Innovation has almost become synonymous with technology. The most recent innovations are entirely due to technology. Names like Gates, Jobs, Wozniak, Musk and Bezos come to mind.
Although it may seem like innovation in insurance is happening at a breakneck pace with the piles of money invested in technology, the result has been less than spectacular. The average customer, insurance broker and insurer have not seen much change in the way insurance is done. Certainly, if you believe industry regulators and reporting bodies like FIO (Federal Insurance Office, U.S. Department of the Treasury) and OSFI (Office of the Superintendent of Financial Institutions – Canada) important productivity benchmarks like Distribution Expense Ratios haven’t budged in 30 years.
Technology alone can’t create innovation. Insurance Innovation, specifically, happens when the business champions (the doers) solve problems and that can happen with or without technologies’ support. In fact, in many cases, technology has become a roadblock to insurance innovation.
Download our free White Paper on Accelerating Insurance Innovation to explore why innovation is so crucial right now in the insurance industry. This is not a cautionary tale as much as a shout out that now is the time for business to take back innovation for bigger profits, greater efficiency and happier customers and distribution partners.
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