As the saying goes – necessity is the mother of invention

As the saying goes – necessity is the mother of invention

It doesn’t need us to remind anyone reading this just how dramatic 2020 has been. On the fateful day in March when we were all locked down in the UK, so the die was cast meaning we would never go back to business as was usual.

Facing a myriad of challenges, our abilities as problem solvers came to the fore and we have all adapted at one level or another to this new world. We have definitely witnessed this within Cognitive and as many commentators have stated, we’re seeing five years of innovation in as many months.

Whilst fantastic that businesses and the people within them feel empowered to grasp the opportunities of change, like everything else this has to be approached with planning and organisation to ensure the solutions of today are not just quick fixes but create a position of capability for long term systemic change that is in the maximum interest of the business.

We’re proud to be playing our part, reshaping analogue thinking, signposting smart solutions and establishing the metrics to successfully execute both innovation and change. This means we can collaborate with our partners harnessing their skills to work together to the combined benefits of our clients. One such example is innovation accelerator L Marks We have enjoyed a close relationship with them for some time now, both in their work at the Lloyd’s Lab but also more broadly mentoring in some of their non-insurance programmes.

Aside from the innovation lab programmes that they are well known for, they have developed newer more tailored solutions based around shorter, sprint style projects. For example their Fusion service that brings executives from their clients together with pioneering startups, and/ or existing suppliers, to identify specific problems to then design and co-create new solutions in a fast-paced, highly focused three-day challenge. In a similar vein their Innovation Health Check programme is a 360-degree innovation assessment from which L Marks’ Internal Innovation Team and we work together to design a strategy for meaningful change.

The use cases for both of these are strong and demonstrate how this focused innovation investment has led to dramatic positive improvements for the businesses they have supported, delivering step changes benefitting both the profitability and operational efficiency of those undertaking them.

This example for delivery specialist DPD being a case in point.

We are proud to work alongside such a great organisation working closely with them combining our insurance reimagination experience with their proven innovation methodology. If you would like to learn more about how these programmes could help your business then get in touch with us today to learn how.

Altus Specialty Markets are on a mission to drive on digital adoption and transformation within the Lloyd’s, London and Global (Re)Insurance Markets. We want to help organisations re-imagine problems by combining Altus’ perspectives of INSUR and TECH to define what success looks like for your business and how to get there. Contact us to find out more. 

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