Industry Evolutions

Are Insurance Innovation Programs in Good Shape? How Do They Know?

New Assessment Gives Insurers a ‘Wellness’ Check of Innovation Efforts

LAKE FOREST, Calif., March 18, 2019 /PRNewswire/ — ITL Advisory, the strategic consulting arm of Insurance Thought Leadership Inc., is offering insurance companies a new innovation assessment service, designed to evaluate whether their programs have critical elements for success—especially considering A.M. Best’s plan to begin evaluating insurance company innovation efforts.

Insurance rating agency A.M. Best on March 14 released a draft of its proposed insurance innovation assessment process, kicking off a comment period before it formalizes the criteria and procedures that will form the basis for reviewing how comprehensive and effective an insurance company’s innovation efforts are. Visit here for more details.

The Future of Financial Strength

“The Best proposal is significant and underscores the importance of innovation to the future financial strength and sustainable growth of an insurer. The release of its draft criteria and procedures will create some urgency among insurers to understand the innovation process, and start or accelerate efforts to implement innovation programs,” says Wayne Allen, CEO of Insurance Thought Leadership.

ITL Advisory’s new assessment service is designed to provide insurance organizations with a quick, independent and confidential assessment of whether their innovation programs are on the right track and aligned with best practices, and that they contain essential elements to deliver an ROI on innovation. The assessment will help companies to anticipate whether they are prepared for the A.M. Best review, or serve as a standalone check on their program elements.

will create some urgency among insurers to understand the innovation process, and start or accelerate efforts to implement innovation programs...

Companies that would like to take advantage of the complimentary assessment can learn more and schedule an assessment here.

 

About ITL Advisory
ITL Advisory, led by Chief Innovation Officer Guy Fraker, aims to help insurance industry organizations and executives gain the knowledge and skills to operate a successful innovation program that has a measurable impact on the bottom line. ITL Advisory uses an insurance innovation framework that has been adopted by world-class insurers and reinsurers who are leaders today in the innovation space. Learn more at http://info.insurancethoughtleadership.com/itl-advisory
About Insurance Thought Leadership
Insurance Thought Leadership serves decision-makers and innovators transforming the insurance and risk management marketplace with thought leadership, an innovation software platform and advisory services. ITL’s mission is to enable help our network to be smarter about the drivers transforming the insurance industry and to inform and connect members in ways that lead to innovation and strategic advantage. For more information, visit www.InsuranceThoughtLeadership.com