LV= stories

Digital Innovation at LV=

Digital Innovation at LV=

LV= Fast Track Innovation Team

Fast Track was formed in 2012 to accelerate the pace of delivery through new technologies and ways of working. Our main focus was to drive technological innovation and transition successful initiatives into the mainstream IT functions.

The success was tangible; we challenged traditional ways of thinking, introduced “test and learn” into the LV= vocabulary and championed Agile project management.

Our achievements since 2012 include increasing the level of business-led IT, building new technological capabilities through our work to ‘Digitise the Enterprise’ and encouraging collaboration across the business by designing and delivering, ‘!nnovate’ – our very own idea platform.

Since 2012, we have been motivated by our passion to share different ways of working across the wider organisation. The Fast Track team was originally created as a mechanism through which ideas and new approaches could be tested. However, we have led by example and proved that everyone can test new ideas and technologies regardless of their role in the company.

Why is it important?

The increased pace of technological advancements drive change in the insurance market. Start-ups disrupt the traditional market and render it imperative for organisations to adapt to change in order to survive.

It’s also a lot of fun. As Richard Branson once said:

“Fun is one of the most important and underrated components of any successful business”

Judging from Mr. Branson’s success, we’re taking his word for it…

The LV= Incubation lab

Made up of a mixed team of experts from across LV=, the lab’s goal is to deliver crucial insight into business problems and opportunities through accelerated thinking that leads to the creation of an actual product or service.

The lab explores a topic over a period of 8 weeks using the strategizer methodology and other tools to evaluate and test customer demand.

Customer expectations are growing rapidly, fueled by technological innovation. However, the insurance industry is slow to keep up. This means that the traditional approach of ‘what we want to sell’ is a dangerous strategy. We need to continually and cost effectively test new ideas with the acceptance that some will work and some won’t - learning through quick failure or winning with a great idea.

“The Lab is a capability that enables LV= to quickly explore challenges and opportunities that we may have otherwise missed or not had the head-space to explore in our traditional ways of working. This allows LV to gain a clearer perspective on customer expectations and emerging generational trends, to help define what to explore further and what to stop looking at, through a process of testing our hypotheses with real customers and intermediaries” – Rod Willmott, Fast Track Director

In addition to assisting our business heads in the definition of the ‘next’ product or approach, the Lab provides an attractive and forward thinking environment for staff, enhancing that ‘great place to work’ feeling that we strive for at LV=.