Innovations in Business Models, Products, Processes and Marketing
1. Contributed by :
Faisal Shahzad Abbasi
Group Head, Customer Experience, Marketing and Products
Jubilee Life Insurance Co. Ltd
INNOVATION SIMPLIFIED!
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 ……
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. • Are we innovative in our business ?
• Who we think are the examples of
innovative businesses in our market ?
AUDIENCE POLL
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. •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. • Human resource profile
• Business model
• Products
• Processes
• Marketing
• Frontend customer services
ARE YOU GEARED FOR INNOVATION ?
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
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. 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. • 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 !
