Client Stories
Defining an Innovation Program Strategy for a National Dental Insurance Provider
A national dental insurance provider called on CapTech to help them define an innovation strategy that would help cement its position as an industry leader.
Summary
Recognizing the pivotal role of innovation in solidifying its status as an industry frontrunner, a national dental insurance provider undertook a comprehensive companywide innovation initiative. They called on CapTech to partner on developing a strategic blueprint aimed at revitalizing, managing, and measuring incremental program advancements over three years.
Challenge
Despite their enthusiasm for innovation, CapTech's client quickly discovered that they lacked the necessary strategic framework to effectively process, prioritize, and implement their ideas. Even with a large number of employees participating,, the dental insurance leader acknowledged the need for a strategic partnership capable of transforming concepts into a cohesive program that would drive the modernization they were pursuing. Through CapTech’s specialized services like Visionary Ideation and Concept Workshops, Innovation Roadmap Development, and Innovation Playbooks, the client’s goals were met.
Approach
To stimulate the organization’s initial work, CapTech interviewed employees for on-the-ground insights into past innovation efforts and areas for enhancement. From there, CapTech developed a streamlined process, spanning idea generation to implementation, including regularly scheduled opportunities to spark further innovation, along with teams and guiding principles for prioritizing and nurturing ideas. To support employee buy-in and clarity, CapTech developed a playbook outlining the process, the company’s definition of innovation, and process flow. CapTech also developed an innovation roadmap for rolling out the revamped effort.
Results
- in costs saving/avoidance in its first year implementing innovation as a strategic plan
- $4 Million
In the initial year of the revamped innovation initiative, CapTech's client prioritized realizing operational efficiencies and improvements across the organization. CapTech’s client established baseline, target, and stretch goals for cost savings and avoidance through the integration of innovation as a strategic pillar. In the client's initial year, they surpassed their ambitious cost savings stretch target by achieving multi-million-dollar savings and revitalizing employee engagement across the organization.
