Google the term “insurance innovation” and you’ll get over 38,000 results.
Executive SummaryHow can you innovate when you are tired of hearing the word? Given the challenges of today's insurance market, carriers and brokers know that their future success is tied to innovation. But when setting up the whiteboard and brainstorming aren't getting it done, maybe different perspectives are needed, says Erin Hamrick, an executive recruiting specialist for the insurance industry.
Probably not surprising, and as you would expect, the results are everything from an actual domain name to consulting groups espousing their ability to transform an insurance company to be innovative.
Will following a “six-step process” get an insurance company to be innovative?
It’s clear that companies want innovation and that consultants are armed to sell their innovation services. The confluence of advanced technologies providing cheaper and easier platforms to facilitate transaction ease and greater client connectivity, combined with margin-squeezing price and product commoditization, is most likely behind this consulting push. However, my sense is that innovation goes well beyond “faster, cheaper, smarter.”