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.
About the Author
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.
Other Authors
Nancy Casbarro
Nancy Casbarro is Head of Insurance Advisory at Datos Insights. She has over 30 years of insurance technology experience, most of which were spent in senior IT leadership positions at MetLife. Most recently, Nancy served as the IT Solutions Delivery Vice President for the Group Benefits business at MetLife, supporting products, claims, underwriting, distribution development, and national accounts. Nancy also has...