Insurers need to establish meaningful incentive plans if they want to encourage innovation, especially in tough times.
Crisis is always the time for innovation, according to Matt Josefowicz, director of insurance for Novarica and co-author (with Steven Kaye) of the research firm's report on innovation and agility in insurance IT.
"You can't keep doing what you've been doing if you haven't been getting good results or if the situation is totally changed underneath you," says Josefowicz. "If you look at some of the wealth management firms that were projecting 30 percent less revenue this year due to a combination of weaker markets and weaker demand, it's time [for them] to do something new and different."
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