Innovation in the Insurance & Financial Services Industry
Incumbent insurance and financial service companies haven’t yet cracked the code on how to disrupt their own market- though some pockets of innovation exist. Instead, insure-techs, leading technology companies, and even e-tailers and manufacturers are leading the way, with new business models and capabilities emerging daily. Many incumbent firms see these disruptors coming, and invest in or even acquire them, though their ability to convert these assets into new revenue remains uncertain.
Incumbents are in trouble when it comes to innovation. Research shows that less than 30 percent of financial services leaders believe they have the expertise, resources, and commitment to pursue new sources of growth. Other research shows that only four percent of millennials are interested in working in the industry. It’s time for incumbents to better learn how to ideate, incubate and scale new ventures and create opportunities to attract, develop, and retain top talent.
Our Approach to Innovation in Insurance & Financial Services
Change Logic has a long history of working with a range of insurance and financial services firms. We have deep expertise in converting insights into the change necessary to compete with the fast pace of disruption. We are experienced in working with highly technical leaders who must learn new approaches to customer discovery, business experimentation, and emerging business-building in order to compete in new and uncertain markets. We engage senior teams in the work of building a case for change within their organization and making decisions on how to allocate resources to fund and achieve bold new business goals.
“Change Logic helped us find ways to close performance gaps in our existing business, and much more importantly, they helped us to reinvent ourselves, to find new sources of income, revenues, profits, and to attract new customers. They helped us develop repeatable mechanisms to drive innovation and successfully reinvent ourselves by ideating, incubating, and scaling new businesses.”
UNIQA Insurance Group