How do You Foster Innovation in An Insurance Technology Team?

How do You Foster Innovation in An Insurance Technology Team?

In the dynamic field of insurance technology, fostering innovation is key. We've gathered specific strategies from CEOs and Founders, among other experts, to ignite creative thinking within their teams. From encouraging a 'No Bad Ideas' Policy to implementing hackathons for creativity, explore the five unique approaches shared by these leaders.

• Encourage a 'No Bad Ideas' Policy
• Cultivate a Learning-Driven Culture
• Promote Psychological Safety and Growth
• Allocate Time for 'Innovation Fridays'
• Implement Hackathons for Creativity

Encourage a 'No Bad Ideas' Policy

One specific strategy I’ve employed to foster innovation within our insurance technology team is a policy of 'no bad ideas.' This means that we want to encourage out-of-the-box thinking, and to do so, we encourage our team to put their ideas forward without any fear that they will be laughed at or that they will receive anything but constructive criticism and serious consideration. True innovation requires considering an issue from all angles, and creating an environment where people feel comfortable making suggestions about how things can be done differently is essential to making that happen.

Cultivate a Learning-Driven Culture

To ignite innovation within our insurance technology team, we've built a culture that thrives on learning, collaboration, and experimentation. We use agile methods to test and refine ideas quickly, ensuring our solutions solve real customer problems and support our strategic goals. By bringing together diverse teams, we generate breakthrough thinking and accelerate development. We also host regular innovation events, like hackathons, to unleash our team's full creative potential. This approach empowers us to create cutting-edge insurance solutions that position us as market leaders.

Promote Psychological Safety and Growth

For me, fostering innovation in any InsurTech team comes down to two things: psychological safety and a growth mindset. Psychological safety is really all about providing your employees with sufficient job security. You could have a team full of the most creative and innovative people out there, but if they feel like their job will be threatened if they bring big ideas to the table, those traits will get squashed.

Furthermore, it is on you as a leader to bring a growth-oriented mindset to your team. Because the insurance space is historically slower to adapt to new tech and people have the tendency to stick to the status quo, you must create a culture of growth and continuously reinforce the idea that you are looking for fresh and out-of-the-box thinking. By doing this, you will eliminate the tendency to play it safe and think small, and allow your team the opportunity to explore their creativity and, in turn, bring innovative ideas to the table.

Allocate Time for 'Innovation Fridays'

One specific strategy I've employed to foster innovation within my small insurance technology team is creating a dedicated time and space for exploration. Each week, we set aside a few hours for 'Innovation Fridays,' where team members can work on side projects, explore new technologies, or brainstorm ideas related to our work.

This designated time encourages experimentation and creative thinking without the pressure of deadlines or daily tasks. Team members are also encouraged to share their ideas with the group to share knowledge. We also hold quarterly hackathons, during which the team can dive deeper into promising concepts and develop prototypes.

Carving out this focused time for innovation has helped to build a culture of continuous learning and improvement that keeps our work impactful.

Implement Hackathons for Creativity

At Blue Insurance, fostering innovation within our technology team has been a key priority, and one specific strategy that has proven to be particularly effective is the implementation of hackathons. These are intense, time-boxed events where our team members are encouraged to step outside their daily tasks and collaborate on innovative projects or solve complex problems. The freedom and support to explore new ideas, coupled with a bit of healthy competition, have ignited a creative spark across the team. This approach brings fresh perspectives to our insurance solutions and enhances team cohesion and morale. It's been inspiring to see how these hackathons have turned into a breeding ground for practical, innovative ideas that have contributed to our company's growth and success.