While it does not always seem like it, the insurance industry is in a constant state of change. The change does feel a bit slower at times, but there are moments when the shift is more seismic, affecting not only the products and services but also the very culture of the industry.
In the past decade, the industry has begun to move from traditional transactional-based businesses, where insurers simply collect premiums and pay claims to a value-based business, one where providing customised lifestyle services and new products, have become the new business standard. Look no further than the rapid call for usage based insurance models or parametric insurance products.
Insurers are looking to revitalise their culture by blending business practices with technology to deliver a better outcome for their policyholders. However, organisations need to modernise more than just their products and services to be successful.
In this innovation spotlight, Jeff Picozzi, global insurance lead, Red Hat, discusses why open culture cannot be simply a buzzword and why the insurance industry needs to embrace open source technology to innovate and meet customer demands.
• Open culture.
• Fostering an open ecosystem.
• Why your people are your greatest asset.