Despite its status as a risk-averse industry, the world of insurance is embracing innovation as a necessary part of its continued relevance. Choosing to do nothing was a strategic choice for some insurers in years past, but now this wait-and-see approach is likely to introduce new types of risk. Given recent events, all industries are having to evolve the way they safely and effectively conduct business.

Successful innovation initiatives can help insurers stay relevant to employees, partners and customers alike. Companies of all sizes in Silicon Valley and other innovation hubs (like the Research Triangle in North Carolina) have mastered the techniques that best enable new ideas to come to fruition.

Bringing innovation into a longstanding organization requires strong leadership. Top-down buy-in to innovation practices, providing the necessary resources across departments and retaining the right employees are key ways to foster a culture of innovation.