Innovative Products
Necessity is mother of inventions!! There is a reason innovation is often preceded by “disruptive” (necessity), and disruption is not always welcome in a regulated industry.
There is a rapid pace of change in the Insurance industry, with new risks emerging all the time. Companies need to be able to identify/anticipate risks and cater product needs. Fast and effective innovation and delivery of the resulting products to market does not take place in a vacuum.
Interactions with clients is the source of actionable insights identifying the features and functions of products desired by specific customer segments. These insights are critical to establishing and incorporating product requirements at every stage, from ideation to delivery.
Leading insurers are also broadening their view; instead of looking only at products, they are looking at new ways to offer services, expertise, and partners’ products from their existing platform.
Innovation may be among the most desired but least understood of corporate goals. Most corporate executives recognize the value of innovation, but few would be brave enough to boast of clearly understanding the process of implementing innovation in a business model, and even fewer successfully integrating continuous cycles of innovation in their own companies.
Innovation, as we use it here (at Deinon), refers to any combination of activities and technologies that breaks existing performance trade-offs in the attainment of an outcome in a manner that expands the realm of the possible.
How does our Team innovate?
- Goes beyond more operational improvements.
- Goes beyond the realm of the possible, to do what no one could do before.
The process of Innovation itself may be broken down into three segments:
IDEATION: Involves generating, collecting, sharing and enhancing ideas, and evaluating the business viability of ideas toward making an investment decision. When an idea is found worthy of consideration for even a small investment, a business case is developed to incubate the idea.
INCUBATION: Involves building and testing the idea to gauge its market viability. Having tested the feasibility of the idea.
COMMERCIALIZATION: The next step is to commercialize it-establishing the methodology, hiring and training key personnel, and developing sales and delivery capability to facilitate revenue growth.
Our team assembles and examines existing products and/or systems, and by leveraging their diverse knowledge and skillsets, ideates, experience and executes improvements.
3 reasons to develop New Products with the innovation team at Deinon.
Data
Expertise
Experience
The role of “regular teams” is to sustain and maximize existing products and revenue streams to exploit the organization’s existing advantages for as long as possible. Our Innovation teams differ from regular teams because they are, by definition, constantly anticipating and innovating.
“Where ordinary teams work at a steady pace within their comfort zone, at “innovation” we challenge the status quo.
The above is a brief information of the covers available under the Policy. Please request a copy of the Insurer’s Terms & Conditions of the policy which shall be binding and considered as the final basis for the settlement of any dispute.
For more information. please write to innovations@deinon.ae
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