Cathay Life has embedded a focus on change throughout their organization. By bringing innovation to their entire team, they have been able to accelerate their goals. Using the acronym Project Rocket, each letter represents a key focus area within the organization. For example, R for Redefine Mission and T for Transfom the firm.

The scope of the effort is quite broad. The impact included restructuring the organization into a matrix model, built on agile approaches. Another facet includes partnering outside of insurance, including with their local telecom provider for cross-selling travel insurance and international roaming.

Virtually every area of the company was affected, with a particular emphasis on the customer experience.

Project Rocket is an excellent example of innovation that reinforces Celent's research in the arena. This is reinforced by Celent research:

Source: Celent report: Insurance innovation Outlook 2019: Practitioners' Predictions

Project Rocket is a model for other insurers for leveraging innovation across the organization.