Embrace the Power of Open Innovation and Ecosystem – SMA
Article Synopsis :
With the proliferation of social media and easy access to information tools like the internet and smartphones for customer feedback, companies are turning to crowd sourcing to fetch innovative ideas.
Denise Garth in the blog “Embrace the Power of Open Innovation and an Ecosystem to Re-imagine Insurance” discusses the powerful combination of crowd sourcing concepts i.e. innovation ecosystem and open innovation. These become vital for insurers in positioning, retaining and becoming market leaders. Key points discussed in the blog are:
- How a plethora of companies are implementing the concept of open innovation and innovation ecosystem
- Why insurers should shift focus on the concept of open innovation and innovation ecosystem
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Digital Insurer's CommentsDenise Garth in the concluding remark rightly points out that “Insurance industry disruption has begun and will tear down the business assumptions and paradigms of the last 20-30 years, or more”. While redefining innovation in the digital age, insurers will have to find answers to the following questions:
- How to intelligently apply open innovation and innovation ecosystem?
- What are the application areas for open innovation and innovation ecosystem?
- How to quantify the quality of open innovation and innovation ecosystem?
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