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Innovation in complex organisations isn’t easy. The bigger the company, the more roadblocks appear—whether it’s rigid processes, legacy systems, or just a cultural resistance to change. But what separates the organisations that succeed at innovation from those that don’t?
In the latest episode of Innovation Insider, we sat down with James Orchard, CEO of QBE Ventures and Chair of Insurtech Australia, to get his perspective on what it takes to drive real innovation inside large enterprises.
With a career spanning QBE, IAG, and Wesfarmers, James has spent years navigating the complexities of corporate innovation. In this episode, he breaks down five key ingredients that every organisation needs to cultivagte a culture of innovation that actually delivers results.
Innovation Must Play a Clear Strategic Role
Too often, companies treat innovation like a side project—something separate from the core business. James argues that for innovation to succeed, it must be deeply embedded in an organisation’s corporate strategy.
🔹 Successful organisations ensure that innovation has clear, strategic objectives aligned with the business’s broader priorities.
🔹 Innovation efforts should have executive sponsorship and buy-in across teams—not just within a siloed R&D department.
🔹 A well-defined innovation strategy provides clarity, focus, and long-term sustainability for innovation teams.
“Innovation needs to play a clear strategic role in the organisation—it can’t just be tinkering for the sake of it.” – James Orchard
There’s No One-Size-Fits-All Model for Innovation
One of the biggest mistakes companies make is trying to copy/paste innovation models from other organisations. What works for Google or Amazon won’t necessarily work inside an insurance company or a bank.
🔹 Every organisation has unique cultural, technological, and operational factors that shape its innovation approach.
🔹 Leaders must understand the nuances of their own organisation—including decision-making processes, funding structures, and existing capabilities.
🔹 The best innovation models are tailored to the organisation’s needs, rather than borrowed from external playbooks.
“You can’t just take what worked at Google or Apple and assume it will work in your organisation.” – James Orchard
Innovation Requires a System, Not Just Ideas
Innovation isn’t just about generating ideas—it’s about having a system in place to bring those ideas to life. James highlights the importance of an innovation framework that supports projects from ideation to execution.
🔹 There needs to be clear pathways for testing, experimentation, funding, and scaling ideas.
🔹 Organisations must remove barriers—such as lengthy procurement processes—that slow down innovation.
🔹 Without a structured approach, even the best ideas can get stuck and never make it to market.
“You need clear pathways to move something from idea through to experimentation, build, launch, and scale.” – James Orchard
Discipline: Saying No is Just as Important as Saying Yes
Many organisations fall into the trap of chasing shiny new technologies just because they’re trending. James warns that this can lead to “innovation theatre”—lots of activity, but little real impact.
🔹 Successful companies are disciplined about what they pursue and aren’t afraid to kill projects that don’t align with strategy.
🔹 Innovation teams need to avoid hype and focus on opportunities that provide genuine value.
🔹 Time is an ally—start small, test, and iterate before scaling.
“You don’t need to chase the unicorn on day one. The best innovators are disciplined about what they pursue and what they don’t.” – James Orchard
Trust is the Key to Successful Innovation
Innovation doesn’t happen in isolation—it requires collaboration across teams. James emphasises that trust is a critical factor in gaining support for innovation projects.
🔹 Innovation leaders must work to build relationships across the business.
🔹 Teams need to listen first, understand the challenges of different stakeholders, and show how innovation can solve real problems.
🔹 Without trust, innovation efforts can be met with resistance, slowing progress and blocking opportunities.
“If you walk into a room and tell people you know better than them, you’re not going to win any trust. Innovation is about listening, collaborating, and helping the business accelerate its priorities.” – James Orchard
Innovation in Cost-Constrained Environments
With economic uncertainty and cost-cutting pressures, many organisations are hesitant to invest in innovation. But James argues that innovation doesn’t have to be expensive—it just needs to be smart.
✅ Experimentation doesn’t have to break the bank – Organisations can run lean proof-of-concepts before committing to large-scale projects.
✅ Leverage the balance sheet – Instead of always funding innovation from operational budgets, consider strategic investments, partnerships, or joint ventures.
✅ Partner instead of build – Sometimes, partnering with a startup or acquiring an existing technology is more cost-effective than building in-house.
“In a cost-constrained environment, innovation leaders need to be smarter about how they fund projects and explore alternative approaches to getting things done.” – James Orchard
Looking to the Future: What’s Next for Innovation?
As AI, quantum computing, and automation reshape industries, insurance and financial services are on the brink of major transformation. James predicts that:
🔹 The next wave of AI-driven solutions will be tailored to complex, regulated industries like insurance.
🔹 More companies will shift from experimenting with AI to actually scaling it.
🔹 Innovation leaders who can “see around corners” and stay ahead of trends will have a competitive advantage.
“Innovation is now more important than ever. Companies need to have the ability to experiment rapidly, understand what’s hype and what’s not, and stay ahead of the curve.” – James Orchard
Catch the Full Interview
For more insights from James Orchard, check out the full episode of Innovation Insider on Spotify or YouTube: