Unhindered by legacy mindsets, processes, and systems, greenfield initiatives can enable insurers to innovate quickly and freely.
If your firm is like most carriers, it’s dedicating considerable resources to legacy modernizations and digital transformations. Although critical, these efforts are incremental in comparison to rapid disruption wrought by the meteoric rise of insurtechs and the emergence of ecosystems as the new economic world order.
However, about half of your leading competitors have decided that incremental innovation isn’t enough. That’s right. Half. According to a recent survey of innovation practitioners by Celent, just over 50% of these future-focused carriers, regardless of size or type, are pursuing a disruptive innovation strategy called greenfield.