Full-Time

Business Innovation Director

Updated on 11/14/2024

EMC Insurance

EMC Insurance

1,001-5,000 employees

Financial Services

Senior

Des Moines, IA, USA

Ideal candidates should live within 1 hour of the Des Moines Metro.

Category
Project Management
Strategy Development
Business & Strategy
Required Skills
Data Analysis
Requirements
  • Bachelor’s degree in business management or a related field
  • Master’s degree in business administration or related field preferred
  • Ten years of business transformation experience in insurance, banking or financial services, including at least six years of developing and implementing innovation processes experience
  • Prior leadership experience
  • Advanced understanding of innovation and its application to business
  • Strong knowledge of insurance marketplace preferred
  • Excellent verbal and written communication skills
  • Exceptional attention to detail, organizational, and time management skills
  • Excellent analytical, investigation, and problem-solving abilities
  • Strong business acumen and presentation skills
  • Demonstrated exceptional ability to influence stakeholders from all levels
  • Strong interpersonal skills to work effectively with internal and external customers and to foster relationships
  • Strong analytical, investigation and problem-solving abilities
  • Ability to maintain a high level of confidentiality
Responsibilities
  • Leads the development and execution of innovative strategies that align with EMC’s business objectives and drive differentiation in the marketplace
  • Creates sustained value for EMC, its agents, policyholders, and its team members
  • Learns continuously about EMC, its customers, external trends, and technological developments
  • Manages and oversees the innovation portfolio, ensuring the effective implementation of processes that deliver measurable ROI
  • Collaborates with business units, EMC leaders, and external partners to foster a culture of innovation and continuous improvement
  • Facilitates partnerships with accelerators and start-up incubators to maximize value for EMC and its stakeholders
  • Acts as a trusted advisor, stays abreast of industry trends, emerging technologies, and innovative business models to educate and guide the organization
  • Ensures that innovation initiatives are aligned with the strategic goals of the department and the organization, contributing to the multiyear strategic plan and annual objectives
  • Leads and manages a team while simultaneously owning and driving a specific portfolio of innovation initiatives
  • Ensures that innovation initiatives are aligned with the strategic goals of the department and the organization, contributing to the multiyear strategic plan and annual objectives
  • Identifies innovation opportunities within the EMC’s appetite and recommends innovative solutions to address business challenges and opportunities
  • Implements a disciplined approach to assessing problems and potential solutions, providing formal recommendations to strategy partners on whether to pursue these opportunities
  • Leads and develops teams on idea management, ensuring efficient workflow from ideation to implementation, reporting, and clear communication
  • Tracks the progress of idea implementation, evaluates outcomes, and report findings, while holding other business units accountable for delivery
  • Forges and maintains strategic partnerships with business units to gain a deep understanding of their strategic plans and objectives
  • Organizes and leads events to foster a collaboration to brainstorm, prototype, and test new ideas and validate business value
  • Leverages low code solutions to rapidly develop and deploy innovative solutions
  • Leads the development and execution of innovation strategies that align with EMC’s business objectives and drive differentiation in the marketplace
  • Establishes and nurtures strategic partnerships with accelerators such as Global Insurance Accelerator and Broker Tech Ventures (BTV) and other external innovation ecosystems, ensuring these partnerships deliver measurable value
  • Oversees the end-to-end investment process, including negotiating terms, structuring deals, and collaborating with internal stakeholders to ensure seamless integration of startups within the innovation portfolio
  • Leads the process with internal stakeholders to leverage external partnerships via proof of concept (POC) and pilots for mutual benefit and strategic alignment
  • Promotes collaboration and knowledge sharing across organizational boundaries, integrating external inputs and sharing internal innovations with partners to maximize impact
  • Oversees, considers and approves budget for innovative pilots and POCs
  • Leads cross-functional teams to design and implement POCs and pilots, including with Generative AI
  • Validates hypotheses by evaluating the outcomes of POCs and pilots, ensuring alignment with strategic objectives and organizational goals
  • Works with Digital Product Management and Information Technology to ensure seamless integration of POCs into production environments, addressing technical challenges and ensuring priority and scalability
  • Monitors industry trends and emerging technologies to identify opportunities for innovation and growth
  • Analyzes market data and competitor activities to inform strategic decision-making
  • Provides insights and recommendations on potential impacts and opportunities related to industry trends
  • Develops and maintains a strategic and trend intelligence framework to support proactive decision-making and long-term planning
  • Collaborates with internal and external stakeholders to gather and disseminate strategic intelligence
  • Ensures the organization remains agile and responsive to changes in the industry landscape
  • Applies knowledge of business and the marketplace to advance organization goals
  • Collaborates with team members to establish performance goals and monitors status, conducts performance reviews, and provides coaching
  • Interviews, hires, and recommends salary adjustments for team members
  • Resolves disciplinary issues, reviews results, action plans, and progress
  • Develops team expertise and completes succession planning, including identifying talent and implementing development plans for critical positions
  • Supports diversity, equity, and inclusion initiatives
  • Fosters an innovative culture, including supporting new ideas and providing guidance on potential changes

Company Stage

IPO

Total Funding

N/A

Headquarters

Des Moines, Iowa

Founded

N/A

Growth & Insights
Headcount

6 month growth

1%

1 year growth

1%

2 year growth

1%
Simplify Jobs

Simplify's Take

What believers are saying

  • EMC Insurance's involvement in funding rounds for InsurTech firms like Betterview indicates a forward-thinking approach, potentially leading to innovative insurance solutions and market leadership.
  • Strategic investments in technology-driven companies could enhance EMC's operational efficiency and customer service, offering employees opportunities to work with cutting-edge technologies.

What critics are saying

  • The insurance industry is highly competitive, and EMC Insurance must continuously innovate to maintain its market position against larger, more established players.
  • Relying heavily on external InsurTech investments for innovation could pose risks if these ventures do not yield the expected technological advancements or financial returns.

What makes EMC Insurance unique

  • EMC Insurance's investment in InsurTech companies like Betterview highlights its commitment to leveraging technology for enhanced property risk intelligence, setting it apart from traditional insurers.
  • The appointment of Matt Spackman as SVP – Chief Human Resources Officer suggests a strategic focus on strengthening human resources, potentially improving organizational culture and employee engagement.

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