Objective

Enable participants to apply design thinking to develop business cases for innovation in the insurance and asset management industries, fostering practical skills in ideation, prototyping, and implementation, with leadership support to ensure success.

Content

This lesson draws from the document’s content on business case development and design thinking applications, building on the three-stage process introduced in Module 1 (Invent, Test, Bring It to Life). It integrates leadership insights from the pre-reading to explore how leaders support business case development.

  1. Business Case Development Using Design Thinking
    • Overview: A business case outlines a proposed innovation, assessing its feasibility (technical and operational viability), viability (financial sustainability), and desirability (customer or stakeholder appeal) to justify investment and implementation.
    • Design Thinking Process (recap from Module 1):
      • Invent the Future: Identify customer pain points through empathy, interviews, surveys, or observational research.
      • Test Your Idea: Develop prototypes (e.g., mockups, pilot programs) and test with customers, iterating based on feedback.
      • Bring It to Life: Plan activities, capabilities, and resources (e.g., technology, budget, staff training) for implementation.
    • Steps for Business Case Development:
      • Identify a customer pain point in insurance or asset management (e.g., slow claims processing, complex investment interfaces).
      • Propose a solution using the three design thinking stages.
      • Evaluate feasibility (e.g., available technology, operational capacity), viability (e.g., cost-benefit analysis, ROI), and desirability (e.g., customer feedback, market demand).
    • Connection to Pre-Reading: Discuss how “Centiced Leadership” principles, such as creating a buzz and training contributors, support business case development by engaging stakeholders and securing resources.
    • Discussion Points:
      • Importance of aligning business cases with customer needs and organizational goals.
      • Role of prototyping in validating solutions and reducing risks.
      • How leadership ensures resource allocation and stakeholder buy-in for implementation.
    • Learning Activity: Participants watch a 5-minute segment of the “Innovation Management Takeaways” video, focusing on design thinking in business case development, with examples from financial services. A 5-minute Q&A follows, connecting to leadership strategies from the pre-reading (e.g., how leaders foster stakeholder engagement).
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