Monday, December 29, 2008

Innovation in the insurance industry

To help the insurance industry meet their goals, IBM offers new approaches to address key strategic business issues like being more responsive to the market, quickly identifying and acting on opportunities and managing resources better.

To learn more about IBM’s perspective, read the white paper from the IBM Institute of Business Value. It is titled as “Insurance 2020: Now what? Exploring initiatives for innovation”This white paper details what insurers can do to embrace the change and innovation needed to succeed, including three approaches to business model innovation:
  1. Industry model innovation—moving into new industries, redefining existing industries or creating entirely new ones, and identifying and leveraging unique assets.
  2. Revenue model innovation—generating revenue by offering reconfigurable products and services and pricing models.
  3. Enterprise model innovation—changing the extended enterprise and networks with employees, suppliers, customers and others, including capability and asset configuration

(Details as provided on the website of IBM)

Similarly, report titled as "Insurance 2020: Innovating beyond old models" is also published by IBM earlier.

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