Successful Insurance Innovation at LV=: Implementing Test and Learn Through a Fast Track Approach

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
14 October 2015
Michael Fitzgerald


A targeted innovation program has delivered hard savings exceeding £3.5 million and completed 35 projects since 2012.

Insurance innovation typically lacks consistency, clear definition, and appropriate governance. Many valuable initiatives rebound from year to year as good ideas, but are abandoned for lack of a test and learn process. The result limits insurers to the implementation of known approaches which fall short of customer expectations and do not create a competitive advantage.

Through its implementation of the Fast Track process, LV= has begun to overcome these barriers and is on its way to making innovation a continuous part of its business process. As the company has progressed in implementation, it has delivered business value and rekindled its entrepreneurial drive. The lessons learned are instructive for other insurers that seek to improve their innovation performance.

“A distinguishing feature of the Fast Track program at LV= is the close cooperation between IT and the business areas,” says Mike Fitzgerald, a senior analyst with Celent’s Insurance practice and author of the report. “Many programs see internal IT as a barrier to innovation, but LV= has been successful at overcoming these obstacles.”

Subscription required

Access to this content requires a Celent research subscription.

Subscribers should sign in to access this research.

If you are not a subscriber, register now or contact us to find out more about our subscription options.

Insight details

Life & Health Insurance, Property & Casualty Insurance
Subscription(s) required to access this Insight:
Insurance, >>Life/Annuities Insurance, >>Property / Casualty Insurance
Insight Format