7 Images Total
If you frequent these pages, you've probably seen significant coverage on the topic of innovation. While it may be one of the most buzzed-about topics of the moment, innovation also is of serious importance to insurers. To wit, just a few weeks ago, Celent named MetLife its Model Insurer of the Year for its MetLife Wall tool, which the analyst firm hails as "a cornerstone for future innovation efforts".Modeled after Facebook and created in just three-months using MongoDB technology, the MetLife Wall enables the insurer to see a complete view of its customers and employees interaction and activity for work in its call center and in research and development by bringing together data from more than 70 legacy systems in near real time. There are many factors that contributed to the success of the MetLife Wall. The following slides detail how the Wall aligns with best practices in insurance innovation as identified in Celent's research, and offers lessons that others can use when implementing their own innovation efforts.
Lesson 1: Link to business strategy
Making a meaningful connection between business strategy and an innovative initiative generates enthusiasm and helps overcome objections to change, Celent says. This connection is a consistent characteristic of successful innovations. MetLifes CEO, Steven A. Kandarian, identifies customer centricity as one of the core strategies of the company. The MetLife Wall directly supports this goal, as it enables the insurer's service representatives to better serve customers through an enhanced understanding of the policyholder/prospect/agent.