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July 24, 2017

Innovation Pivots: 10 Lessons Learned

Summary:

Best practices include: "Pivot, and Pivot Again," "Expand Your Failure Appetite" and "Make Innovation Continuous."

Photo Courtesy of Pexels

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

  1. Don’t Be a Lone Wolf
  2. Institutionalize Innovation
  3. Reframe Business Strategies and Plans
  4. Explore the Insurtech Landscape

Phase 2: Gaining Momentum: Learn From Successes and Failures

  1.  Have a Champion for Each Cause
  2. Pivot, and Then Pivot Again
  3. Expand Your Failure Appetite

Phase 3:  Creating Advantage: Leverage Innovation for the Competitive Edge

  1. Leverage Customer Insights
  2. Innovate Across the Enterprise
  3. Make Innovation Continuous
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About the Author

Deb Smallwood, the founder of Strategy Meets Action, is highly respected throughout the insurance industry for strategic thinking, thought-provoking research and advisory skills. Insurers and solution providers turn to Smallwood for insight and guidance on business and IT linkage, IT strategy, IT architecture and e-business.

+ READ MORE about this author ...

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