131: How Insurance Becomes an Innovator’s Best Friend

I'm thrilled to have Mach Millett, the Chief Innovation Officer and Alternative Investment Practice Leader at Lockton Financial Services, join us on The Innovation Storytellers Show. Mach's impressive background spans over a decade at Marsh and a legal career at Skadden Arps, equipping him with a unique perspective on managing risks in innovation. In this episode, we're not just talking about insurance in the traditional sense. We're delving into how to protect the future - the innovations and potential within our organizations. Mach's role at Lockton involves creating new insurance products for unaddressed risk exposures and serving as a technical expert in various complex fields. His experience crafting insurance contracts and resolving disputes gives him a unique vantage point on the intersection of innovation, law, and insurance. Our conversation travels from Central America to the intricacies of the legal profession and deep into the insurance world. We discuss the importance of involving legal, compliance, and PR teams from the onset of an innovation project, forming an 'Innovation Council' to ensure all potential issues are addressed early. Mach shares his experiences with the challenges and triumphs of navigating innovation's legal and compliance landscapes, providing insights into how to foresee and manage the unforeseen. This episode explores the support systems underpinning innovation. We delve into the importance of seeing around corners, anticipating risks, and extending a hand across different silos to foster successful innovation. Mach's journey from a legal expert to an innovation leader at Lockton illustrates the multifaceted nature of protecting and nurturing the next big thing.