Innovation has become a business imperative for all organizations participating in today's super competitive, global economy.
Companies slow to adopt a culture of innovation supported by flawless project execution quickly find themselves susceptible to disruption and competitive challenges. The threat lies not just in forward-thinking competitors, but perhaps more importantly from new, unexpected problem-solvers. As the old adage goes: "Adapt or die."
Both insurance organizations and related risk management service organizations are challenged by innovation. These types of organizations have historically focused on effective data analysis, excelling in their ability to quantify and manage risk. However, they now experience significant hurdles and opportunities in embracing all aspects of innovation.
|Significant challenges for insurers
As with any established business, insurers develop a host of orthodoxies in how they view their market and conduct business. Orthodoxies reflect legacy thinking, the process whereby new ideas are filtered out in favor of existing beliefs, accepted concepts and widely known generalizations. This way of thinking can prevent company progress and obstruct innovation.
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