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Being Innovative in Insurance

The insurance industry has the tremendous opportunity to be innovative and dynamic in meeting the needs of its customers.

Traditionally it is sometimes known for being stable and perhaps a little bit

dusty and old fashioned which is exactly why the right innovative project could set your business ahead of the competition in what is a crowded marketplace.  

Five Steps to Innovation

Being innovative can be as simple as a single idea but developing that idea into something that will be viable takes a little bit of work. Here are five steps to getting the discussions started on innovative projects.

1. Viable Proposition – Being truly innovative doesn’t need to be a big gesture, it just means doing something that your competitors aren’t doing and that your clients want. This is where data analytics is needed to gain insight into both market trends and customer behaviour. This data can be used to guide future products, policies, and innovations.

2. Embrace Technology – We are at an exciting time in regard to technology and you could stay one step ahead of the competition by investing in AI, machine learning or data analytics as a means of streamlining underwriting, speeding up claims processing or making your risk assessment processes more robust.

3. Digital Transformation – Improving online platforms and apps can make it easier for clients to purchase policies, submit claims as well as access up-to-date information on their policies. This as a project could improve the overall customer experience and aid retention.

4. Eco-Friendly Initiatives – With many businesses looking to be more sustainable introducing eco-friendly initiatives could not only be beneficial to the planet and your brand but also for attracting new eco-conscious clients. Such initiatives could be products like green insurance policies which reward certain behaviours.

5. Never Stand Still – In order to remain innovative and ahead of the industry curve it’s important to keep moving. It’s vital to have a team continually assessing performance, market changes, and feedback from clients to maintain your position as market leader.

people within your local industry. Through conversation you can get initial impressions as to whether they would be a fit with your business in general or your project in particular.

Finding the Right Team

No matter where you are on the journey or how small or complex your innovative project may be, having the right team around you can be the difference between a resounding success or a limping failure.

There are four primary ways of finding the right skills:

· Linked In – Linked In can be a great place for finding skilled industry specialists. Through networking and making connections you can get those vital conversations started.

· Networking – Face to face networking can be a great way of meeting skilled people within your local industry. Through conversation you can get initial impressions as to whether they would be a fit with your business in general or your project in particular.

· Consultancy Services – Consultancy Services are a popular way of getting a project off the ground as they provide a ready-made team and offer advice on what your company needs to get moving. Unfortunately, you can’t always choose your team or the level of expertise you will be provided which can be challenging.

· Camelot Marketplace – This platform brings together insurance professionals each with a minimum of five years C-Suite level experience. This means that you will meet like-minded individuals who have been in the position you are in and offer sound practical advice on the next steps. You could meet the entire skillset required for you to get your new project off the ground all in one place. And if you’re all about innovation, more than 33% of our members are Innovation Experts, and 30% of our experts are skilled in Customer Experience. Just the skillsets you need.

If you are ready to get your innovative project off the ground and have identified the skills gaps within your team, then contact Camelot Marketplace. Take the risk out of engaging the skillsets you need for innovation by letting us put you in touch with the people you need for your innovative project to be a success.

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