Developing Open Innovation in Insurance

By • on October 5, 2017

The CIOReview website noted that the buzzword of this decade Innovation has been rapidly evolving from simply trying new strategies and technologies to becoming a bonafide business model.  With a global transition towards open innovation , businesses across different industries have needed to align and adjust or risk being sedentary and dying out. Such is the case with the insurance industry. Insurance companies have long enjoyed a time of prosperity, becoming what is now a multi-trillion dollar industry. But with the rise of open innovation, insurance companies have been slower to modernize than others because of their size and popular processes that have brought them to where they are today. Failing to evolve though has created a gap for new competitors to enter the market.

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