Page 26 - Insurance Times December 2021

4th Prize Winner : Technical Paper Writing Contest 2020

PRODUCT

INNOVATION IN

INSURANCE : THE

DIGITAL DIVIDEND

Introduction: a new method, product, or idea - the act of innovating is
rather complicated. If the new idea or product fails to
"There is one thing stronger than all the armies in enhance the competitive advantage or the effectiveness of
the world, and that is an idea whose time has come."
the company, it only serves as a hole in the ship of the
business which can sink the enterprise.
Victor Hugo's words resonate well with the roadmap of
products and their launches in the Insurance landscape The new service or product also needs to meet the
today. The volatile and uncertain world within which regulatory norms of the industry and ensure that it does not
companies operate today is ridden with challenges. In order
expose the company to unnecessary risks. For its own
to stay relevant, competitive, and defend market share,
incubation the new product needs a supportive environment,
companies today have to ride the turbulent waves of fickle management of inherent risk of failure, and an ecosystem
customer loyalty, disruptions in traditional operating that is willing to take risks and persevere. This makes the
models, and ever-changing technology trends in the rough journey of an idea, from conception to fulfilment, a cycle that
seas of business.
is not only lengthy but also complex. This is precisely why
most companies continue to follow traditional methods that
Companies therefore have to continuously redefine their are heavily documented and protected fiercely like a stone
business models and innovate. While the dictionary meaning
of innovation is simple - process of finding and implementing walled fortress.

Innovation infuses fresh air into organizations helping them
Author realise gains beyond imagination. This changes companies
from a brick and mortar fortress into a living and breathing
Rachana Grover structure that is continually evolving. Only when
DELHI organizations exude such a structure do they really begin to
progress and maintain their competitive edge.

26 The Insurance Times, December 2021