Search
 
Commentary

Defining innovation in today's global insurance market

Innovation means different things to different people, and taking the time to figure that out oftentimes stands in the way of the right way to approach it.

By Jim Rice, Xuber | Updated on March 30, 2015
Innovation is an important cog in the engine that helps move businesses and entire economies forward. (Photo: Shutterstock)

In conversations with both existing and prospective clients the word “innovation” inevitably comes up, typically in the context of what is considered to be the latest and greatest or most cutting edge. Although it’s a fair inquiry, as one can imagine, there are many ways of tackling it.

But what are these clients really asking? Do they think technology vendors have developed magic button technology in which all an insurer or reinsurer has to do is click a button in the UI and every single transaction of theirs is somehow automagically processed, coded, modeled, analyzed, underwritten and issued from day one? That’s not to say it can’t be done, but it takes time to reach that level of efficiency and effectiveness.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.