Strategic Innovation

1
Strategic Innovation Choosing the Right
Business Model What Business Model to
Adopt? Dick ODriscoll Managing
Director Hibernian Insurance
2
(No Transcript)
3
Agenda

• Strategy
• What makes your company innovative?
• Why do you need a model? - Elements of the model
• Being a practitioner our innovation wheel
• Case study
• Wrap up

4
Strategy

• Shareholder global strategy
• Localising the vision
• Linking innovation to the vision

5
What makes your company innovative?

Create an innovation process focus on customer
Set an innovative vision an integral part of
strategy
Top Management Support
Track Innovation
Provide the tools
6
Why do you need a model?

• Without a model innovation attempts are likely to
  absorb substantial resources on unproductive
  ventures with poorly defined goals
• The imperative is to create a framework that
  embraces

Resourcing
Customer
Focus Controls
Strategy
Enablement
7
Sources of Value Creation
8
Hibernian Challenge Zone

• A branded intranet innovation support
• environment providing
• Structured system
• - Gathering - Tracking
• - Sharing - Rewarding
• Designed to explore wealth of ideas
• Targeted participants
• Defined problems
• Ability to debate and challenge

9
(No Transcript)
10
Hibernian Ignition

• Problem 2001
• No track record in
• inexperienced driver market
• Political pressure to participate
• Lifetime customer value
• being missed
• Equal Status legislation prevented
• traditional risk selection methods

• Solution
• Equal Status legislation prevented
• traditional risk selection
• Partnership with IAM to create
• non-age discriminatory assessment
• Reduces barriers to participation
• by offering car course free
• Independent assessors provide additional
• dynamic of performance assessment
• which translates into customer discount

• Outcomes
• Strong performance against
• reference group
• Huge learning and confidence to try
• different solutions
• Strong position on Aviva
• capability chain
• Staff Climate

• Risks
• Basis of future outcomes undermined
• by internal/external failures
• We have dealt with those risks under
• our control
• Major external risk is the failure of
• government to deliver enforcement
• leading to high claims experience
• in inexperienced driver sector

• Tracking
• 30,000 customers
• Very positive PR contribution
• to difficult problem recognised
• by government etc
• Expandibility of concept
• Failed motorcycle
• Prince Michael of Kent award
• for road safety

11
Wrap Up
Have a model that matches your needs
Own it
Drive it
Market it