Jon Bidwell is the chief innovation officer of the Chubb Group of Insurance Companies, a 128-year-old, multinational, $11 billion company with ten thousand employees.
Read that sentence again. Imagine for a moment you were in charge of facilitating innovation for a huge, old insurance company. How would you generate innovation? Is it even a good idea for an insurance company to innovate?
According to Jon, it’s essential. “Most companies that die in this business, die because they become irrelevant, competing on price,” he explains. “We want to have the best stuff out there.” So Jon helped Chubb to launch an open innovation challenge.
Open innovation is a philosophy that says that the most productive innovation comes ...