In a season of unprecedented change and hyperbolic rhetoric, we want to sound a word of caution and suggest the U.S. property/casualty insurance industry think critically about the possible adverse consequences of a headlong rush to impose steep rate increases to cover anticipated loss exposures. While raising rates might be how the industry has respondedContinue reading “Panic pricing might bring insurers unexpected results”
Tag Archives: innovation
Podcast: Bryan Falchuk on the Future of Insurance
Bryan Falchuk offers his views on the opportunities that the insurance industry has to reinvent itself, sharing his experiences and insights and a series of case studies in his new book, titled “The Future of Insurance: From Disruption to Evolution.” Bryan, who is the founder and managing partner of Insurance Evolution Partners, has viewed theContinue reading “Podcast: Bryan Falchuk on the Future of Insurance”
Podcast: The Human Side of Innovation
Many organizations that are pursuing innovation can overlook what we call the human side of innovation when adopting new processes and goals to grow their company. In a new Innovator’s Edge podcast the principals of IE Advisory—Guy Fraker, Wayne Allen and Paul Winston—discuss what some of these human issues are for insurance incumbents. The conversationContinue reading “Podcast: The Human Side of Innovation”
Podcast: What Makes An Effective Innovation Strategy?
Do you have a defined innovation strategy? A surprising number of insurance companies, even those that regard themselves as innovative, do not. In a new Innovator’s Edge podcast the principals of IE Advisory—Guy Fraker, Wayne Allen and Paul Winston—discuss why it is essential to have a defined innovation strategy for communicating and guiding an effectiveContinue reading “Podcast: What Makes An Effective Innovation Strategy?”
10 Tips That Your Innovation Program Is Failing
The saying in journalism is that there are no new stories, just new reporters. It seems the same is true of mistakes in innovation programs: There are no new errors, just new companies making them. I say that having spent years watching innovation programs at established companies fail for almost the same reasons, time afterContinue reading “10 Tips That Your Innovation Program Is Failing”
Podcast: A.M. Best Draft Innovation Assessment Preview
As innovation becomes increasingly important to the long-term success and financial strength of insurers, AM Best has released a new Innovation Criteria Procedure detailing how it plans to evaluate a company’s level of innovation, through the assignment of an innovation score. This podcast features a discussion between Matthew Mosher, Executive VP and Chief Operating OfficerContinue reading “Podcast: A.M. Best Draft Innovation Assessment Preview”
Embracing Risk Management as a Driver of Value
We have been telling everyone who would listen for a long time that the future of the insurance industry will be dictated, not by the insurers, but by the clients. We have also been telling you that this reorientation will manifest itself first on the commercial side of things, if for no other reason thanContinue reading “Embracing Risk Management as a Driver of Value”
Key decisions on the path to innovation
One of the core attributes, both motivating and binding, team ITL is the shared and unquestionable belief that every insurer has the opportunity and capability to succeed during disruptive shifts by leveraging innovation best practices. The purpose of this blog is to cover six key areas of decision-making senior executive teams face as they launch,Continue reading “Key decisions on the path to innovation”
Attributes of effective innovation teams
The founding members of corporate innovation units often face an identity crisis without understanding what they are experiencing. The reason for this crisis is quite easy to understand, though, once they take a step back and reflect. New business units generally will rely on traditional corporate governance structures and behaviors to define the rules byContinue reading “Attributes of effective innovation teams”
Innovation Best Practices – Embracing a New Approach
There is a story about a great warrior fitted for battle. Armored head-to-toe, spear and sword in hand. He was feared and dominant in hand-to-hand combat. His opponent, with no armor, carrying a light weapon—with which he was incredibly efficient—approached. The heavily equipped warrior didn’t know what to make of his seemingly ill-equipped opponent. The battle took only seconds: TheContinue reading “Innovation Best Practices – Embracing a New Approach”