CEO on a Specific Strategy I’ve Employed To Foster Innovation Within Our Insurance Technology Team One specific strategy I’ve employed to foster innovation with our insurance technology team is a policy of “no bad ideas.” This means that we want to encourage out-of-the-box thinking, and to do so, we encourage our team to put their ideas forward without any fear that they will be laughed at or that they will receive anything but constructive criticism and serious consideration. True innovation requires considering an issue from all angles, and creating an environment where people feel comfortable making suggestions about how things can be done differently is essential to making that happen. Tim Johnson, CEO of Health In Tech, offering proprietary tools and technology that address the industry-wide efficiency flaws of quoting, administering, and using health benefits. Name: Tim Johnson Position: CEO Company: Health In Tech Website: https://healthintech.com/ Headshot: https://imgur.com/RhhJ8Cv
For me, fostering innovation in any InsurTech team comes down to two things: psychological safety and a growth mindset. Psychological safety is really all about providing your employees with sufficient job security. You could have a team full of the most creative and innovative people out there, but if they feel like their job will be threatened if they bring big ideas to the table, those traits will get squashed. Furthermore, it is on you as a leader to bring a growth-oriented mindset to your team. Because the insurance space is historically slower to adapt to new tech and people have the tendency to stick to the status quo, you must create a culture of growth and continuously reinforce the idea that you are looking for fresh and out-of-the-box thinking. By doing this, you will eliminate the tendency to play it safe and think small and allow your team the opportunity to explore their creativity and, in turn, bring innovative ideas to the table.