Objective

Equip participants with the tools and frameworks for managing innovation effectively, focusing on the three pillars of process, people, and technology, and understanding how leadership overcomes resistance to change in the insurance and asset management industries.

Content

This lesson draws from the document’s content on the three pillars of innovation management (process, people, technology), change management strategies, and tools like brainstorming, agile project management, and technology platforms. It integrates leadership insights from the pre-reading to highlight how leaders drive these initiatives.

1. Key Components of Innovation Management
   • Three Pillars:
     • Process: Structured approaches to ideation, development, and implementation, such as stage-gate processes for evaluating ideas or agile methodologies for iterative development.
     • People: Building cross-functional teams with diverse expertise, fostering a culture of innovation through collaboration, and training employees to contribute to innovation initiatives.
     • Technology: Leveraging tools like AI for predictive analytics, data analytics for customer insights, and collaboration platforms (e.g., cloud-based tools) for prototyping and communication.
   • Connection to Pre-Reading: Highlight how “Centiced Leadership” emphasizes empowering teams, training contributors, and creating a culture that supports these pillars through trust and collaboration.
   • Examples:
     • Insurance: Using agile project management to develop a customer portal, with cross-functional teams and AI-driven chatbots for customer support.
     • Asset Management: Implementing data analytics platforms to optimize portfolios, supported by team collaboration and leadership-driven training.
   • Discussion Points:
     • Importance of aligning processes with organizational goals to ensure scalability.
     • Role of diverse, cross-functional teams in generating innovative ideas.
     • How technologies like AI and analytics enhance efficiency and customer experience.
   • Learning Activity: Participants watch a 5-7 minute segment of the “Innovation Management Takeaways” video (as referenced in the document), focusing on the three pillars and their application in financial services. A 5-minute instructor-led Q&A follows, connecting the video to leadership strategies from the pre-reading (e.g., how leaders allocate resources for technology adoption or foster team collaboration).