Summary:

In this episode of Insurance Unplugged, host Lisa Wardlaw interviews Drew Morse, Director of Innovation at Andover Companies. They discuss the challenges and strategies of fostering innovation within a traditional insurance company, especially during the COVID-19 pandemic.

Drew shares insights on the importance of communication, the role of generative AI in enhancing innovation processes, and the need for a focus on core business opportunities rather than solely non-insurance ventures.

The conversation emphasizes the significance of collaboration, understanding organizational needs, and creating a repeatable innovation process that adds tangible value.

Takeaways:

Drew leads the innovation team at Andover Companies, focusing on human-centered design.

Innovation in traditional companies requires constant communication and collaboration.

COVID-19 provided a unique opportunity for the innovation team to establish itself.

It's essential to focus on core business problems rather than solely non-insurance opportunities.

Incremental improvements are valuable and should be part of the innovation process.

Understanding the problem is the first step in any innovation initiative.

Custom solutions are often unnecessary; partnering with existing solutions can be more effective.

Generative AI can enhance the innovation process by providing new perspectives.

Involving colleagues in the innovation process generates momentum and goodwill.

Creating a culture of innovation requires ongoing engagement and support from leadership.

Sound Bites:

"We need to make it real for them."

"Innovation is this really intangible thing."

"We always start from what's the problem."

"Our job is to solve problems."

"We built out a suite of custom GPTs."

"It's nice to have another voice in the room."

"Focus on generating momentum."

Keywords:

innovation, insurance, generative AI, traditional companies, communication, COVID-19, core business, repeatable process, custom solutions, workflows