The Best Advice is Personal

Much discussion has happened in the industry portending the inevitable elimination of the insurance agent as consumers move to purchasing insurance direct and online. Disruption of the agency model seems to be a foregone conclusion judging by the amount of recent investment in InsureTech startups focused on transforming the distribution model. The increase in insurers offering commercial insurance direct may be seen as an inflection point not just in terms of commercial lines sold direct, but in terms of a shift in momentum from the agent to technology, across lines of business. It’s not surprising that both insurers and consumers are interested in a shift in channels. It promises to be less expensive for an insurer to go direct, and consumers are clearly showing a shift in preferences for accessing coverage

However, consumers use agents for very good reasons. Prior to direct purchase on the internet, consumers needed agents to access different markets. There was no mechanism for a consumer to purchase directly from an insurer. With the advent of digital agents, aggregators, and direct-to-consumer insurance insurers, this reason is less important than it used to be. However, replacing an agent isn’t as simple as simply automating access to markets.

One of the primary points of value provided by an agent is personalized advice. Although access to markets is more readily available, consumers still need advice and guidance. Insurance is a complicated product. Understanding which coverages they should purchase, what limits and deductibles are appropriate, and whether additional terms or endorsements are relevant is one of the key points of value that an agent offers.

Consumers are more financially literate than ever before given all the information available on the internet, yet still want transparency in the choices available, and value guidance and advice as to what options are appropriate and why they are appropriate. 58% of consumers surveyed say that when choosing a financial services provider, they are looking for a personalized offer, tailored to the individual firm or person.

Until an insurer can accurately and appropriately provide advice it is unlikely we’ll see a wholesale shift of the channel. Some insurers focus on giving consumers choices by providing price comparisons with other insurers. Others have tried to provide choice by labeling side by side choices with titles such as “less coverage”, “standard coverage”, and “more coverage”. But these choices don't usually have any relationship to the actual risk profile of the prospect and don’t offer any suggestion as to why one option is better than another. Consequently, consumers aren’t confident enough to make a decision.

Want to know how to improve online conversion? Provide actual advice to a prospect with an explanation as to why a particular limit, deductible or coverage is relevant. Anecdotal conversations with companies who have implemented a feature like this indicate potential conversion improvements of 20-30% or more.

Automated advice comes in a variety of permutations that vary depending on how much automation is utilized and how much personalization is provided. Insurers can assess their capabilities and determine how to proceed down the path. Even small amounts of advice seem to have an impact on conversion.

Automated advice can range from very simple parameter driven advice, to incredibly sophisticated advice-for-one backed up with sophisticated analytics. It can be delivered via simple online suggestions, or through a guided journey using a chat bot. Each successive generation of advice engine seems to bring increasing benefits when it comes to conversion.

Yet automated advice also carries potentially significant risks. The customer is relying on the technology – including the assumptions and methodologies that underlie it. For example – did the system ask the right questions; did the prospect understand the questions adequately to answer accurately; did the algorithms act as intended, were the underlying business rules appropriate?

Using third party data can mitigate some of these risks, but raises other issues including the accuracy of that data. On the one hand, consumers are more financially literate, are looking for more transparency and control, and expect insurers to utilize technology in an online environment. However, insurers also have to be careful not to be creepy when using third party data.

Insurers can overcome creepiness by not overreaching, and by clearly communicating how they arrived at their conclusions. In this transparent world, the path to the recommendation becomes nearly as important as the outcome.

Interested in learning more about automated advice engines? Check out my newest report “The Best Advice is Personal: Robo-Advisors v. Agents”.  

Have Electronic Applications Come of Age?

My first experience with an electronic application was in 2002.  I was working with a major credit card company who included a flyer along with the billing statement that provided information about how to apply on-line for their term life insurance product. We didn't know how many applications to expect; but based on the wide distribution, we planned on a high number.  Many months of effort went into developing the eApplication on the website and creating an interface for the collected data into the new business and underwriting system. This was cutting edge technology at the time. The electronic application collected the Part 1 – demographic information – of the application. The Part 2 – medical information – was collected by a third party. A whopping 523 applications were received from the first mailing. The campaign continued on an intermittent basis for a year with a few over 2,000 applications received. At the end of the year, we threw in the towel and quietly closed down the campaign.  

