Innovation in insurance
A discussion with London Business School
Delighted to have had the chance on Friday to speak with a group of MBA students at the London Business School.
The class were considering the ‘Separation’ concept in innovation strategy — i.e., the need to balance keeping innovation teams separate enough from the core business so it can be innovative, but close enough that it can ultimately have a positive impact on the overall organization.
It was great to be able to pull on examples I‘ve worked on and seen in the last few years including the creation of the Lloyd’s Lab while working at BCG and more recently the set up of BritX and Ki Insurance.
The discussion re-raised some core questions for those of us pushing innovation in EC3 . One obvious one — Why has product innovation been so prolific in the Lloyd’s Market for centuries while in the “tech and ops” space it has been a laggard?
And then the natural follow-up from that: Is it as simple as the fact that underwriters and brokers are constantly interacting with people outside their company, while the tech and ops teams typically don’t?
