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Who do you need to be innovative in the insurance industry?

In the modern world, it is easy to become complacent and to do things the way they have always been done, and this seems to apply even more to the very traditional, tightly regulated insurance industry. But, if you want your insurance company to stay ahead of the curve, and to smash your competition you need to be innovative and imaginative.

Being innovative doesn’t have to be a major overhaul of your business, it could be the introduction of an app or some new tech that will make the customer experience easier, or it could be to introduce eco-friendly initiatives in order to attract and retain a new group of clients.

However, once the viability analysis, market research, budget, and skills gap analysis have been carried out it’s up to you to ensure the right skills, expertise, and advice are available from the initiation of the project through to the launch. The process of outsourcing should be well-planned and managed in order to assure you partner with the right people whose goals and values align with your own.

There are some key steps to ensuring you identify the right people to include for the project to be successful.

1 – Define the Objectives

Knowing you need to outsource certain skills is just the first step, as this leads to defining the specific outsourcing objectives; are you outsourcing an entire function like customer support or claims processing or is it a project-based function like data analysis or software development which will have a short-term life-span?

2– Collaborations

Some projects may be better served by building partnerships with insurtech start-ups, technology distributors, or data providers which can boost your team’s skills and give the project a head start. Collaborations with industry associations or research institutions can also add extra weight and skill to your project.

3 - Referrals from Industry Peers

The theory of six degrees of separation is an important one when trying to make connections with the skills and partners you need, as it is likely that someone in your network can make referrals for just the right people. Speak with industry peers, especially those who are working through or have completed a similar project. This can be a valuable means of meeting who you need just when you need them.

4 – Communities

The other option is to find a community like the Camelot Marketplace which specialises in the insurance industry and can introduce you to exactly the people you need, with the desired skills without the element of chance associated with traditional networking.

When looking to work with others and outsource certain skills, getting started can feel like looking for a needle in a haystack but that is why your first collaboration should be with Camelot Marketplace.

We love innovative insurance industry ideas and have a network of just the right people who can provide you with the help, guidance, and skills you need to get started from experts, partners, brokers, and insurtech specialists. Our members have been in your position and come out the other side and are perfectly placed to partner with you.

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