Innovation Pivots: 10 Lessons Learned

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

July 24, 2017

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

Deb Smallwood

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.