Cathay Life: Project Rocket
Winner of Celent 2020 Model Insurer Award for Innovation Execution
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.