Implementing Innovation

The ultimate goal for incumbent insurers should be to develop a portfolio of InsurTech capabilities that are synergistic. Proficiencies useful for one type of innovation are often also applicable elsewhere, so a full analysis of the costs and cross-over benefits of each investment is recommended. Those wishing to offer on-demand insurance, for example, must improve proficiency across a number of digital and analytical areas, including connected devices, mobile-only solutions, pricing analytics and building customer profiles, among others. To gain a competitive edge and to drive sustainable-profitable growth, it is crucial for insurers to lay down a holistic framework to leverage these disruptive capabilities.

Implementing Innovation