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To Develop New Coverage Options, Specialty Players ‘See Around Corners and Imagine’

Insurance providers need to have no fear of failure when developing new products to adjust to and cover emerging risks associated with the fast-paced evolution and trends among worldwide businesses.

By Chad Hemenway | Updated on April 26, 2012
John Parente’s office is a mess—but a productive one—of newspapers and books. As the chief innovation officer at Lexington Insurance Co., Parente needs this pile of print to help him discover where new and future risks lie for which his company can devise cutting-edge coverages.

Parente is head of a team at Lexington charged with identifying emerging perils that might present unique business opportunities. Research is done by listening to underwriters, claims professionals, clients and those outside the industry—as well as lots of reading—to learn about what’s going on in a world constantly in fast-forward.

“When we find something, we hold a brainstorming session” to determine if a profitable coverage niche can be carved out to address the exposure, he says.

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