Innovation in innovation system in a large service corporation in Colombia

This research focuses on the innovation system of a large service corporation and its evolution over the last ten years. This corporation has business companies such as property insurance, health insurance, a clinic, and business capitalization. It is the largest insurance corporation in Colombia. Different from other service firms with comparable size, this corporation has centralized its innovation activities with functions such as quality assurance and project management since 2004. The corporation adopts a fast follower strategy for innovation. This research analyzes the evolution of innovation system after centralization, including the key tasks in its development funnel such as technology and market monitoring. We also discuss barriers and challenges confronted by management when implementing the centralization and to improve the performance of this innovation system in the last few years. Finally, the findings of this case study are compared with the literature of service innovation. This paper contributes to the understanding of innovation management in service corporations which are increasing the main providers of employment in most large metropolitan areas in the world.