Insurance Workforce 2.0 – Ninety’s journey to support a culture of innovation in insurance
A few months ago, we embarked on a new project to create a deeper connection with the people side of innovation in insurance. We wanted to research the obstacles to creating a truly innovative culture in this industry. We have been fortunate to receive funding support from Innovate UK, which allowed us to spend time in research conversations with those that are closest to company culture and the people and processes that create it – HR and L&D professionals.
Through these continued discussions, we are aiming to start an open conversation between organizations as well as support HR teams with our experience and expertise in innovation.
During our discovery phase, our discussions with insurance HR leaders revealed these critical challenges. As a list of problems without accompanying solutions, it might appear negative, but the conversations around these problem statements have given us great cause for optimism. They are shared in their raw form for your interest.
Key challenges in becoming an innovative insurance company
- The insurance industry has an issue with hiring the best digital talent and retaining them.
- The insurance industry is struggling with reaching the desired diversity levels.
- The experts and technicians hold a significant level of industry-specific knowledge that has not been transferred or shared.
- Innovation requires different skillset and attitude than most of the insurance BAU activities.
Mindset and Culture
- Not all employees of all level across the company share the same outlook on innovation and its importance.
- Creating an agile workforce in a corporate environment is difficult due to a different culture of working and expectations of employees.
Leading for Innovation
- Current leaders and managers often lack the relevant skills to lead for change in the digital era.
- The insurance industry is missing out on many insights that could be obtained from utilising data to its full potential.
In the next phase of the project, we are exploring these problem areas and we will be testing a range of solution propositions with potential users.
We are also building a community of people interested in the topic. If you are an HR or L&D professional, an insurance expert, or have another angle or contribution on this topic, let us know.