Insurance Industry: Innovation Strategy Case Study
Overview
When the Executive Council of a large international insurance organisation asked Maximus to work with their leadership team they needed immediate, credible and highly innovative ideas capable of creating significant revenue growth in their business. It was determined that the first step of this process would be to run an innovative strategy workshop which would:
- Increase innovation and adaptability in business and strategic planning
- Drive commercially robust new strategies that will:
- Build support and embed alternate ideas
- Create an internal market for ideas
- Build a sustainable culture that allows risks associated with innovative/critical thinking
The solution The first part of the solution involved Maximus facilitating a three-hour session with the Executive Council to ensure Maximus had a full understanding of the current versus the desired approach to supporting and driving innovation within their leadership team. To further develop this understanding, Maximus carried out separate meetings with members of the leadership team and with senior members from Human Resource department. Soon after, a three-day program on innovative strategy was customised for this Insurance organisation and delivered onsite. The program unfolded over two months with the following elements. |
The outcomes to date
From the twenty leaders who attended the Maximus three-day event on innovative strategy, sixteen revenue generating ideas were created. Ten of these ideas were presented back to the Executive Council who, in turn, requested that seven of the initiatives be developed into a business case. If successful, the year-on-year revenue generating potential of these initiatives was estimated at $12.7 million.