Exploring initiatives for innovation

Insurers have for years mistaken optimization for innovation, but true innovation requires a willingness to try something different to address persistent operational challenges.

When thinking about business value, there is often confusion between efficiency and effectiveness. Both are required to create value. Both are important. However, one cannot be substituted for the other.

Efficiency has its limits. One cannot get water out of a rock!

Another way to think about this issue is to think about optimization versus innovation. The former focuses on squeezing the last drop of value through existing means; the latter on finding new means of value creation.

This report takes the example of the insurance industry and makes this point more elegantly!

 

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Posted on 05/20/2009 by


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