My previous article featured three dos and don’ts with corresponding explanations for executives exploring innovation in the insurance industry. As promised, here are three more.
(4) Do recognize that your innovation leader needs a different kind of support. Don’t evaluate his/her success the same way you evaluate the success of your business unit managers and leaders.
Running an established business is very different from running innovation. Established businesses are measured by revenue, expenses, growth, etc. Additionally, they know exactly what will happen when you raise commissions, lower prices or add more distribution. Innovation disciplines do not have the same levers of control.
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