The insurance industry is evolving.
"Evolution is the survival of the fittest." — Herbert Spencer
The innovation teams, in the insurance companies, are acting as one of the forces that help the company to change and adapt in its lifetime. Please read a recap of an interview that I conducted with a force of "enterprise survival" and growth - Nuno Horta.
What is innovation for you?
Innovation is an answer to a problem - you have a problem, a pain, here is a remedy for it. There are incremental pains that you can manage. A classic example, let's remove the paper from a process that can take two days to fulfill.
"People mistake innovation with creativity. You can be very creative and have great ideas like building the next wheel, but, in my opinion, it is to be smart with what you have."
Paulo adds "it all about making money from the resources at hand. This is the guideline for me." Paulo's pragmatism and background in a large IT consulting company add an important dimension to the team as they deliver value by "remedy innovation" (solutionizing) and "specialist" (internal consultants).
What is the mission?
There is a multi-year plan in place.
1. Unlock the startup culture in Ageas business units. The insurance industry is known to be conservative, but today they are more receptive to change than anyone else. It is part of the innovation team job to work with them and show them new ways to do things and develop their own projects. The company is open to hearing these changes.
2. Challenge the status quo. Bring up new value propositions and new opportunities.
"We need to bear in mind that the only way to make innovation is when the business is making money and the business is flowing."