Should I stay or should I go? Insurance companies grapple with innovation
Insurance companies and innovation don't often seem to go hand-in-hand, but as customer expectations rise, the industry must make changes.
There are very few instances when innovation strikes out of the blue, despite the word “innovation” being thrown around as though it’s a casual, common occurrence. It actually takes a lot of effort to foster an environment where innovation is fostered, encouraged, and celebrated.
The funny thing about innovation is that if you’re not encouraging failure, you’re likely missing out on the lessons learned from trying something new.
So, what does it take to keep the dream alive?
Insurance companies and innovation don't often seem to go hand-in-hand, but as customer expectations rise, the industry must make changes.
That “light bulb” moment is far less common than the mythology would have us believe, says author Steven Johnson. We sat down with Johnson, author of “Where Good Ideas Come From: The Natural History of Innovation,” at last year’s Game Plan event in Chicago.
Here, he talks about how organizations can foster an environment of ideas, one in which innovations can flourish — over time.
Because the reality is that true innovation takes time to occur; it doesn’t happen overnight, especially in an enterprise.
For instance, companies like Google, a top-notch digital innovator, gives its employees the opportunity to spend 20 percent of their time pursuing ideas and hobbies that inspire them.
That, says Johnson, is good business. Watch the video below to hear more.