Insurers can either prosper by becoming digital insurers or continue along the same path and watch their customers migrate to companies that offer more innovative products and services that better suit their needs.
In a highly competitive industry that is not traditionally known for innovation, changes in demographics, technology, channels and business models are creating significant new opportunities for insurance companies to defend market share and increase revenue and margins. The need to innovate, and to do so quickly, is now deemed critically important by 88% of insurance companies. But innovation can come in different forms.
While insurers should test disruptive ideas, they can also deliver business value quickly by focusing on adjacent product innovation. Simply put, adjacent innovation includes taking existing products into new markets and digital channels or creating new digital products for existing markets.
This blog covers:
• The importance of having a properly balanced innovation portfolio.
• The benefits of adjacent innovation.
• Adjacent innovation in action.