Innovation is a necessity for any business seeking long-term sustainability and resilience to weather disruptions in market conditions. During hardening markets, consumer preferences shift—sometimes dramatically—as many people focus on getting the best possible value from their existing spend or seek to save money against a backdrop of competing products and services.
Given the organizational challenges and culture of the auto insurance industry, completing innovative projects within SMBs or large corporations takes certain skills and a measured approach. Digital transformation projects sometimes get stalled or diverted into a series of lab experiments or proofs of concept and never integrated into the corporate practices. The tips and techniques presented in this paper can help overcome resistance to transformative change, nurture a better understanding of the benefits of new insurtech projects and digital technologies, and gain the spirited support of key stakeholders in the organization. Rather than a venture adding one more expense to the budget, technology projects are better viewed as a method of revitalizing corporate goals and generating new revenue streams.
Topics covered include best practices for:
- Obtaining the allegiance of staff members who are likely to support a project
- Neutralizing the perception of short-term risk by emphasizing the long-term value and benefits that can be realized
- Observing the ways in which successful insurtechs and promising startups introduce innovations into the market
- Experimenting at scale to showcase organizational benefits and confirm value to policyholders
- Measuring successes as projects develop and instituting course correction when ideas don’t work as planned