Demographic, social, technological and behavioural changes lead to a growing need for innovation in product development and sales processes. An important success factor is to uncover the innovative potential of the insurance company and so to take a significant step towards a culture that supports innovation. In current market conditions, bringing significant innovations to the market is an important means providing opportunity for growth. Innovation is also a way to retain talent, but an inappropriately chosen approach can result in high costs for innovation, long lead times for implementation and the risk associated with commercial failure. In recent years, major innovation in the areas of product development and sales processes has been hardly noticeable, especially in connection to life insurance.
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To stay competitive in the market, it is crucial to get the best from people across all levels of the company in times of continuous change. Strategy, process, and technology alone will not bring the desired results. To achieve those, it is inevitable that people accept, adopt, develop and maintain change in order to achieve tangible results. Success in business depends on strategic flexibility and an ability to act.
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