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Insurance innovation takes time but leads to competitive advantages

As insurers face fierce competition and pricing pressure, many are looking to innovative ways of doing business to drive revenue and growth or risk falling behind. Today’s technologically savvy consumers demand personalized offerings, responsive customer service, a wider range of options, and the ability to research and engage with carriers online.

For insurers, innovation is a key factor to increasing market share and improving customer retention. Innovative products and solutions enable companies to service client needs in new ways that competitors have not considered or been able to provide.

Successful insurance innovations are thoroughly tested, feasible to administer, and compliant with laws and regulations. To innovate rapidly and effectively, companies need a road map that helps them continuously evolve processes and offerings to better serve clients and ultimately gain competitive advantage. Milliman consultant Ashlee Borcan provides more perspective in her article “Innovate to win: Insurance industry roadmap to success.”