Insurers Can Learn Valuable Lessons in Rethinking Spending and IT Management

Innovation is on the horizon with cloud implementation, alternative talent pipelines

Novarica Silicon Valley Innovation Tour

Boston, MA (Mar. 28, 2018) – Silicon Valley has long been a leading destination for innovation as it is home to some of the world’s most forward-thinking technology companies and exceptional talent. Insurers should look towards the network of companies in Silicon Valley to provide an optimal model for success, including rethinking traditional spending and IT management due to the increased implementation of cloud, the rise of alternative talent pipelines, and increasing use of digital and AI. In a new brief, Enabling Innovation, Vol. 3: 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 first quarter of 2018.

Silicon Valley offers valuable lessons to help insurers keep stride with the pace of change. As insurance carriers look to bring their organizations into the future, they need to consider organizational and cultural shifts inspired by the atmosphere of The Valley. Innovative thinking cannot be confined to a lab; successful innovation is driven by executive leadership and permeates enterprise culture.

“The right approach for engagement must be consistent with a carrier’s business goals, risk appetite, and cultural preferences to be successful,'” said Rob McIsaac, Senior Vice President of Research and Consulting and co-author of the brief. “A wide range of approaches are in full display in the accelerators, incubators, labs, VC firms, and startups that contribute to the unique environment found in the Bay Area, bookended by San Francisco and San Jose.”

A preview of the brief is available online. Please contact media@novarica.com or call Rebecca Wojciechowicz at 617-897-1923 for more information.

Novarica is planning our next Silicon Valley Innovation Tour for the week of August 13, 2018.

About Novarica

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 more than 300 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: Novarica

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