In a report published in April, “Managing Innovation in Insurance,” Novarica revealed that 46 percent of large P/C insurers and 31 percent of midsize P/C insurers are expanding innovation programs.

The report was based on a survey of 90 insurer CIOs—some from P/C companies, and others from life insurers.

Smaller insurers are less active because they are constrained by resources and culture, the report suggested.

A second report, “Enabling Innovation: Lessons Learned from Silicon Valley,” summarized some takeaways from Novarica analysts from visits with some of the Valley’s most innovative technology companies (including a handful of InsurTechs).

VP Chris Eberly summarized these findings in a Feb. 10, 2017 blog item on Novarica’s website:

  • Innovation is the modus operandi of senior execs and permeates the tech companies. “Employees don’t go to the office and read a sign [saying] we are innovative. They simply come to innovate.”
  • Free food is all around in apartment-like collaborative spaces.
  • No one asks for a G.P.A. when hiring, instead focusing on what job seekers have created, what hackathons they’ve participated in, how they recover from failures, levels of curiosity and customer obsession.

Topics InsurTech Leadership Property Casualty