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.