March 2020 - 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.