April 2018 - Silicon Valley has long been a leading destination for innovation, housing some of the world’s most forward-thinking technology companies and exceptional talent. Insurers may not be able to mimic the exact science of Silicon Valley in their regions, but significant organizational and cultural shifts can attract the right talent and encourage ideas to emerge internally. As insurers look to bring their organizations into the future, Silicon Valley can offer valuable lessons to help them stay in stride with the pace of change.

This brief explores insights and best practices for insurers from Novarica’s Silicon Valley Innovation Tour during the first quarter of 2018.

Topics

• Organizing for Innovation. How companies enable innovative cultures.
• The Move to Cloud. What the shift to cloud infrastructure means for budgeting and IT teams.
• Digital and AI. Sorting through the hype, and the potential impact on IT organizations.

Key Points and Findings

Cloud is on the horizon. Cloud and SaaS options are maturing, and their implementation will require insurers to rethink traditional spending and IT management.

Digital and AI may fundamentally change how we think about insurance. Enhanced capabilities and platforms may give way to new products, methodologies, and business models.

The talent landscape is shifting. Employee expectations are changing, and nontraditional pipelines may be key to sourcing talent in the future.