Few insurers attempt to measure the return on investment from their formal innovation programs, according to the Managing Innovation in Insurance study released this week by Novarica.
The study, authored by SVP Rob McIsaac and based on a survey of 91 insurers, found that more than 40% of large insurers are launching or expanding their innovation programs this year. But at the same time, a significant portion of large P&C companies expressed skepticism about the value of their innovation programs.
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