July 24, 2017
Innovation Pivots: 10 Lessons Learned
Best practices include: "Pivot, and Pivot Again," "Expand Your Failure Appetite" and "Make Innovation Continuous."
Some of the best innovation success stories are built out of the lessons learned from watching the attempts of others as they either falter or flourish. The following is a compilation of what we believe are the best practices for innovation, through anecdotal and use case examples.
In an effort to help and inspire insurers along the innovation journey, SMA has grouped the 10 innovation best practices into three phases and then defined each of the 10 best practices.
See also: Innovation: ‘Where Do We Start?’
Top 10 Best Practices for Innovation
Phase 1: Getting Started: Begin the Innovation Journey
- Don’t Be a Lone Wolf
- Institutionalize Innovation
- Reframe Business Strategies and Plans
- Explore the Insurtech Landscape
Phase 2: Gaining Momentum: Learn From Successes and Failures
- Have a Champion for Each Cause
- Pivot, and Then Pivot Again
- Expand Your Failure Appetite
Phase 3: Creating Advantage: Leverage Innovation for the Competitive Edge
- Leverage Customer Insights
- Innovate Across the Enterprise
- Make Innovation Continuous