There’s a lot to learn from the Covid-19 pandemic and the resulting disruption.
David Rogerson poses an important question.
"Where does this leave innovation?
Road 1
In an organisation where innovation is seen as a ‘nice to have’ luxury, it will be cut. Internal innovation teams will be gutted. These organisations will say they’re ‘going back to basics’ - believing that in these times of privation, “sticking to what you know” is best and that a risk adverse attitude is the only way to keep the company afloat.
Road 2
In an organisation where innovation is seen as its lifeblood, it will be elevated further. These organisations will say, ‘we are going to be laser-focused on delivering against our customer needs and we’re going to continue to serve those needs better than anyone else can’. They will believe that in these changing times, being able to innovate and adapt to a rapidly changing landscape will be their only means of survival. They will see the changes in society as an opportunity to solve newly created problems.
As C Martin‐Rios, S Pasamar state in Service innovation in times of economic crisis:
"During the 2008 financial crisis, research on leading European service firms highlighted that strategic adaptation via increased R&D investment, M&A and breakthrough or disruptive innovation led to a faster recovery, higher firm survival rate and increase market capitalisation in the aftermath of the recession."
One key factor to consider is the acceleration in customer behaviour change (consumer and business) which requires innovation to anticipate this and future changes.
And the speed of disruption caused by COVID-19 requires an equal speed of innovation to at least keep up with change. The move of consumption from services to goods as lock-down shut down the hospitality industry and travel.
The constant change in government imposed quarantines as countries slip in and out of 'red-flagged high infection areas'.
That opens up the opportunity for new travel insurance products as planned holidays must be cancelled and re-booked. And a parallel opportunity to deliver equally agile and effective claims management. Otherwise travellers will tire of the uncertainties of booking holidays overseas but give them a solution and hey will jump at it.
Which focuses attention on low-code and especially no-code software and platform solutions. Why? Because they put the business in control to innovate fast and furious, test new services and processes and where they are found wanting test and iterate until they deliver the required outcomes.
Fail-fast and fail-often which is feasible with no-code platforms that allow those closest to the customer to use that expertise to anticipate change and meet customer expectations.
There are two main options to adopt this no-code route. Start from scratch with platforms like Google's Unqork or SAP's Fiori or chose industry specific solutions like 360Globalnet's 360SiteView ready to go with business accelerators and the consequent ability to deliver innovation in weeks rather than months.
When COVID-10 first hit and lock-downs stopped site visits for underwriting risk, inspections and validating claims 360Gobalnet's team configured a virtual risk management and claims inspection solution in days and over the next month iterated and perfection the solution to be deployed by insurers worldwide- D.A.V.E. the digitally assisted virtual experience that you can see here.
When business interruption claims hit insurers
must they hire or re-allocate extra staff to handle a surge or can a no-code platform deliver a solution ready for any outcome from the FSA test case currently processing through the UK courts?
No-code 360SiteView delivered a solution ready for that situation
All without costing the earth and without over-burdening central IT which have enough on their plates maintaining multiple technology stacks which include legacy core systems that are recalcitrant and resistant to change.
The linked article below gives valuable advice and no-code platforms are the solution to help insurers take ROAD two and both elevate innovation and spread it across the enterprise.
There’s a lot to learn about human psychology. About what we prioritise in our lives. Our human desire to solve problems in new ways. Our ability to adapt and sometimes our failure to do so too. There’s a lot to learn about how we work together to achieve things. Maybe we didn’t all need to be at our desks at 9am to deliver quality work? There’s a lot to learn about how we build new futures in what will be the unprecedented times ahead. Notions of business as usual are likely to be pipe dreams. Money will be tight. Huge companies will disappear. Dominant players will emerge or expand. Things we took for granted will shift as will the priorities of our customers.
https://www.foolproof.co.uk/journal/where-do-we-go-now-innovation-in-a-post-covid-19-landscape/
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