ICMIF member, EMC Insurance Companies (USA) has been named 2020 innovationLEADER of the Year by innovationIOWA Magazine in recognition of the originality, leadership and impact of their innovative culture and processes.
EMC President and CEO, Scott Jean said: “Innovation is one of our five core values – values that drive EMC Insurance Companies to realise our mission and vision. With this focus, EMC demonstrates that we understand the importance of embracing innovative changes and support incorporating new ideas and methods into our business.”
Jean also emphasised the strategic long-term importance of innovation in the insurance industry, adding: “We believe we are doing industry-leading work by engaging our entire organisation in our innovation journey.”
EMC’s Innovation Journey
The journey began with the creation of a Strategic Analytics Department and Innovation Lab in 2016 and then hiring its first Innovation Leader, Jason Gross. In support of a culture of innovation, the Innovation Team at EMC was formed in 2017 with the goal of designing and delivering innovative programs, processes and communications. The group collaborates across all business units through:
- Cross-Enterprise Innovation Team - Subject matter experts develop and maintain a pipeline of innovative solutions.
- Innovation for Breakfast – A monthly program where all employees are invited to see pitches from insurtech companies and connect with senior leaders on innovation priorities and successes.
- Emerging Issues and Trends Councils - Cross-functional teams research emerging trends in insurance and identify opportunities for the company.
- Insurtech Process – A multi-step process to ensure all experts are involved in decisions, including information technology, strategic analytics, security, legal and compliance.
- Labs - Pop-Up Innovation Labs create hands-on opportunities for employees to explore, research and recommend new technologies.
Today, Jason Gross is Vice President of Innovation at EMC and he recently spoke to Insurance Innovators (a global B2B marketing solutions company which shares news on innovations in the insurance sector) about how his organisation’s culture facilitates innovation.
In the interview Gross says that the company has an embedded culture of innovation that runs right through the whole operation. He also highlights that the most significant innovative trends in insurance today revolve around the increasing capability and applications of artificial intelligence and understanding these new data sources.
Looking towards the future, Jason believes the future success of the insurance industry requires different sectors working together. He notes that there is already a growing trend towards collaboration across all sectors of the insurance industry, from the regulators to the insures right through to the insurance broker, all of whom had a vested interest in working together.
Read the full interview here