Many companies have formed teams that focus exclusively on new product development. Other companies have opened their spheres of influence to third parties.  Most insurance companies have learned to use data management to inform and test their hypotheses more thoroughly.

Mr. Tizzio sees the structure and rigor of the innovation process as the most marked change in innovation within the insurance industry.  Innovation begins with being a good listener, testing what you are hearing, engaging colleagues that work on innovation.

A key differentiation for innovative companies is “speed to market.”  Listening to clients; listening to brokers; developing hypotheses, and engaging trusted third parties to bring products to market – quickly.

Mr. Tizzio says the role of technology and cyber liability present new risks in the E&O market. Mold exposure is an emerging risk in the umbrella and excess casualty market, and the continuous changes in the environmental and construction. Globally, there are risks associated with climate change, the movement of products through different modes of transportation.

Mr. Tizzio compares the evolution in cyber coverage to the development of Employment Practices Liability Insurance (EPLI).  As the exposure evolves, so too does the insurance coverage and the value added services that support the coverage. “It is never complete.”

Mr. Tizzio says “Innovation is the parallel to uncovering, discovering, and protecting insureds in risks that they face.” At Navigators, failure is “a learning” that supports a culture of innovation thorough the expression of ideas, the discovery of ways to provide protection and an environment that looks outside to ensure innovation.