I’m guessing that somewhere in your strategy documentation will be an objective that states that you will succeed as an insurance company through "being innovative." It may be presented upfront as a bold strategic theme, or it may be hidden in the depths of a key initiative. I’m also guessing that, for many of you, this objective may not necessarily be backed up by a statement of how you intend to achieve ‘being innovative’ or what ‘being innovative’ really means.
So, what does it mean to be innovative in insurance? Interestingly, when you search for a definition of being innovative in insurance using Google, you’ll get back over 24 million hits. For fun, you can also read some of the entries in our competition to define what innovation is for our industry in advance of our Innovation & Insight Day in Boston on 27th February (see our LinkedIn discussion group with circa 115 entries submitted so far). Finally, let’s not forget, that there is a whole industry of management self-help books out there online and in airport book shops (circa 39 thousand books listed in Amazon for innovation), plus academic research (639 thousand hits on Google Scholar for innovation and insurance) to help.
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