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Innovation Simplified! - Faisal Shahzad Abbasi.pdf (1)


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Innovation Simplified! - Faisal Shahzad Abbasi.pdf (1)

  1. 1. Contributed by : Faisal Shahzad Abbasi Group Head, Customer Experience, Marketing and Products Jubilee Life Insurance Co. Ltd INNOVATION SIMPLIFIED!
  2. 2. • Innovation in Africa’s health initiatives and its impact on east african key economic indicators • Consequences of innovation in nuclear physics along with diagonal analyses of blackhole theory • Innovative steps taken by the Government of Pakistan in controlling lattice macroeconomic conditions • The world bank statistical report on how Far Eastern countries will surpass eurozone GDP by 2018 HERE WE GO ……
  3. 3. English Please !!!
  4. 4. Innovation for this presentation means value addition to consumers and organizations. All other ideas are injurious to health. Please do not keep away from children and consult your doctor if you are having difficulty in breathing ideas! DISCLAIMER
  6. 6. • Are we innovative in our business ? • Who we think are the examples of innovative businesses in our market ? AUDIENCE POLL
  7. 7. • Leadership to nurture innovation • It is more about leadership skills than technical skills • Tighten human connection between innovators and the business • Keep provisions for innovation in your budgets, processes and HR planning CHECKLIST FOR INNOVATION
  8. 8. •If you are not introducing at least two ‘firsts’ for the consumers (in retail) or one ‘first’ in B2B. •If you are not thinking about cutting your costs by at least 25% through innovation. In the 1980s, Robert Crandall, then head of the American airline, cleverly calculated that if you removed just one olive from every salad served to passengers, nobody would notice … and the airline would save $100,000 a year. You are not Innovating !!! period LITMUS TEST OF INNOVATION
  9. 9. • Human resource profile • Business model • Products • Processes • Marketing • Frontend customer services ARE YOU GEARED FOR INNOVATION ?
  10. 10. • Relying too much on customer’s feedback • Not trusting your gut feeling enough • Giving too much weightage to internal echo • Not have a keen eye to observe consumer behaviour • Not having your fingers at the pulse of customer demands • Thinking customer is dumb! • Fearing the negative backlash MISTAKES IN THE NAME OF INNOVATION
  12. 12. • Marketing (Indian ad) • Products (Audi self parking) • Processes (Amazon drone) • Services (Emirates Wifi) INNOVATION IN ….
  13. 13. • Awareness • Products • Marketing • Processes • Services LESSONS IN INNOVATION -INSURANCE
  14. 14. INNOVATION PYRAMID IN LOCAL INSURANCE BUSINESS Awareness Reach Marketing Pricing
  15. 15. • Anything with consumer mass attached to it • Do not limit distribution to conventional definitions • In future, agent will be a mere link between the consumer and the provider • Marketing media will be reliant on digital evolution • Service will extend its meaning FUTURE THEMES IN INNOVATION
  16. 16. L&T General Insurance Company is a full-service, full-scale company offering property and casualty insurance as well as health insurance India. • Idea : to become and remain a company that depends on mobile solutions right from day one. • Potential : Within the past seven years, India has moved from a nation of approximately 5,000,000 cellular phone users to one where more than 800 million people now carry a cell phone, most of which are Internet capable. • Process : India lives in its town and villages. Key is to have an effective, low-cost, reliable, and consistent delivery mechanism • Resources : The company sought to reinvent the entire insurance technology foundation. So far, it has built an end-to-end solution that is completely service-oriented architecture-based, fully Web-based—and therefore normally accessible from the cloud. • Objective : This enables the company to service policies virtually anytime, anywhere, from practically any device. THE CASE OF L&T, INDIA
  17. 17. • The company opened 10 branches in its first year. • In less than two years, it has been able to issue policies in more than 1,040 different towns and cities. • More than 100,000 policies worth $28 million have been issued. • More than 6,000 claims serviced. all without a single piece of paper!!! OUTCOME !
  18. 18. My contribution comes to its end here …….