insurance CASE sTUDy
INNOVATE WITH INNOVATION MINDS
See how leading enterprises use Innovation Minds to tap the collective intelligence of their employees, customers, partners, and vendors.
We believe that human connection is the heart of innovation. Great innovation happens when people have the right mindset, tools, and process to collaborate effectively. With that in mind, Innovationminds equips enterprise/academic clients with the best crowdsourcing/AI innovation platform and in-person events to move ideas into game-changing solutions. You can check out some of the case studies to learn more about how we helped our clients in various situations, their objectives, actions we helped them take, and the results we have demonstrated together. Reference calls will be made available if you are interested to discuss and learn from these transformation journeys.
Estimated Cost Savings - 30%
Employee Enagagement - 89% in 3 mos
Graduated Ideas - 12
Insurance Organization (Employees 20k)
An experienced insurance company that has been operating for many years was concerned about its employees’ growing complacency. Some of them had served in their current positions for over 15 years. They had settled in their way of working and were happy to have the status quo maintained. This was not healthy for the company given the dynamics being witnessed in the insurance sector.
|The company wanted the employees to become innovative to cope with the ever-changing environment in the insurance sector. It was necessary to introduce disruptive and open innovation models.||
We introduce thought cycles emphasizing innovation, generation of ideas, developing them and applying them in solving challenges in the insurance industry.
We recommended workshops and jam sessions to teach employees to think out of the box and come up with ideas that could help them meet client’s needs.
|We evaluated the process after 4 months and noted that the majority of employees were happy with the changes that had been initiated with eNPS rising from 45 to 89%.|
The employees’ morale was at its lowest due to reorganization and there was a need to quickly rejuvenate the workforce. It would inspire them and change the way they do their stuff including attending to clients..
|To rejuvenate the workforce and boost the employees’ morale.||
Organized workshops where emerging trends were discussed. Developed processes that could be used to motivate employees including offering suggestions on how to leverage emerging opportunities. Also, recommended setting up of IM’s 6 thon framework including developing assistance programs to boost employee’s morale.
|We came up with strategies that would bolster employees’ morale by paying attention to mental health care and lifestyle choices that bolster employee’s well-being.|
The employees were operating in a comfort zone so maintaining the status quo was the best option for them. However, it was impacting on production. So, there was a need to upset the Apple cart without inter fearing with the existing process and the workforce morale.
|Turnover the apple cart.||
To build innovation MVPs leveraging on innovative tech with great emphasis on IoT and Gesture, AR, VR, and AI.
|Generated 12 ideas and graduated them to approved projects. The technologies motivated employees and increased their level of responsibility.|
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