Innovation-Hungry Insurers Need to Focus on Leadership and Org Models, Not Just Tech

Latest Silicon Valley Innovation Tour provides examples of management’s impact on talent acquisition and retention while governing culture change: Novarica

Boston, MA (Mar. 10, 2020) – Innovation is a matter of management structures and talent strategies as much as technology, according to a new brief from research and advisory firm Novarica titled Enabling Innovation, Vol. 7: More Lessons from Silicon Valley. The brief encapsulates key themes from the company’s seventh semi-annual Silicon Valley Innovation Tour.

“Leaders in insurance are realizing that they must not only embrace innovation but create a culture that will keep their company relevant and successful in the future,” said Rob McIsaac, Executive Vice President of Research and Consulting and co-author of Novarica’s new report. “Establishing a culture where innovation and failing fast can flourish is no easy task, but it is critical to create an environment where new ideas will thrive and create product, customer, and technology opportunities.”

Click here for the table of contents or to access the report.

Report Summary

Insurers targeting innovation can learn key management practices and talent strategies from Silicon Valley. As insurers look to bring their organizations into the future, operationalizing innovation is becoming imperative. CIOs can encourage innovation leading by example, attracting as well as retaining talent, and inspiring change while managing routine.

This brief explores insights and best practices for insurers from Novarica’s Silicon Valley Innovation Tour during the first quarter of 2020.

Topics

  • Culture is the foundation for innovation. And culture can be enabled by technology.
  • Innovation must be driven from the top. Organizations develop “immune systems” which must be overcome.
  • Talent acquisition is key, even in Silicon Valley. Retention also can’t be ignored.

Key Points and Findings

  • Innovation is fueled by passion. The best and the brightest want to be inspired by a great mission and big ideas.
  • Even in Silicon Valley, hot spots for talent are emerging. The Valley’s unique geography means that innovators align their locations with the talent they seek to recruit.
  • Collaboration is key to innovation. Great minds need to work together to innovate. Technology can enhance collaborative environments to elevate outcomes.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

Source: Novarica

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