Why did the campaign fail? There was nothing wrong with the process and the technology, while primitive compared to today, worked well.  The problem was that the idea was ahead of its time.  People were not ready to buy insurance on the internet. In fact, most of the applications received were declined or heavily rated.  The people who applied were driven to do so by a less than stellar health history and had few other options available to them.   

Flash forward to today; digitization of life insurance new business is a hot topic. Consumers are buying everything from mutual funds to groceries on the internet.  However, based on Celent’s recent new business and underwriting benchmarking report, Resetting the Bar: Key Metrics in Life Insurance New Business and Underwriting, nearly 52% of all insurance applications received are still in paper form.

There are a number of problems associated with paper applications, from missing forms to illegible writing, which creates a tremendous impact on an insurer’s ability to process an application quickly and/or accurately. Industry benchmarks have placed NIGO (not in good order) rates at greater than 50%. Electronic applications essentially eliminate NIGO.

Our research shows a significant reduction in new business cycle time for insurers between 2007 and 2016. For high face amount writers, the average cycle time decreased from 52 days to 44 days and from 42 days to 33 days for moderate face amount writers. When asked how the better results were obtained, the majority of insurers had seen a reduction in cycle time due to the use of technology. Some responses included “increase in eApp adoption and increased use of an automated UW engine,” “eApp, more skilled staff, cross-training with 60% automated underwriting, so huge reduction,” and “increase in auto-issue rate.” Obviously, the new business process is ripe for automation.

In Karen Monks’ and my new report, The Doorway to Straight-Through Processing: Life Insurance Electronic Applications 2016, we profile nine software vendors and their 10 electronic applications marketed to life insurance. The report focuses only on stand-alone solutions in North America. For each vendor the solution is described using the customer base, data sources supported, functionality, and technology, as well as implementation and costs.

In 2002, the buying public wasn’t ready to shop for insurance on-line.  That attitude is changing.  An electronic application, along with an underwriting rules engines and electronic contract delivery, to enable straight-through processing will soon be the norm. The time for eApplications has arrived.  An electronic application opens the door to transform the insurance buying experience, increase agent and customer satisfaction, and potentially sell more insurance.

  

 

Changing the Landscape of Customer Experience with Advanced Analytics

That timeless principle – “Know Your Customer” – has never been more relevant than today. Customer expectations are escalating rapidly. They want transparency in products and pricing; personalization of options and choices; and control throughout their interactions.

For an insurance company, the path to success is to offer those products, choices, and interactions that are relevant to an individual at the time that they are needed. These offerings extend well beyond product needs and pricing options. Customers expect that easy, relevant experiences and interactions will be offered across multiple channels. After all, they get tailored recommendations from Amazon and Netflix – why not from their insurance company?

Carriers have significant amounts of data necessary to know the customer deeply. It’s there in the public data showing the purchase of a new house or a marriage. It’s there on Facebook and LinkedIn as customers clearly talk about their life changes and new jobs.


One of the newest trends is dynamic segmentation. Carriers are pulling in massive amounts of data from multiple sources creating finely grained segments and then using focused models to dynamically segment customers based on changing behaviors.

This goes well beyond conventional predictive analytics. The new dimension to this is the dynamic nature of segmentation. A traditional segmentation model uses demographics to segment a customer into a broad tier and leaves them there. But with cognitive computing and machine learning an institution can create finely grained segments and can rapidly change that segmentation as customer behaviors change.

To pull off this level of intervention at scale, a carrier needs technology that works simply and easily, pulling in data from a wide variety of sources – both structured and unstructured.

The technology needs to be able to handle the scale of real-time analysis of that data and run the data through predictive and dynamic models. Models need to continuously learn and more accurately predict behaviors using cognitive computing.

Doing this well allows an carrier to humanize a digital interaction and in a live channel, to augment the human so they can scale, allowing the human to focus on what they do best – build relationships with customers and exercise judgment around the relationship.

Sophisticated carriers are using advanced analytics and machine learning as a powerful tool to find unexpected opportunities to improve sales, marketing and redefine the customer experience. These powerful tools are allowing carriers to go well beyond simple number crunching and reporting and improve their ability to listen and anticipate the needs of customers.

The Great Pokemon Experiment

Nintendo's latest mobile phone (and mobile) game just keeps smashing records – it's already the biggest mobile game in the US and is looking set to become a worldwide phenomenon.

It's not relevant to insurance though is it? Well it is sort of introducing new risks with players being mugged and wandering into dangerous places including Downing Street in London apparently.

