welcome to my channel don't forget to like comment and subscribe some steps to improve Innovations in insurance industry part one incident is not typically considered a patterns of Innovations despite of long-term expert record of creating new and exciting markets around emerging risks and consumer teammates successfully profiting from Innovations is a complex Company White and differ and most influence have not yet cracked this code at last not on a consistent basis in effect 2017 survey of life and and it is executive found that only 12 percent believe they have a process that delivers strong products Innovations and favor them 30 percent of financial certificates
Executives say that they have the expertise resources and commitments to successfully versus new sources of growth fortunately there are way to establish and Implement cross-cutting practices and processes to structures organize and encourage Innovation for sustainable growth here are five steps for building Innovation into the way an organization works competence and clothes number one save resources from Core Business text to break out Innovations initiatives Innovation is not just about creativity and general things UniQue Ideas it's about identifying unmanned it and adapted markets and addressing them sometimes with and tested Solutions and and proven business models yes to many leaders Embrace Industries without saving enough people assets and Management's attention to bring these ideas to life but simply nothing comes from nothing if a company wants to innovate it must allocate resources to Inner fathing in fact one of the biggest talent this whole thing inserts back from Innovation is capacity but physical and human skeptical and executive means there business as usual has continued to be the priority for traditional incumbents particularly and they have tried to provide steeply to customers through
the descriptions and uncertainty of a global pandemics obtaining statistic products and maintaining exciting systems and making incremental tense have taken the lion steps of influence times a tensions and effort the swords terms a need their tips feel safe particularly if the purchase facing in students or offered priority features number two develop districts products developments Pathways and processes difference Innovation initiatives call for a difference approach for example most organizations can predict some certainty likely chance in Cross written premiums or combined ratio from an improvement to an exciting Comfort or tweak to a core process this knowledge leads to Clarity on the risk and how to mitigate them and these types of innovation is very different from developing a disruptive new products
such as a new life insurance policy with and president's flexibility across living benefit to stock tips products carry house risks from understanding the market opportunity to calm new communicating the failure proposition effectively and precisions have less Clarity around thems they repeat rise and fall of mutual AIDS platform in Asia illustrate the importance of maintaining a balance Innovation portfolio with the difference developments paid way in 2019 several components launched platform their profile simple across to pass this health tougher by radically the thinking products designs and customers engagements with within weeks the most successful of this platform a model and contract part increasing required requirements and address select differences and a healthy members dropped out of the programs increasing the course there by the remaining participants okay thank you that's all see you next
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