The 10 Key Elements of an Innovation Plan

Insurer CIOs can work with the business to create a model that can both deliver results and be sustainable within a specific company.

1. Establish an appropriate perspective for evaluating a carrier "from the outside looking in" 2. Articulate a clear vision for innovation teams to use as an operational framework 3. Ensure an appropriate level of executive sponsorship and engagement
4. Create cross-functional teams that can focus on innovation with an appropriately holistic view 5. Implement a mechanism for organizing, screening, and prioritizing ideas 6. Recognize that innovation may not come naturally to teams and develop the appropriate models for behavior 7. Provide training on key skills to foster ideation, communication, and evaluation skills
8. Implement a process for renewing the human capital dedicated to the function 9. Actively manage the teams to ensure both appropriate energy levels and pace 10. Develop and deliver on an appropriate “off ramp” strategy for team members

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