What's more interesting to me though is the mix of gamification, rewards for movement and the way it is making people meet up in novel locations.

Two opportunities sprang to mind for the industry:

  • What's most interesting to me is that if we were to measure health app's impacts by how far they get people to walk Pokemon Go could be the biggest health app of 2016, despite only launching in July. I'm curious how the Vitality and similar propositions rewarding customers for healthy behaviour will respond to the sudden uptick in activity. 
  • From an advertising point of view and ability to drive foot traffic to say, an agents office, Pokemon Go has huge potential – potential not missed on the developers as hidden code in the game already points to a hook up with McDonalds. For now though, if you have a Pokemon gym at your office location it might be a great time to do a little advertising or push that recruitment drive you've been thinking about.

As a technologist the photos springing up around the world of "Squirtle" being found in toilets (be careful where you point the camera) also goes to show how augmented reality has become mainstream as well, along with the threats AR and virtual reality could pose in at least distracted walking. I love that the digital and physical world are coming together and it's actually bringing families together too.

Whilst some will marvel at this latest craze, for those insurers with investments in the real world like agencies, offices, billboards – and for those that are agile enough – this surprise trend could serve as a great marketing route to catching all the customers, as well as all the Pokemon.

The secret to profitable organic growth? Deliver a customer experience that your competitors can’t match

Maintaining growth and relevance is more challenging than ever for carriers. It is a hyper-competitive market with new entrants, a poor investment market, and rapidly changing customer expectations.  
  • Customers are demanding a different relationship model from their insurers. They are increasingly demanding transparency and simplicity with simpler contracts, clearer pricing disclosures and tailored recommendations with extraordinary service.
  • They are more and more self-directed and using non-traditional third party advice. Clients are more financially literate and are increasingly relying on aggregation and comparison tools. They look more for concepts than for entities – diminishing the value of advertising.
  • They are demanding collaboration and participation in product choices, claims, and risk management. They expect proactive communications that demonstrate knowledge of the customer. They expect customer service to be fast, excellent, and available through any channel they choose.
  Whether you define your customer as a policyholder or an agent, (it’s a matter of religion in this industry), expectations are being driven by innovations by non-insurance players. Uber provides instant information availability without long waits on the phone, which gives control and transparency to the customer. Amazon recognizes their customers and provides product and service recommendations that come to the customers without any additional work. Apple provides variations on their products that allow customers to choose among the different value propositions and the flexibility to change those purchases with minimal hassle.   But limited customer interactions in insurance have pushed incremental innovation to focus on products rather than customer experience.   As ardent incrementalists, most players in the insurance industry look at the customer experience from the inside out by thinking about all the points where WE touch a customer. However, being good at the discipline of focusing on customer experience requires taking a broader view of customers’ lives and the context in which they are interacting with the brand. Those who excel at customer service are masters at looking from the outside in, understanding what is going on in a customer’s life when THEY touch us and then delivering unexpected signature moments across a broader expanse of experiences.   Certainly efforts have been made to drive effectiveness for insurance processes, nevertheless, there are still many areas where improvements are possible. The way forward requires a comprehensive digital view that goes well beyond process automation. By recognizing that customer experience is about more than designing a clean and friendly user interface (UI), insurers can move beyond the superficial and achieve real results.   The technology is there to support this. But what keeps us from moving forward? Surprisingly, few carriers have anyone who owns the entire customer experience. Customer experience is usually owned by organizational silos. When no one owns the experience, it becomes a low priority. If there are limited metrics, or metrics which don’t focus on the quality of service from a customer viewpoint, then there are too many competing priorities to drive investments here.   Digital makes possible a level of engagement that was never possible before. But beware – the democratization of digital technology is eroding competitive barriers. And to meet customer expectations in an increasingly digital world, carriers will be required to make both cultural and physical shifts to incorporate new systems and processes while harnessing data and using real time analytics.   Like it or not, customer and distribution partner behaviors and expectations are changing the business model. It is not just about reducing expenses and writing more business. Carriers have to look at new distribution models, new product types well beyond pure indemnification products, and revolutionizing the customer experience.

