While most insurers have embraced change to support incremental innovation, most of them recognize they need to do much more in order to promote the breakthroughs that result in a true competitive advantage. Accordingly, insurance leaders’ innovation agenda should include:
- Scenario planning – What are potential future scenarios and their implications
- Real-time monitoring and analysis of the InsurTech landscape – What’s out there that can help us now, and what do we want that may not exist yet?
- Determining how to promote enterprise innovation, including which combination of approaches will most effectively accelerate and enable execution – What’s the best approach for us to stimulate and take advantage of innovation?
- Augmenting the organization with new and different types of talent – Where are the innovators we need and how can best attract and employ them?
- Cyber security and regulation – Are we prepared for the operational challenges that new technology can present, and have we and our real and potential partners considered the compliance ramifications of what we’re doing or considering?
Innovating to grow: A new world of opportunity for insurers will help insurers answer these questions as they define and fine tune their innovation agenda.