Why Insurance Innovation Is So Easy

Report Summary

Why Insurance Innovation Is So Easy

While there is no single solution to solve cultural challenges when embracing innovation, multiple items can help mitigate risk.

John Keddy
Senior Principal
Robert McIsaac
Head of Life Insurance, Annuities, & Benefits
Stephanie Dalwin
Advisor

Boston, May 11, 2022 – Insurance innovation is now at a point where no one tasked with innovation is concerned with the lack of solid startups. None of them thinks that innovation is “just a fad” or has concerns about missing “the one” startup. Few believe that employees won’t be able to think of ideas to innovate, that technologies don’t exist to support innovation, or any such similar concerns that may have been issues in ancient times (i.e., 2016). Yet the topic of culture remains a concern, as it was in ancient times, and is at the forefront of innovation conversations.

This report outlines some pragmatic ideas to help mitigate the headwinds of cultural and organizational challenges—both common across all industries and unique to insurance innovation. The analysis in this report is based on Aite-Novarica Group’s executive engagement advisory work and a recent quarterly Special Interest Group on Innovation.

This 16-page Impact Report contains one figure. Clients of Aite-Novarica Group’s Life, Annuities, & Benefits or Property & Casualty service can download this report and the corresponding charts.

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