Digital Revolution: Accelerating Innovation

“Innovation is a clearly perceptible leap of renewal. The existing is thus shaken up. This is hardly the case in the Dutch insurance market,” say Dennie van den Biggelaar and Jack Vos in this article published in the most well known insurance magazine for professionals in the Netherlands.

In the Dutch insurance industry, it seems fairly comfortable to keep everything the same, while other sectors, such as retail and travel, have undergone significant changes due to strong competition. According to a recent innovation study conducted in the insurance industry, there is an expectation that ‘something’ is coming, and that ‘something’ will be a significant disruption for the industry, especially in the personal market. It is forgotten that these innovative players are already shaking things up in other countries. For example, Wefox, an online insurance platform, is rapidly conquering Europe. Or the Indian insurtech Acko, in which Amazon has invested. Acko had 70 million customers in a short time. Both Wefox and Acko are backed by Munich Re, and that is no coincidence.

Innovation always follows a recognizable sequence. From product to services, to solutions, to experience, to transformation based on strategic innovation. At transformation, the caterpillar becomes a butterfly. Therefore, it is a good idea to sit down with your management team in a cocoon and first formulate a clear, bold innovation strategy. Do this preferably with people who can think outside their own walls, otherwise, you’ll end up with just a caterpillar with running shoes.

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