How Creativity and Innovation Will Set Your Insurance Business Apart
Do you want to know how creativity and innovation will set you apart from your competition?
As you read the story below, ask yourself whether you offer something unique. Then imagine the impact to your business using creativity and innovation.
On December 17, 1903, a man walked into a restaurant in Norfolk, Virginia to announce that “there are two loony Yankees down at Kitty Hawk trying to learn to fly.” Little did this man realize that these curious pair of innovators would achieve the first powered, sustained and controlled flight of an airplane.
The credit card was introduced in the 1920’s for automobile owners to make the purchase of gasoline easy and efficient. As companies like American Express and Diners Club made it possible to purchase meals, lodging and merchandise with the swipe of plastic, the concept of the credit card took off.
In 1968, a scientist named Spencer Silver was researching ways to make 3M’s adhesive tape stronger. He failed to meet his objective, yet discovered something new – an adhesive strong enough to stick on many surfaces but could easily be removed and reused. In 1977, Post-It Notes hit the market.
What do the Wright Brothers, the credit card and Post-It Notes have in common? Creativity leading to innovation.
Creativity is the act of producing new ideas, approaches or actions while innovation is the process of putting an idea into action. Creativity is always the starting point for innovation.
People who have a gift for creative innovations tend to differ from others in three ways:
- Expertise. Specialized technical knowledge in a particular discipline.
- Creative thinking skills. Flexibility and imagination as relates problem solving.
- Intrinsic motivation.
Commoditization is a huge issue for the insurance and risk management profession. It is evidenced by ferocious price competition, leading to lower prices, margins and profits for agents, brokers and carriers. Unless you offer something unique or differentiated, price will win every time. In today’s fast-paced, turbulent marketplace, it is critical that you understand the importance of creating a culture that fosters imagination, originality, diversity of perspectives and fresh ideas.
For more ideas on how to break the commodity trap connect with Beyond Insurance on: