We began by conducting a benchmarking study of other leading innovation centers throughout the insurance industry and beyond and both in the US and beyond. In all we spoke with leaders from over 15 organizations as well as academics and entrepreneurs. We synthesized this information and developed a draft operating model and what we called ways of working. 

We learned that like other technologies, the hype around AI was preventing companies from taking a strategic view and came across saw several examples of companies jumping into the space without properly understanding it. Starting with our client's strategy and priorities, we identified use cases where AI could make the biggest impact and looked at new business models it might help unlock

Over the next several weeks, we conducted multiple workshops with executives from the client organization and developed a shared view on the various elements of the operating model. We also developed guidelines around ways of working and defined success metrics as well as incentive schemes for employees. We then helped the client launch the innovation center and ran it for 6 months as we implemented the recommendations, trained the staff, and transitioned the management to the client team. During that time we also prototyped and conducted in-market testing for several concepts.

The leadership team has been running the center successfully for 2 years now and sees a bright future ahead.