In the Hot Seat with Drew Morse

Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw interviews Drew Morse, Director of Innovation at Andover Companies. They discuss the challenges and strategies of fostering innovation within a traditional insurance company, especially during the COVID-19 pandemic.Drew shares insights on the importance of communication, the role of generative AI in enhancing innovation processes, and the need for a focus on core business opportunities rather than solely non-insurance ventures.The conversation emphasizes the significance of collaboration, understanding organizational needs, and creating a repeatable innovation process that adds tangible value.Takeaways:Drew leads the innovation team at Andover Companies, focusing on human-centered design.Innovation in traditional companies requires constant communication and collaboration.COVID-19 provided a unique opportunity for the innovation team to establish itself.It's essential to focus on core business problems rather than solely non-insurance opportunities.Incremental improvements are valuable and should be part of the innovation process.Understanding the problem is the first step in any innovation initiative.Custom solutions are often unnecessary; partnering with existing solutions can be more effective.Generative AI can enhance the innovation process by providing new perspectives.Involving colleagues in the innovation process generates momentum and goodwill.Creating a culture of innovation requires ongoing engagement and support from leadership.Sound Bites:"We need to make it real for them.""Innovation is this really intangible thing.""We always start from what's the problem.""Our job is to solve problems.""We built out a suite of custom GPTs.""It's nice to have another voice in the room.""Focus on generating momentum."Keywords:innovation, insurance, generative AI, traditional companies, communication, COVID-19, core business, repeatable process, custom solutions, workflows