4 out of 5 innovation projects disappoint – its a painful statistic but there is a fix.
Now, you can do it differently. Download the app, do a challenge, reap the rewards . . .
Insurance innovation is not the problem, its the process. For 20+ years we've used the same one - ideate, prototype, goto market. There are 3 problems with it.
1. Rinse & repeat
When things go wrong its natural to try and distance ourselves from the situation. Blaming lack of IT resource is a common one. We have to overide our survival mode to see the real issues. But that is difficult so, we tend to rinse and repeat.
2. Bad logic
Traditional projects have dependencies and resources. The same is true for innovation projects. Therefore, the logic is innovation projects can be managed in the same way. They can't, its bad logic.
3. Unknown unknowns
We analysed the differences between traditional projects vs innovation projects using data from from 138 insurers.
Yes, they are 99% similar but there is a 1% difference within which we identified 24 risk factors unique to Innovation projects. These 'Unknown, unknowns' explain a lot.
Note - If you ask your Actuary how many ways a project can fail with 24 unmanaged risk factors its actually way over 1m+ (6.20e+23). Thats the real reason why 80% of innovation projects miss the mark.
Left unchecked your innovation project becomes a lottery
It happens because traditional project software is not trained to recognise and manage these 'extra' risk factors. Which means you are flying blind while these factors are free to silently derail projects in any number of ways (1+m).
Then, when you start a new innovation project the cycle repeats itself.
What can you do?
Keep it simple. Download the App from Google Play or Apple App Store, do a challenge, start doing things differently.
With the Data-Sandwich Innovation platform you can understand the 24 risk factors - the Unknown unknowns - and do two things.
1. Automatically monitor and manage all 24 factors making your chances of success less like lottery numbers and more like favourable odds.
2. Dramatically elevate your creative game by using AI to do some of the 'heavy lifting' to increase your chances of producing authentically new ideas that are commercially viable.
Want to learn more?
Do our 1 minute Innovation Lottery quiz below.