The Great Innovation Race
Innovation is a hot topic still in the Insurance industry, as the demand for innovation and analytics talent is soaring, there is a number of different approaches in answer to the question “how do we compete with the threat of emerging FinTech companies?”.
By far the most popular way is to create an innovation lab, this is a good first step in recognising that innovation is strategically critical, but why is it these labs sometimes fail?
Typically, they’re founded on the right principles and filled with bright, keen individuals who are well connected in the FinTech community. Common feedback is that “incubating” ideas is not a problem, its once these ideas become a reality for the C-suite that execution on a grand scale becomes politically difficult. To name just two challenges; there’s the age old channel conflict which gets in the way of direct business, next there’s the traditional business case thinking which means pulling the trigger on investment can be a career gamble some are not ready to take.
So what is the solution? If only it were that simple.. I’ve seen a number of interesting approaches, including creating a separate entity with the sole remit of “cannibalising the existing business through innovation”. An approach which takes organisational politics (almost) off the table and has produced, in particular, some phenomenal results in China.
Whichever innovation approach is taken, it’s critical the right talent is at the helm, armed with the necessary skills to take innovation from strategy through to execution. In this regard I’ve seen some extraordinary talent in the marketplace; heavy hitters in the corporate world with C-suite credibility, a strong educational background and proven track records in strategy consulting and industry execution. I see this group of talented people as potential new age CEO’s for innovative organisations.
For more information on mid to senior innovation, analytics and transformation talent, feel free to reach out to me on +6586872551.