Innovation and the Sharing of Ideas

In his commencement address to the graduates at Bard College in May, Ben Bernanke, chairman of the Federal Reserve, addressed the idea of how innovation and creativity are part of human nature.

The idea of innovation, particularly in the insurance industry, is often laughed at, but as we prepare for the opening of the annual IASA Conference and Business Show in Washington, D.C. on Sunday evening, it is a good time to address what technology can do for this industry and all of us who take part in it.

The old adage: "There's nothing new under the sun" has some truth to it, but it doesn't mean that we can't take the tools around us and make them better. Communication has been an issue for humans since the Tower of Babel, but smart and innovative people continue to find ways to improve the process.

The iPhone did not create a new communication process; it merely improved on the ways many of us communicate with each other, both at work and in our personal lives. That is the challenge innovative insurance minds must face each day and taking part in the discussions at IASA is an important step for those in our industry who are viewed at as innovators.

Bernanke pointed out in his commencement speech that people continue to forecast the end of innovation, but he disagrees: "The history of technological innovation and economic development teaches us that change is the only constant," he says.

The bad part of innovation is it is often looked at as a contest to see who can be the first to achieve something, which is often followed by a rush to the patent office to claim control over that idea's future use. There are some things that need protection for patents—particularly when it involves both a financial and manpower undertaking—but an unwillingness to share basic concepts tends to bring out the worst in all of us.

That is why this week at IASA is important for the insurance industry and the people charged with improving the way we all do business. There is much to be learned by all of us and there is plenty of information that needs to be shared. Be sure to open yourself to both ends of the communication spectrum.