The Valley offers valuable models for the insurance industry as it faces disruption
Boston, Mass. (Sept. 6, 2017) – Silicon Valley, often championed as the leader of technology innovation, seems to hold the optimal blend of talent, capital, and ideas. As insurers look to operationalize innovation, they can look towards valuable lessons learned in the Valley to prepare to lead their organizations into the future. In a new brief, Enabling Innovation, Vol. 2: More Lessons from Silicon Valley, research and advisory firm Novarica explores insights and best practices for insurers from its Silicon Valley Innovation Tour in the third quarter of 2017.
Silicon Valley provides many opportunities for insurers to invest in and partner with startups that are producing innovative technologies. Innovative thinking cannot be confined to a lab; successful innovation is driven by executive leadership and permeates enterprise-wide. A key factor in innovation is engaging in creative solutions to attract and retain talent, especially women, in technology.
“Failure and quick recovery are almost synonymous with ‘innovation,'” said Rob McIsaac, Senior Vice President of Research and Consulting and co-author of the brief. “Organizations shouldn’t be concerned about getting things right on the first go-round; they should focus instead on making innovation a part of their organizational fabric rather than punishing employees for taking reasonable, calculated risks.”
A preview of the brief is available online.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 100 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.
Source: NovaricaTags: Failure Tolerance, Innovation, Lessons, Novarica, Silicon Valley, Talent Management