Innovation has been generating much attention lately due to the explosive growth of AI, even though the concept of innovation has existed ever since cavemen learned how to rub two sticks together to make fire. There is no shortage of resources out there extolling the benefits of AI, not to mention pressure coming from all sides to get on the train or get left behind.
Executive Summary
Every insurance company is unique in its own right—with its own culture, market, customer demographics and sitting at a different spot in its tech journey. That means the innovative AI tool adopted by another company may not be right for yours, advises Carol Williams, a risk management and strategy consultant for P/C insurers.Here, she outlines the problems of trying to keep up and advocates a mindset shift that starts with evaluating where your company is today.
As I discussed in a prior article for Carrier Management, there is a fear of missing out (FOMO) that drives people to adopt something reactively without taking time to understand impacts, dependencies and more. (Related article: ERM and Strategic Scenario Analysis: A New Way to Think About Innovation)
Taking this reactive approach can be more dangerous than doing nothing at all.
The previous article linked above outlines tactics you and your team can use to approach innovations like AI responsibly. But today’s article is not so much about tactics, or some kind of process, but something a bit more fundamental: mindset.
