Challenges to insurance innovation

Critically review and uncover orthodoxies that are embedded in their approach to product development, marketing, technology, financial management and other operations.
Invest in the tools necessary to optimally compile data and information needed to support cutting-edge analytical approaches.
Be open to new ways to define, underwrite and price risks.
Educate regulators while you innovate.

Innovation strategies

Integrate innovation into the organization's culture.
Innovation is a structured process, working best with diverse teams brought together to solve challenges and find new solutions.
An innovation laboratory can support and drive innovation and ideas along a development life cycle.
Disruption is not a requirement for innovation to work, particularly if that innovation is benefitting internal process and operations.

Susan Cross is a fellow of the Arlington, Virginia-based Casualty Actuarial Society and the executive vice president and group chief actuary at XL Catlin. Aaron Halpert is an associate of the Casualty Actuarial Society and principal at AMHAdvisory LLC, an actuarial consulting practice. Brad Monterio is a managing director for Colcomgroup Inc. and serves on the board of directors of the Casualty Actuarial Society.

Special Reports /

Insurers face several challenges when it comes to innovation

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