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July 20 2017 | Deb Smallwood

The World is Changing and Insurers Are Responding

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. SMA regularly works with insurers and studies their innovation approaches, behaviors, and initiatives across insurance and many other industries. And we also conduct an annual study on innovation specifically in insurance. Over the years, we have come to a very good understanding of the best practices in innovation. 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 ten innovation best practices into three phases and then defined each of the ten best practices.

 

Top 10 Best Practices for Innovation

Top10 tilesPhase 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 

 

SMA Call to Action

SMA10 anniversary rays smallAs your insurance peers have perceptively stated at the annual SMA Summits, “What is innovative today will be expected tomorrow ... This is the ideal time to reimagine and rethink ... Start today to create a culture that embraces continuous improvement ... Deploy maturing and emerging technologies to position the organization to capitalize on the infinite possibilities.”

Read our full research brief on The Top 10 Best Practices in Insurance Innovation. And watch for our 2017 innovation research results and report in the fall of 2017.


smallwood deb w

To learn more, please contact:
Deb Smallwood
Founder & CEO
Strategy Meets Action
603.770.9090