SCOR’s Global Life business had made significant strides forward on its innovation journey. Across its global footprint, they had cemented innovation decision-making in their market-facing BUs; they had build market-leading digital and data platforms; they had created a unique central Knowledge team; and they had committed to a strategic pillar of innovation, with central funding supporting local execution.
The question for the SCOR Global Life executive team was: where next? How do we unlock even greater results? How do we work better together across our global markets? How do we benchmark against peers? And what new innovation capabilities might unlock the next step in our innovation journey?
SCOR invited Ninety to carry out their Insurance Innovation Healthcheck on the business. A bold step, this invites an independent advisor to lift the bonnet, take a good hard look at the current state, and share back an honest assessment of the good, the bad, and the opportunities.
Ninety ran the Healthcheck process over a 10-week process, interviewing about 20 senior leaders including CEO and other C-levels, and surveying 500+ employees across the global markets and central business functions. Ninety compared the resulting data to their benchmark of other (re)insurers and dataset of c. 4,000 datapoints on the top 250 global insurance businesses.
In playing back the Healthcheck findings, conclusions and recommendations to the senior executive team at SCOR Global Life, Ninety called out:
- A set of strong positives: principles for effective innovation that were strongly evidenced across the organization; a depth of creativity and entrepreneurialism across the teams; and a sense of psychological safety and empowerment that is rare to find in large global businesses.
- A number of areas for focus: process and legal frameworks that could further accelerate innovation; best-practices for CVC and partnership scouting; and options for reusing innovations from one market in multiple others.
- A handful of exciting encouragements to go harder: key suggestions around more entrepreneurial, venture build approaches; recommendations around tech-led proposition opportunities; and more.
SCOR’s Global Life market leaders have now started using the Healthcheck report and its recommendations as a catalyst to reshape their organization’s innovation structures and approaches for the next strategic cycle. The intention will be to re-Healthcheck the business part way through that cycle, to measurably demonstrate the change and progress.
“The report from Ninety was enlightening and allowed us to take our innovation conversations to a new level. I look forward to continuing to work with Ninety to monitor our progress in the coming years”
Brona Magee, Deputy CEO for SCOR Global Life
Innovation, after all, is not just about the ideas: it’s about the ‘how’ of cultivating a culture that generates them, and a set of processes that incentivize and support a disciplined execution at scale. SCOR Global Life are a rare example of a complex global insurance organization that is solving these equations better than most.