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Regardless of where you stand in the marketplace, innovation is top-of-mind for every insurer these days. Competition is fierce, and failing to innovate can make all the difference, especially when it comes to sustainable growth. Because of this, its important for CIOs and their teams to understand the importance of culture, process and structure to delivering successful innovation. To this end, Novarica recently issued a report, IT Planning for Innovation: a CIO Checklist that identifies a a checklist of 10 elements to help insurers create a business model that can both deliver results and be sustainable within a specific company. Click through to view each of these elements.
1. Establish an appropriate perspective for evaluating a carrier "from the outside looking in"
Insurance CIOs can shed new light on issues by examining them as either consumers or agents will, Novarica says. This can expose uneven service patterns, incomprehensible business rules or incomplete use of solutions to create a standardized experience for the carrier. These external views can also help a carrier benchmark itself against key competitors and refine investment portfolios. This can be vitally important when prioritizing potential initiatives that are competing for funding. Too often carriers have an insulated mindset. Future competition likely will come from outside the industry and, perhaps, outside of the market.