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Ad, Enterprise Innovation Initiatives
3 months ago
Sr Cons Strat Initiatves - NS07BE
We’re determined to make a difference and are proud to be an insurance company that goes well beyond coverages and policies. Working here means having every opportunity to achieve your goals - and to help others accomplish theirs, too. Join our team as we help shape the future.
AD, Enterprise Innovation Initiatives (T7)
The Hartford has well established mechanisms and structures to drive strategy and business development at a line of business level. In addition, the company has innovation labs driving experimentation in commercial lines (Y-Risk, MLC labs), risk engineering (IoT lab) and IT (Emerging technologies). As the company embraces a more ambitious growth and transformation agenda over the long term, we need to formalize and systematize our approach to long term growth and innovation at an enterprise level through the build and synchronization of mechanisms across business lines to help capitalize on exogenous trends.
For 2024 and beyond, we are creating a dedicated team focused on enterprise growth and innovation to advance this work and embed it more deeply in the organization. The Enterprise Innovation Initiatives role will be critical in helping to shape The Hartford’s innovation agenda. As a critical member of the Innovation “skunkworks” team, this individual will be responsible for:
Market Research and Data-Driven Insights (40%)
- Monitor the external marketplace, identifying evolving trends, competitor activities, emerging risks, new potential partnerships, and unmet customer needs
- Utilize data analytics tools and techniques to measure new and emerging value pools where The Hartford should focus
- Analyze market data, customer behavior, and partner dynamics Identify growth areas, market gaps, and potential risks.
Ideation and Business Opportunity Development (35%)
- Support ideation sessions with cross-functional stakeholders and thought partners to design concepts that address market trends or emerging threats or opportunities
- Design value exchange models to surround concepts to understand value for the customer, The Hartford, and the Distributor Partner with Product and Finance SME to determine potential price points, cost, and high-level margin assumptions
- Partner with the Customer Growth & Research team to assess customer demand for new innovations and design innovations via market studies to form informed hypotheses of how customers will interact with the product, service, or experience and at what price point
Partner Research and Collaboration: (5%)
- Support research in evaluating potential partners, alliances, and joint ventures assessing strategic fit, synergy opportunity, and alignment with organizational goals. Develop and recommend potential partners who can expedite an in-market test.
- Foster strong relationships with existing partners.
Communication and Influencing of Key Decision Makers: (20%)
- Translate complex data into actionable recommendations, with substantiation to inform decision-making about whether, and how, and when to pursue potential innovation opportunities
- Develop objective analysis of potential upside and trade-offs of pursuing an opportunity, while effectively driving understanding and acceptance that there will never be complete facts
Cross-Functional Collaboration:
- Work closely with Business Unit Strategy teams to understand emerging trends and focus areas for future innovations in their space
- Leverage fact bases from Business Units where it exists, to avoid redundancy; focus research efforts on areas that Business Units have not already researched
- Present research findings and strategic recommendations to stakeholders.
- Drive a culture of hypothesis-driven innovation, with a willingness to test those hypotheses and objectively learn - whether the hypothesis is validated or refuted.
**Qualifications**:
- A minimum of 3+ years of relevant business experience, some insurance industry experience helpful; at least five years successful experience in a large corporate setting required.
- Experience with technology and innovation-oriented projects.
- Executive Storytelling Skills: The ability to synthesize disparate information to tell a simple, straightforward “story” that resonates with an audience of varying levels in the organization.
- Familiarity with, or experience in, Insurtech or other innovation models, with priorities for outside-in thinking, customer design thinking, and identifying competitive “white space 3-5 years preferred.”
- Proven success in execution of mid-to-large cross-functional projects.
- Proven ability to collaborate and partner with cross-functional teams.
- Excellent written and verbal communication skills with an ability to communicate effectively across multiple levels of the organization.
- Entrepreneurial approach; intellectual curiosity; ability to effectively navigate a complex corporate environment with a sense of urgency.
- Strong Microsoft suite skills
