurs vertically. We started with the leadership function and executive team of the firm which then saw a snowballing effect that inevitably impacted all functions of the firm internally.

The Results

At the end of the process, the creation of an innovative function was formed.
The aim was not only to develop this function but ensure that it is sustainable and practical in the manner it is carried out.

We formed this adaptable function and created an approach to innovation that is not only long-lasting but matches personally with the goals and corporate culture of the insurance firm.