Well sir, we’re not Amazon: online support lessons for insurers

I just got off the phone from a 40 minute phone call with an insurer that provides benefits to my family. I won’t name the company, as that is not the point of this blog post, but I thought I would share my experience. I am certainly hopeful that this could not happen at any of the companies for which our readers work. The same insurer handles my Group life and Dental coverages. It is a well-known company. I had previously registered for their website, so I logged on to print my new dental card, so I could get all seven of us to the dentist. When I logged on, it only showed my Life coverage, but not dental. Nothing on the site let me add it, so I resorted to the next best thing. I called. The wait was about what I expect – about 10 minutes – before they actually connected me to a person. After providing my entire life history (or at least it felt that way), to validate I am who I am, the customer service rep banged away at her keyboard for a solid 5 minutes before declaring that she could not send me id cards – that my account did not allow it. Getting beyond the fact that this is simply silly, she transferred me to web support. Back in the queue for another 10 minute wait, I finally spoke to a helpful gentleman who could set me up to access my dental account. Except he couldn’t. First, he explained that I had to have a second web account to view Dental. Apparently the siloed nature of their organization spilled over to their customers (Strike one). Then after being on hold for another 5 minutes, he came back to let me know that he could not set me up because my employer did not allow us to have an online account. Even when assured that my colleague DID have allow web accounts, he stuck with his guns. I tried, repeatedly, to convince him that my company would not have made that decision (Strike two). I finally gave up, ended the call and emailed our internal benefits coordinator. She responded that all I had to do was register for the site again, using a second email address. Naturally, this worked, contrary to what the insurer repeatedly told me (Strike three). Now, why did I title the blog as I did? Because my experiences with my insurer are not unique. I recently had trouble returning an online order from a major big box home improvement store. They wanted everything short of my first born to allow me to return a defective product. I had to jump through many hoops and take the product back to their local store. To make it worse, they wouldn’t be able to replace it. I’d have to order it again, and, by the way, the price went up $120. During that call, I commented that their service was complicated and poor and paled in comparison to Amazon. To which he replied: “Well sir, we’re not Amazon.” No, no you’re not. And I haven’t ordered anything else from them either, but Amazon gets my business regularly. The moral of the story? Oh there are so many:
  • Don’t show your organizational weaknesses to the customer. You may be siloed, but that shouldn’t make it difficult for the customer.
  • Make sure your support people actually know what they’re doing. The solution set should not include “making something up so the customer will go away.”
  • Customers expect your service to equal those of other providers. Admitting that you’re not Amazon just reinforces this notion.
I could go on and on, but it is a lesson the insurance industry needs to learn. We lag behind virtually every other industry in online support. Now I don’t want to leave on a negative note, because there are insurers in our industry that excel at online support. My auto insurer is wonderful. What’s a bit ironic is that once I got setup on the two almost identical websites for this insurer, the web experience is wonderful.

Pushing beyond apps

It struck me while I was driving this morning: First-gen mobile apps are fine, but virtually everyone is missing high-volume opportunities to engage with their customers. Allow me to back up a step. I was stuck in traffic. Not surprisingly, that gave me some time to ponder my driving experience. I found myself thinking: Why can’t I give my car’s navigation system deep personalizations to help it think the way I do? And how do I get around its singular focus on getting from Point A to Point B? I explored the system while at a red light. It had jammed me onto yet another “Fastest Route,” disguised as a parking lot. My tweaks to the system didn’t seem to help. I decided what I’d really like is a Creativity slider so I could tell my nav how far out there to be in determining my route. Suburban side streets, public transportation, going north to eventually head south, and even well-connected parking lots are all nominally on the table when I’m at the helm. So why can’t I tell my nav to think like me? I’d also like a more personal, periodic verbal update on my likely arrival time, which over the course of my trip this morning went from 38 minutes to almost twice that due to traffic. The time element is important, of course. But maybe my nav system should sense when I’m agitated (a combination of wearables and telematics would be a strong indicator) and do something to keep me from going off the deep end. Jokes? Soothing music? Directions to highly-rated nearby bakeries? Words of serenity? More configurability is required, obviously, or some really clever automated customization. Then an even more radical thought struck. Why couldn’t my nav help me navigate not only my trip but my morning as well? “Mr. Weber, you will be in heavy traffic for the next 20 minutes. Shall I read through your unopened emails for you while you wait?” Or, “Your calendar indicates that you have an appointment before your anticipated arrival time. Shall I email the participants to let them know you’re running late?” Or (perhaps if I’m not that agitated), “While you have a few minutes would you like to check your bank balances, or talk to someone about your auto insurance renewal which is due in 10 days?” What I’m describing here is a level of engagement between me and my mobile devices which is difficult to foster, for both technical and psychological reasons. And it doesn’t work if a nav system is simply a nav system that doesn’t have contextual information about the user. But imagine the benefits if the navigation company, a financial institution, and other consumer-focused firms thought through the consumer experience more holistically. By sensibly injecting themselves into consumers’ daily routines—even when those routines are stressful—companies will have a powerful connection to their customers that will be almost impossible to dislodge. Firms like Google have started down this path, but financial institutions need to push their way into the conversation as well.

