Societal and technological trends are developing at an exponential pace. We see it, sense it, and read about it every day. While corporate innovation is often labelled as a viable strategy for improving the company’s performance, a successful implementation of corporate innovation remains challenging for most companies. Here, we share the most important innovation lessons we have learned over the last three years in a financial services context to help organizations, hopefully yours, avoid common pitfalls.
Clearly, we need to rethink education. Our kids will face a much different world than we live in now. In fact, a study at Oxford concluded that nearly half of the jobs that exist today will be automated in the next 20 years. To prepare for the future, we need to replace our regimented education system with one that fosters skills like teamwork, communication and exploration.
Editor’s note: This is an excerpt from Matthew Griffin’s upcoming paper The Future of Insurance 2020 & Beyond. It is clear from the developments and progress made in 2016 though that the industry’s appetite, pace, and propensity for change, albeit partially fuelled by an increasingly competitive and dynamic marketplace, is accelerating. It’s unlikely that ...
Technology automation tends to have two phases: In the first phase, automation replaces human decision-making and process with an inflexible set of rules, often creating new problems even as it solves old ones, and shutting out those who may be outliers or may be “exceptions to the rule.” But the next phase is where the innovation really kicks in, and this is when that automation becomes intelligent, data-rich, and capable of actually making rational decisions that improve and enhance the level of customer service, and open up new opportunities for the business that could not have existed previously.
Each year INSEAD team up with the World Intellectual Property Organisation (WIPO) and Cornell University to produce an innovation league table for the countries of the world. It’s designed to rank the infrastructure and support environment for innovation around the world. The 2016 rankings have just been published, and given the desire of the EU ...
Innovation for financial services is to a large degree around using technology to disrupt various business model components. The focus is on achieving economies of scale, increasing efficiency, and facilitating peer-to-peer in-teraction. Different stakeholders play different roles in the FinTech ecosystem. There is a trend toward better ser-vicing customer needs relying on omnichannel experiences. Regulators should be seen as a friend rather than an enemy. But most important, the future starts now, and can only be approached with sound change management capabilities.
Innovation portfolio metrics are different that other innovation process metrics. They are not idea focused but rather project focused. Continue reading
Innovation is moving at digital speed through just about every industry. The life insurance industry has been trying to jump onboard, but has been moving a bit under the average speed limit. Why? Continue reading
When companies base their internal performance measurement systems solely on short-term profits or traditional GAAP-approved accounting returns—the results can be dangerously skewed, causing premature or inappropriate decisions about the fate of new innovations and R&D funding. Continue reading