Allianz Global Corporate & Specialty SE: Digital Innovation of Cross-Functional Smart Evolution
(8 pages of text)
In mid-2019, the chief regions and markets officer of the Allianz Global Corporate & Specialty SE (AGCS) insurance company was wondering how to grow the company’s innovation culture, and how to manage resistance from other areas of the business. AGCS was part of Allianz SE, a European multinational financial services company whose core businesses were insurance and asset management. Recent changes in the global landscape had been driven by technological advancements, and market leaders would need to consider using new methods and innovation. AGCS had set up a new corporate incubator to accelerate digital innovation. However, the digital innovation incubator's journey was not without challenges and learning curve issues, especially during its initial stages. Within 18 months, the new corporate incubator was fully entrenched within AGCS. The next steps involved finding the right key stakeholders and strategic thrust to help it thrive.
This case is suitable for graduate- and executive-level courses in innovation, design thinking, leadership, and strategy implementation. It is especially relevant for topics on innovation, leadership, innovation culture, and strategic management. The content is appropriate for a senior management corporate education program. This case offers students an opportunity to learn how a corporate incubator is conceptualized and implemented. After working through the case and assignment questions, students will be able to
- analyze the milestone-fostering activities of a corporate incubator;
- evaluate how a corporate incubator can assist its organization to build innovation capability by using a resource-based approach as the theoretical underpinning;
- apply systems leadership principles to drive innovation culture;
- evaluate how an innovation unit can grow and sustain itself effectively by applying the dynamic capabilities framework; and
- apply the six building blocks framework to cultivate an innovation culture in an organization.
Finance and Insurance
South Africa, Large, 2019
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