We often use innovation and transformation synonymously. Both words evoke thoughts of change and modernization. Both innovation and transformation are important outcomes of the change management life cycle. We know that innovation is occurring all around us, and in simple terms, it is finding new ways to improve or change something that already exists for the better. Alternately, transformation is the result of moving from one state to another.

So, should we innovate or transform? Do both? What's the difference?

I think the best way to answer is to explore the differences between innovation and transformation in insurance and breakdown each into definitions and examples. Then you can determine where your company is in the change management life cycle and what will work best for your organization.

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