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The Reality of Product Innovation in an Established Organization

Innovation - something new or differentInsurance ? risk mitigation/protection?an OXYMORON?. Innovation and Insurance . Developed by technical areas (underwriting, actuarial, claims)No market research conductedTypically - One size fits allLong cycle time to developBuild it and they will come mentalityMarketing Department not involved until product is completedSold by an Agent (Insurance is not bought, it's sold).

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The Reality of Product Innovation in an Established Organization

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Presentation Transcript

    1. The Reality of Product Innovation in an Established Organization

    2. Innovation and Insurance

    3. Traditional Approach To Develop An Insurance Product

    4. According to LIMRA

    5. According to LIMRA

    6. LIMRA Key Findings

    7. Conclusions

    8. The New Paradigm

    9. Drivers of Change

    10. Drivers of Change

    11. Drivers of Change

    12. Drivers of Change

    13. Drivers of Change

    14. Drivers of Change

    15. Drivers of Change

    16. NYLs Response to the New Paradigm

    17. What Is New Horizons?

    18. How does it work?

    19. New Horizons Phase 1

    20. New Horizons Phase 2

    21. New Horizons Phase 3

    22. New Horizons- Phase 4

    23. Variation on a Theme

    24. Learnings

    25. Keys to Success

    26. Keys to Success

    27. Keys to Success

    28. Keys to Success

    29. Keys to Success

    30. Keys to Success

    31. Other Innovation Approaches

    32. Other Innovation Approaches

    33. Other Innovation Approaches

    34. Other Innovation Approaches

    35. NYLs Philosophy

    36. From Theory to Reality

    37. Real Life Examples

    38. In Conclusion

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