Enabling Innovation: Lessons Learned from Silicon Valley

Report Summary

Enabling Innovation: Lessons Learned from Silicon Valley

Robert McIsaac
Head of Life Insurance, Annuities, and Benefits
Jeff Goldberg
Head of Insurance Insights & Advisory

February 2017 - Silicon Valley has long been a leading destination for innovation, housing some of world’s most forward-thinking technology companies and exceptional talent. As insurers look to bring their organizations into the future, operationalizing innovation is increasingly becoming imperative. The insurance industry is ripe for the type of disruption that the Valley offers, and this region can offer valuable lessons to help carriers stay in stride with the pace of change.

This brief explores insights and best practices for insurers from Novarica’s Silicon Valley Innovation Tour.

Key Points and Findings

  • The barbarians are at the door, and insurers should be prepared. The insurance industry is ripe for the value chain disruption that Silicon Valley startups bring, and insurers should act now to avoid “death by a thousand cuts.”
  • Innovation starts at the top and trickles down. It’s not enough to confine innovation to a lab; successful innovation is driven by executive leadership and permeates enterprise-wide.
  • The talent landscape is shifting. Employee expectations are changing, and talent acquisition is occurring differently than traditional hiring models anticipate.

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