Sagicor is a full-service financial institution offering a wide range of products and services—everything from life and health insurances, to annuities, pensions, real estate, banking, and investment needs.
The financial sector is constantly being shaped by technology and consumer trends. In 2021, Sagicor hosted its inaugural Data Innovation Challenge using the IdeaScale platform. Through this competition, Sagicor employees were encouraged to pitch innovative ideas for how the group can use data to enhance efficiency and better serve its clients, while being aware of evolving data privacy policies from governments worldwide.
More than a dozen proposals were submitted by a wide variety of departments such as HR, life insurance, and others as well as through cross-department collaborations. Employees from all departments and levels were encouraged to vote, comment, and build upon the proposals they found most promising, and Sagicor was able to narrow down six that progressed to a final virtual event where teams refined and pitched their ideas, plus recommendations for how to implement them.
Three teams walked away with cash prizes, and their projects are now being turned into a reality.
Listen to this short podcast interview with Sagicor’s Corporate Data Governance Lead Audra-Jade Baker to learn how the group thinks about data innovation (particularly in the financial sector), and their recommendations for how to run a successful company-wide innovation campaign.
Featured image via Unsplash.