In part 3 of a 3-part series, Innovations in Insurance host Ty Sagalow and Vincent Tizzio, President and CEO of Navigators Management Company, Inc., look at the process of innovation at insurance companies.
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.