Innovation is the process of translating an idea into a product or service that creates value for the organization. This typically means that the customer is willing to pay for the new product or service. It must satisfy a need and replicable to make economic sense.
For decades, the insurance industry has cultivated an image of stodgy conservatism earning it the perception being a laggard in product or service innovation. That distinction is slowing peeling off with insurance companies of all sizes realize the opportunities presented by digital, social and mobile technologies.
The CIO of Ageas Hong Kong, Henk ten Bos, defines innovation as doing things in a different manner that makes sense from a business perspective. No stranger to innovation he says it’s “very important that everyone gets to decide for themselves based on their business priorities what benefits innovation should bring. “Innovation can come in different ways and in different areas. Digital is obviously very important for us mainly in supporting our distribution channel in doing their work in a very effective, easy, customer-focused way,” he explained.