However, not all are seeing the kind of transformations they were hoping for. I spoke with Dhiraj Singhvi, Insurance Delivery Director at ICC, and asked him to share some lessons learned and gotchas that may help you when it comes to leading innovation.
Set the tone for the team and establish a clear focus on the end game, by first understanding what type of innovation outfit you’re in and the team’s overarching purpose:
Being clear on the innovation theme has a significant impact on the makeup and mindset of the team, as well as identifying the right talent.
Understanding the fundamental underpinnings of the industry can help innovation teams understand why disruption is happening, locate the potential opportunities, and study the competition through a more precise lens:
When you bring together a multi-disciplinary team, especially one that hasn’t worked together before, allow the team to go through Forming, Storming, and Norming, before they start Performing.
Management plans that don't factor in the gestation needed for the cycle to come to fruition will fall short. It’s painful – and inefficient – to disband or reorganize a team just as they are on the cusp of performing.
Unless you’re an offshoot company or an incubated product, you likely will rely on shared infrastructure and services. The most common are:
Get on their calendars early to ensure the shared services teams can address your needs in their roadmap. Don’t assume everyone else will clear their priorities for you just because you’re on a special initiative.
Plenty of opportunities exist for creative thinking in the organization’s seemingly dull activities. For example, you will be amazed at how sophisticated some “archaic” document printing systems are.
There’s a creative workaround to nearly every constraint, and sometimes creative thinking means pivoting in a different direction.
Pivoting is easier if you’re entering a new market segment, or if you have baked in a transition plan for your customers. This is where design thinking, and your customer experience map, can help you.
Understand your customers’ motivation levers. As you get to a product launch or a release, find ways for customers to transition to your new products and services. Even if your customers are digital natives, don’t assume they will download your app or connect to your services just because they can.
As you prepare for launch, don’t forget there will be unforeseen circumstances. Your customers would be more upset by a botched fix than an initial problem, so pull out that experience map you created when you first researched your customers. Use it to design a troubleshooting and escalation path.
Overall, by staying close to your customers’ needs and motivations, your technology innovation will make the disruptive forces of the digital era work to your advantage.
Learn how ICC can help your insurance company achieve an advantage with innovation. Feel free to email Dhiraj at email@example.com with questions.