Innovation - Fostering Innovation in the Insurance Industry

Innovation is a significant element for companies to thrive in today’s fast paced environment. A culture of innovation can be achieved in an organization by tapping into the employees’ creative abilities. A creative work environment is where the employees contribute with their ideas and help transform products and business models. This helps in creating the creative juices flowing in the organization so that the individuals are incentivized and encouraged for innovation. Here are some of the tips:

  • Ensure that the top tier management is clear about employees getting well to get their creative minds churning and come up with unique ideas and opinions. In addition, encouraging and rewarding those ideas will send a clear message about creative ideas being welcomed in the organization.
  • Asking the new hired talent areas for improvement within the organization. New entrants often view things in a different perspective and might add a new dimension to the process modules and enable the company to do things alternatively.
  • Inspire employees by simulations and “what if situations” to boost creativity and talent.
  • Creation of monthly contests will help in creating competitive spirit as well as growth spurt of ideas.
  • “Job swaps” are another interesting element that can be added to make the work environment creative and responsive. Having employees to switch their jobs with another person. Doing this will not only provide a fresh spectrum of opinions and ideas but also enhance customer relations and streamline business processes.
  • Maintaining a think tank area in the organization just like Google practices is also an innovative technique to encourage employees to be creative and think outside the box. A step further can be drawn for better results by giving them the liberty to take a break outside the office environment to draw inspiration. Like parks, beaches, lakes, zoo etc depending on the proximity of the workplace.
  • Finally ensure that working within the organization is a pleasure for the employees.

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