The insurance industry is finally embracing innovation, and technology like telematics is helping to revolutionize the way insurers engage with policyholders.
Innovation can come in different forms such as finance, process, product, and delivery. These types of innovation are essential in finding better sponsors, teams, and resource allocation.
Innovation management and service offerings can help companies escape the commodity trap, as seen in the transformation of GE Aviation’s business model to offer engine maintenance and repair services through their ‘‘Power by the Hour’’ pricing model.
