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Kevin Pledge
Innovation
2016 SOA
Annual Meeting & Exhibit
Sponsored by
Entrepreneurial and Innovation Section
2
"I know it when I see it.”
What is innovation?What is innovation?
3
Innovation?
4
http://youtu.be/NugRZGDbPFU
5
Steven Johnson
• Ideas can take a while to form
• Often lots of small ideas make up a big idea
• Sum of the whole is greater than the parts
6
Innovation
Leadership
Vision
The Importance of Vision
and Leadership
7
Kevin Pledge
Case Study – Beagle Street
8
Insurance Value Chain – Beagle Street
9
Product
Development and
Management
Marketing
Sales
Distribution
UW and
Risk Mgmt
Policy
Admin
Claim Mgmt
Financial
and Corp
Product
Design
Market
Research
Underwriting
Financial
Reporting
Quote
Policy
Service
Claim
Registration
Product
Pricing
Promotion Reinsurance
Distribution
Mgmt
Application
Policy
Alteration
Claim Mgmt
Product
Updates
Branding
Corporate
Structure
Document
Delivery
Fraud
Product
Launch
HR
Cross sell
and Upsell
Teachers Life
10
Insurance Value Chain – Teachers Life
11
Product
Development and
Management
Marketing
Sales
Distribution
UW and
Risk Mgmt
Policy
Admin
Claim Mgmt
Financial
and Corp
Product
Design
Market
Research
Underwriting
Financial
Reporting
Quote
Policy
Service
Claim
Registration
Product
Pricing
Promotion Reinsurance
Distribution
Mgmt
Application
Policy
Alteration
Claim Mgmt
Product
Updates
Branding
Corporate
Structure
Document
delivery
Fraud
Product
Launch
HR
Cross sell
and Upsell
Large Insurer
• Significant resources available
• Multiple departments
• Dedicated web department
• Dedicated accessibility
• TV advertising
12
Insurance Value Chain – Large Insurer
13
Product
Development and
Management
Marketing
Sales
Distribution
UW and
Risk Mgmt
Policy
Admin
Claim Mgmt
Financial
and Corp
Product
Design
Market
Research
Underwriting
Financial
Reporting
Quote
Policy
Service
Claim
Registration
Product
Pricing
Promotion Reinsurance
Distribution
Mgmt
Application
Policy
Alteration
Claim Mgmt
Product
Updates
Branding
Corporate
Structure
Document
Delivery
Fraud
Product
Launch
HR
Cross sell
and Upsell
The Lesson
14
Vision and Leadership
make the difference between
incremental improvement
and
innovation
15
Thank You
16
Kevin Pledge KevinPledge@acceptiv.com

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Innovation

  • 1. Kevin Pledge Innovation 2016 SOA Annual Meeting & Exhibit Sponsored by Entrepreneurial and Innovation Section
  • 2. 2 "I know it when I see it.” What is innovation?What is innovation?
  • 5. 5 Steven Johnson • Ideas can take a while to form • Often lots of small ideas make up a big idea • Sum of the whole is greater than the parts
  • 7. The Importance of Vision and Leadership 7 Kevin Pledge
  • 8. Case Study – Beagle Street 8
  • 9. Insurance Value Chain – Beagle Street 9 Product Development and Management Marketing Sales Distribution UW and Risk Mgmt Policy Admin Claim Mgmt Financial and Corp Product Design Market Research Underwriting Financial Reporting Quote Policy Service Claim Registration Product Pricing Promotion Reinsurance Distribution Mgmt Application Policy Alteration Claim Mgmt Product Updates Branding Corporate Structure Document Delivery Fraud Product Launch HR Cross sell and Upsell
  • 11. Insurance Value Chain – Teachers Life 11 Product Development and Management Marketing Sales Distribution UW and Risk Mgmt Policy Admin Claim Mgmt Financial and Corp Product Design Market Research Underwriting Financial Reporting Quote Policy Service Claim Registration Product Pricing Promotion Reinsurance Distribution Mgmt Application Policy Alteration Claim Mgmt Product Updates Branding Corporate Structure Document delivery Fraud Product Launch HR Cross sell and Upsell
  • 12. Large Insurer • Significant resources available • Multiple departments • Dedicated web department • Dedicated accessibility • TV advertising 12
  • 13. Insurance Value Chain – Large Insurer 13 Product Development and Management Marketing Sales Distribution UW and Risk Mgmt Policy Admin Claim Mgmt Financial and Corp Product Design Market Research Underwriting Financial Reporting Quote Policy Service Claim Registration Product Pricing Promotion Reinsurance Distribution Mgmt Application Policy Alteration Claim Mgmt Product Updates Branding Corporate Structure Document Delivery Fraud Product Launch HR Cross sell and Upsell
  • 15. Vision and Leadership make the difference between incremental improvement and innovation 15
  • 16. Thank You 16 Kevin Pledge KevinPledge@acceptiv.com

Editor's Notes

  1. Introduce self
  2. Hard to define – to borrow a quote from Supreme Court Justice Potter Stewart