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Betting on Breakthrough Innovation: Shoot for the Moon
While it is often easier for P/C insurance and reinsurance executives to rally around incremental innovations, in order to really transform their organizations they need to fund some moonshots, innovation experts said recently.
Executive Summary
During a Carrier Management Virtual Roundtable in October, Jeffrey Bohn, Chief Research and Innovation Officer for Swiss Re Institute, endorsed a portfolio approach to innovation funding. Such an approach plays into the natural tendency of business leaders to focus on incremental changes they easily understand and value while also saving room for the breakthroughs and disruptions that fall beyond their comfort zones—and defy typical return-on-investment measurements, he explained.
Watch the entire Virtual Roundtable—"Is Insurance Innovation Overrated?"—on the Carrier Management channel of InsuranceJournal.TV Watch the entire Virtual Roundtable—”Is Insurance Innovation Overrated?“—on the Carrier Management channel of InsuranceJournal.TV
During a Carrier Management Virtual Roundtable in October (“Is Insurance Innovation Overrated?“), Jeffrey Bohn, chief research and innovation officer for Swiss Re Institute, endorsed a portfolio approach to innovation funding. Such an approach plays into the natural tendency of business leaders to focus on incremental changes while also saving them from devoting time and money on innovative disruptions that fall beyond their comfort zones—and defy typical return-on-investment measurements, he explained.
