Disrupt to reduce costs, develop true risk value and meet customer needs.
The pressure to innovate and control costs has never been higher in the insurance industry. Executives navigate a stream of technical advances and determine which can provide return on investment, with low cost of ownership and data security – all while meeting changing customer expectations.
A culture that fosters innovation and organizational agility is a necessity. To build this, insurers must place customer-centric innovation at their organizations’ cores. Encourage disruptive business-model innovation. To stay ahead, position your organization at the vanguard of innovation.
Innovation is the order of the day
Insurers need to make innovation part of their organizational cores. Insurance organizational design should be as much about innovation as it is about providing insurance products and services. Align innovation with business goals.
Rethinking processes to facilitate innovation
To be effective, executives need to tap into predictive analytics and big data to open up new ways of thinking about risk and insurance. Pursue R&D labs and ideation platforms to jumpstart thinking.