Innovation to Deal with New Risks in the Insurance Business

We must be prepared for the new technological challenges

Innovation to Deal with New Risks in the Insurance Business Innovation to Deal with New Risks in the Insurance Business

There are many trends linked to innovation and technology which have radically altered the way the insurance industry has operated up until now. Risks relating to innovation that we are prepared for today are not necessarily those we will be faced with tomorrow, which presents a challenge that we need to be ready for.

In order to deal with the strategic risks they currently face, companies are obliged to come up with innovative value propositions. Examples of risks for which innovation can become the cornerstone for seeking alternatives to solve and overcome them include technological change, overlapping sectors, the emergence of new players that are more dynamic than traditional insurance companies, changes in customer priorities and needs, an acceleration of the demands in terms of time to market, etc.

To get companies to adapt to changes within their sphere of operation, a cultural change is required at all levels. Training in tools such as Design Thinking contribute to the possibility of technological innovation penetrating organizations. However, it is not only by implementing this methodology that a company can adapt to the market and achieve its objectives. Being aware of, accepting and embracing change are vital throughout the entire organizational structure.

Understanding the changes affecting the business, observing and analyzing our own work environment and sharing all this information are vital factors in the cultural transformation of the company towards innovation.

*About the author:
Isabel Kolster, Head of the Innovation Community in the MAPFRE Group Area of Business, Customers and Innovation. She coordinates the development of Innovation Offices across all the businesses of the company and works to inspire a group of more than 200 'Innoagents' worldwide. She manages training in methodologies such as Design Thinking and Lean StartUp throughout the group, and actively contributes to the cultural transformation of the company towards technical innovation. She previously spent more than 12 years in Human Resources management with experience in Spain, Northern Europe and Asia Pacific.