Do you need an independent assessment of how well your innovation program is working—and if it is positioned for success? Want an evaluation of your program from an independent party that has no stake in telling you only what you want to hear, or to prolong a consulting assignment?
In early 2019, insurance rating agency A.M. Best released a draft of its proposed insurance innovation assessment process, which will form the basis for reviewing how comprehensive and effective an insurance company’s innovation efforts are. [Listen to Guy Fraker’s podcast interview with Matthew Mosher, Executive VP and Chief Operating Officer of A.M. Best].
This move is significant and newsworthy as Best underscores the importance of innovation to the future financial strength of an insurer. The draft release will also create new urgency among some companies to understand how their innovation programs are performing, and how they might be reviewed.
We can provide you with a brief, confidential assessment of whether you have the essential elements for innovation success. The first step is scheduling a call for us to review and learn about your program. We analyze the results against innovation best practices and structural elements that are essential to long-term success. And we schedule a call to review your program and identify where your program is complete and where there are potential gaps an opportunities.
What assessment participants say
“We found the innovation assessment process gave us significant value. You quickly were able to assess our current innovation capabilities and provide thoughtful insights to advance our thinking. We are pleased to hear the positive feedback and are energized to improve
our innovation program further.”
Executive Vice President
The Co-Operators Group
“Our discussions generated insight into our developing innovation program I didn’t previously consider. I especially enjoyed the fact we had a conversation, it did not feel like a lecture. They gathered the detail they needed to create a comprehensive assessment of our program as it stands today. They offered recommendations for moving forward as well as complimented the areas in which we are currently performing well….I found my time with them valuable and expect any time in the future will equally be so.”
Underwriting Portfolio Manager & Innovation Lead
Why IE Advisory?
IE Advisory, led by Chief Innovation Officer Guy Fraker, aims to help insurance industry organizations and executives gain the knowledge and skills to operate a successful innovation program that has a measurable impact on the bottom line. IE Advisory uses an insurance innovation framework that has been adopted by world-class insurers and reinsurers who are leaders today in the innovation space.
Our approach – We work in close partnership with our clients to gain an understanding of their innovation objectives and needs in a way no one else can match, to drive better outcomes.
Our relationships – We have successfully implemented our innovation process and strategic advisory services at multiple world class insurers and reinsurers to build new capabilities and drive growth. We leverage our global connections to drive implementation of programs for clients.
Our resources – Our team has unparalleled breadth and experience with the global insurance industry, innovation labs and technology innovators. We also bring access to the most relevant emerging technologies transforming insurance.