Best practices in innovation execution
Our experts distil their real‑world experience to highlight the approaches that most effectively drive innovation.
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Market‑driven innovation
Innovation thrives when three forces work in harmony: the vitality of insurers who constantly push for better products and services, the dynamism of insurtechs who bring fresh ideas and new service ecosystems, and the committed support of a reinsurer providing capital, risk‑taking capacity, and deep expertise.
Two best practices define this approach:
- Anchor innovation in market reality by aligning with clear trends and regulatory expectations.
- Strengthen the partnership model so insurers, insurtechs, and the reinsurer collectively shape solutions that can breathe new life into the industry’s future.
Dori Dong, Chief Innovation Office, Hannover Rück SE Shanghai Branch
Designing and scaling solutions
Innovation succeeds when it solves a real customer problem, fits smoothly into existing processes, and can scale across markets.
Three best practices guide this:
- Start small and measure fast: pilot within a narrow segment and define 3–5 measurable success factors upfront.
- Codesign early with clients, advisers, or customers by using roundtables, interviews, and prototype testing to uncover friction points.
- Build alignment and execution discipline across product, distribution, operations, compliance, and technology to ensure that teams move in the same direction, overcome resistance to change, and deliver solutions that reduce friction, increase transparency, and improve accessibility.
Tracy Peterson, Head of Retail Product, Hannover Life Re of Australasia
Building a sustainable innovation culture
Innovation rarely comes with a confirmed business case, so taking thoughtful risks is essential.
Three best practices support this mindset:
- Create space for experimentation by accepting that some projects will be unsuccessful and ensuring a culture that doesn’t penalise people when things go wrong.
- Start small and build for scale: focus on smaller initial efforts that can later expand as value becomes clear.
- Design for interoperability by acknowledging that no single provider can solve everything and finding ways to integrate multiple vendors rather than building infrastructure around just one.
Petro Appelo, Head of New Business and Solutions, Hannover Re South Africa
Looking ahead
We continue combine experience from pilots, partnerships, and global expertise to turn emerging ideas into impactful, scalable solutions.