The first step of customer experience transformation

The easiest way to grow your book of business is to keep your customers happy. Retention goes up, cross sell goes up, and you will get referrals. This isn’t a big revelation. Carriers know this. The key to keeping customers happy is to create a top-notch customer experience. But insurance is complex. Consumers have a greater number of choices today than ever before and consumers are accessing carriers through more channels than were ever available in the past. This complicates the picture at the same time that expectations are increasing. Customers expect that the carrier knows the details of every prior interaction they have had. That is hard to do when customer data is fragmented across multiple systems. Customer experience includes many facets – advertising, the acquisition process, claims and of course, the quality of customer care. Carriers are looking for tools to help them provide a superior customer experience regardless of the channel the customer chooses to use at the time. That is probably why we are seeing a huge increase in the interest in Customer Relationship Management tools especially by small and midsize carriers who haven’t invested in this type of software before. Customer relationship management systems are one of the components in many insurers’ application maps. Although CRM solutions are not unique to the insurance industry like policy administration or claims systems, they are still key technologies used to manage relationships with customers, whether customers are defined as agents/distributors, claimants, end policyholders, or prospects. There are literally hundreds of CRM solutions available today from firms large and small, well-known and obscure. I’ve just published a report focused on enterprise solutions for larger-scale organizations similar to most US insurance firms. The report does not include CRM solutions that are appropriate for small organizations such as independent agencies or advisors. It also does not address horizontal solutions that are not specifically targeting the insurance industry with tailored capabilities. There are a wide range of CRM solutions on the market for insurers to choose from. A wide range of features and functionality are available. These systems are used in various capabilities within insurance carriers — from producer management, to call center support, to managing leads and campaigns. Integration with other systems will be needed to provide the most value to a carrier. There is no single best CRM solution for all insurers. There are a number of good choices for an insurer with almost any set of requirements. The right solution for a carrier depends on how the carrier plans to use the solution. Some carriers use CRM solutions as a front end to all the core applications. It is the entry point for a call center representative to access all data for those who are calling. Other carriers use CRM solutions to manage interactions with the distribution channel. Still others use it primarily to manage outbound marketing campaigns and may extend this capability to the external distributors. System selection also may be driven by how the carrier defines “customer.” Some carriers define the customer as their agency or broker-dealer firms. Others define the customer as the final purchasers of the insurance policies and annuities. Some solutions may be better at handling some business models than others (e.g., 20 million end user clients vs. 200 agencies), though most would claim to be able to handle all levels of “customers.” Therefore, the ability to build and maintain appropriate hierarchies (agency or broker-dealer, agent or advisor, household or individual) within CRM solutions is an important aspect to examine. An insurer seeking a new CRM solution should begin the process by looking inward. Every insurer has its own unique mix of distribution channels, geography, staff capabilities, business objectives, and financial resources. This unique combination, along with the organization’s risk appetite, will influence the list of vendors for consideration. Some vendors are a better fit for an insurance company with a large IT group that is deeply proficient with the most modern platforms and tools. Other vendors are a better fit for an insurance company that has a small IT group and wants a vendor to take a leading role in maintaining and supporting its applications. We recommend that insurers that are looking for a CRM system create narrow their choices by focusing on four areas:
  • The functionality needed and available out of the box for the way the carrier plans to use the system and the customer types desired. Check to see what is actually in production.
  • The technology — both the overall architecture and the configuration tools and environment.
  • The vendor stability, knowledge, and investment in the solution.
  • Implementation and support capabilities and experience.

