Posted By: Bala
We live in a transformative age, an age of change. Traditional insurance business models are being challenged by new thinking, new competitors, new ways of working, and new challenges.
Insurers are already under pressure to change now. The next wave of macro and micro changes – global, local, industry, and market-specific – promises increasingly complex risks and new, currently unpredictable demand for effective ways to provide resilience in these uncertain times.
Insurance leaders need to seize the upside of this disruption and anticipate and adapt to these emerging needs. Innovation Minds can help guide clients through the many changes and challenges facing them now, next and beyond. Use the assessment tool that we have put together exclusively for Property & Casualty Insurance companies to understand their strengths and opportunities and to ensure their readiness for the opportunities of the future.
What and how we assess P&C Innovation programs?
How the scores are calculated by our assessment?
The above exercise is pretty quick. It can be completed by any stakeholder in about 15-30 minutes and results in a visual way to represent where one’s Innovation Program technology sits in comparison to industry benchmarks. Additionally, it can be completed by multiple individuals within an organization to calibrate a mutual understanding between their collective Innovation Program departments and/or other internal stakeholders. Maturity (scale of 1 to 10) is explained below.
- Just realized – Process not in place, however, there is a realization of the need.
- Initial (chaotic, ad hoc, individual heroics) – the starting point for use of a new or undocumented repeat process.
- Repeatable – the process is at least documented sufficiently such that repeating the same steps may be attempted.
- Defined – the process is defined/confirmed as a standard business process.
- Capable – the process is quantitatively managed in accordance with agreed-upon metrics.
- Efficient – process management includes deliberate process optimization/improvement.
- Innovator – Started challenging status-quo and incremental innovation started at the edges.
- Disruptor – The tangible impact of the innovation has been proven, started institutionalizing the sustainable.
- Market leader – You are nailing it.
- World-class – The true north of all.
And the final Report is:
** Blue bar represents Innovation Minds benchmark baselined from 25+ companies we worked with, and the black line represents where you may stand.