Ever up's Blog

Lesson to boost innovation in Insurance

Why is it so difficult to innovate in insurance, in services provided to clients? How we can implement solutions that will lower the risk?

In the recent past, working for innovative projects in insurance, I discover how simple it is to have plenty of ideas to bring more comfort to the clients and to lower the risk. If you put in a room few experts in insurance, you will finally be able to gather many interesting thoughts. However, to transform them into project will encounter many barriers. Among them, I see 2 important ones that need to be solved in priority:

• Competition that will limit collaborative project
• Opposite interests from the different stakeholders that require important negotiation and tremendous effort for mobilizing the right sponsors.
  For example, sharing data with my insurer is not obvious that it will bring me lower premium, or sharing data between insurers will benefit to the one that is in advance.

Those both factors slowdown the process of innovation, threatening efficiency and profitability of the project, demanding more funds than it should.

Therefore, in an innovative project in the insurance industry, lobbying and committing powerful sponsors are keys and should be address beforehand!