We've all heard the age-old adage, "innovate or die."

In today's rapidly changing and evolving business world, innovation and creativity have become an industry mandate. Insurers are facing a new reality, driven by emerging disruption, rapidly changing technology risks, an ever-shifting web of compliance demands, continued globalization and evolving marketplace conditions.

Faced with increased pressure to innovate, create and adapt, the insurance industry is tasked with embracing a mindset of constant evolution. However, creating an organizational culture that fosters creative thoughts, cultivates fresh ideas and quickly adapts to industry changes can be challenging. The first, and arguably most important step, is to fill the professional ranks with individuals who are highly innovative and creative. Finding talent with the critical skills needed to thrive in a rapidly evolving industry requires insurers to rethink their current recruitment and engagement strategies.

Build a culture of innovation

Attracting and retaining inventive thinkers requires organizations to develop a company culture that promotes and embraces innovation. One key to creating the right environment is to highlight your organization's acceptance of new thoughts and ideas. Consider introducing "unstructured" time for employees to innovate and create. Solicit feedback and insights from all employees on crucial business concerns. Embrace and celebrate brainstorming and idea sharing. Promote an "open door" policy for employees to share their ideas with management — no idea is too big or too small. Put a process or program in place for idea submissions and make sure to follow-up and follow-through.