Living with the Internet of Things (and crowd funding)

Earlier this week some users of the Wink smart home hub found that their smart home hub was more useful as a door stop or brick than as a hub. A fix is being worked on and rolled out to customers but for me this looks like the teething problems of the still nascent Internet of Things movement and one of the hurdles Apple is trying to jump with the Apple Watch. Earlier this month I received a portable handheld scanner from Dacuda. It’s not unusual for me to receive gadgets in the post but this one was particularly interesting to me as I had been one of the kickstarter funders of the item and have been following it’s creation with some interest. It piqued my interest particularly because I’d seen the technology almost two decades ago in a research lab but not seen it come to market at a reasonable price – a scanner that one moves over the page and software builds a picture of the underlying document. This isn’t the first item funded via crowd funding I’ve bought. My keys have a tile attached to them and I’m still wearing the original Pebble wrist watch (with e-ink display). I guess this firmly places me as an early adopter in the Internet of Things, wearables and crowdfunding space. I don’t have a Wink hub although it’s sort of appealing but not available in the UK yet. So far though it hasn’t been all clear pastures and dreams ideally realised. The Internet of Things has it’s teething problems. Let’s take the Tile for instance, a small device that emits a bluetooth and short rage wifi signal so you can track it’s location from a phone or tablet, thus, never losing it. I used to have 3 of them and now have 2, that’s right I lost one. I was rushing out the door, the school run running a little behind schedule and forgot my phone. Somewhere on the brief journey I dropped the Tile and what it was attached to. Had I had my phone with me it would have given me the location of the last place it connected to the Tile, as it was it told me the last time it saw the Tile was at home. No matter, in theory if I retrace my steps I will come in range and be alerted that it is found. This didn’t work either so I assume it was picked up. Since the battery lasts two years perhaps someone with the app will go near it and it may yet find it’s way home – but not yet. Part user error and part an unfortunate series of events perhaps, but another technology found fallible and a dream not quite realised. The Pebble has been more successful. The fact I answer the phone when it rings is largely down to my smart watch rather than the phone these days and the wrist-borne notifications are hugely helpful. I use the misfit app on it to tell me I’m not doing enough exercise and a Withings smart body analyser at home to let me know the end result of not having done enough exercise – all great fun! I may still invest in the Apple Watch. I have a standing desk so do stand, something misfit on my pebble doesn’t track and I feel I want to be recognised digitally for this at least. The little handheld scanner is more work in progress. My son’s somewhat fascinated when it works and hugely interested in the errors it makes and where they are made – such is life as an early adopter. More teething issues there. No doubt though we as a population are moving to a world where anything we buy could be connected, where we can buy a $50 hub that controls our lighting from an app and it’s failure is covered in the global (technology) press and where we can fund and follow the development of gadgets we’ve dreamt of owning for a couple of decades (even if the software needs a little more work). So what does this have to do with insurance? The fact is the Internet of Things appears to be running apace, smart homes are being tried out by the early adopters and bugs are being squashed. Did you know with the Wink hub, the app on your phone and this $40 quirky+ge water sensor you can get alerted in real time regarding escape of water events? Ever been out of the house and come home to find the kitchen, bathroom or basement flooded? Indeed just yesterday Karen pointed out this article suggesting insurers are getting involved with smart homes. There’s a lot of buzz around health and life insurance in part driven by the Apple Watch launch. I’m looking forward to Apple doubling down on the HomeKit API or someone credible getting there first; I’m looking forward to the same boom around the Internet of Things and insurers handing out moisture sensors to home owners. I’m looking forward to prevention and intervention products, rather than selling services after a loss. Perhaps we just need to squash a few more bugs first.

For Halloween: The Tricks to Get Innovation Treats

Innovation is not witchcraft but, when done successfully, there is a touch of magic. The magic happens when innovation becomes “part of the way we do things around here” (read: corporate culture). When people across the firm approach their jobs constantly through the lens of “how do I change my job so that I deliver more value to my customers?”, magic can happen. We discussed this in a webinar this week (Innovation in Insurance: Differences across Continents). The point was made that there are specific actions (tricks!) that prepare a corporate environment for magic. Specifically:
  • Establish a common language around innovation; what is it? what is it not?
  • Revise reward systems, especially around encouraging “fail fast” behaviors
  • Develop a communication plan around innovation – leverage Corporate Communication expertise to sustain a messaging effort around innovation
  • Tune existing governance structures to handle innovation initiatives differently than run-the-business projects
The message coming through in Celent research is that innovation is more process, sweat, and political capital than black art. So, try these tricks in your organization so that you (and your customers and teammates) can enjoy some innovation treats!