In this session on reinventing the wheel, Brad Toerien emphasized the importance of purpose-led innovation and discussed barriers to innovation in businesses and industries.
He highlighted the need to align innovation efforts with a larger purpose and remove obstacles such as leadership, culture, and outdated processes. Brad emphasized the significance of building innovation into a company’s DNA and focusing on customer needs. He also discussed barriers and enablers for innovation in the insurance industry, including the lack of consumer trust and the importance of technology and alternative sources of customer data.
Market adoption, distribution, and compliance were identified as crucial factors for successful innovation. The talk stressed the importance of trust, purpose, culture, technology, and data in fostering innovation in the insurance industry.
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Gavin Peters, VP Marketing at Genasys Technologies, in his talk, discussed the challenges and opportunities of innovation. He highlighted the difficulty of understanding and predicting change and the barriers insurance companies face due to complex processes and limited customer feedback. He introduced the concept of “pro adaptability” and emphasized visionary leadership, a flexible culture, and the right processes and technology as key areas of focus for innovative businesses.
Peters emphasized the importance of considering the end customer and putting oneself in their shoes to solve their problems. He discussed the need to look at customer wants and improve insurer processes through automation. Overall, the talk emphasized the importance of innovation for insurance businesses to stay ahead in a rapidly changing landscape by embracing pro adaptability and addressing barriers to innovation effectively.