Innovation
Innovation is the lifeblood of any business that wants to thrive in the digital age and it does this by creating and applying new ideas and technologies to solve problems and create value for customers and society. It is not just about inventing new products or services, however, but also about improving existing ones, finding new ways of doing things, to explore strange new worlds; to seek out new life and new civilizations; to boldly go where no one has gone before!
As the marketing associate at Greenoaks (of Canva and Deliveroo fame) I, along with my team, simultaneously turned around their portfolio of 3 emerging market insurers through innovation:
We used Google’s Ads tool to understand the appetite of the market for their products. From the Google data we could also see indicative costs of acquisition of customers and model out pricing.
We noted that a substantial amount of market traffic was on mobile, which has historically been strong in emerging markets so we made a mobile first experience for customers to easily enquire and get quotes.
We linked up the website and the online customer acquisition model to a newly revamped call centre with an integrated customer relations management (CRM) system so we could use customer information to underwrite properly, quote competitively and onboard quickly.
The same CRM integration allowed us to fulfil claims promptly, adding points to our Net Promoter Score (NPS) which filtered down into the rest of the market and solidified our brands.
This application of innovation saw us selling 2/3 investments within 6 months to global insurance businesses, including Aviva.
Innovation is not easy, though. It requires a lot of creativity, curiosity, experimentation, and collaboration. It also involves a lot of risk, uncertainty, and failure. That’s why it’s important to have a culture and a mindset that supports and encourages innovation. A culture that celebrates learning, diversity, and feedback. A mindset that embraces change, challenges, and growth.
I’m passionate about innovation because I believe it can make a positive impact on the world. I’m always looking for new trends and developments in technology and my industry. I’m always learning new skills and tools that can help me create and implement innovative solutions. I’m always networking with other professionals and experts who can share their knowledge and experience with me. I’m always experimenting with different ideas and approaches and testing them with real customers and feedback. I’m always flexible and adaptable to changing customer needs and market conditions.
I write about innovation because I want to share my insights and opinions with you. I want to inspire you to be more innovative in your own work and life. I want to challenge you to think differently and act boldly. I want to help you create value for yourself and others.
If you have any questions or comments, oryou need help with creating or executing your innovation strategy, don’t hesitate to contact me. I’d love to hear from you!