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 is the founder and CEO of SelfPowerment.

She spent four decades in corporate leadership across the insurance industry, operating at the intersection of business, technology, and organizational transformation. Her leadership inflection point led her to research the experiences of more than 50 high-achieving women and 10 men leaders. This formed the foundation of her book, SelfPowerment: The Inner Shift for High-Achieving Women Who Want More Than Just Success. The work introduces a research-informed framework that redefines success from within and invites women to shift the question from, “Will they choose me?” to “Do I choose them?”