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{"id":9975,"date":"2020-09-26T20:11:05","date_gmt":"2020-09-26T20:11:05","guid":{"rendered":"https:\/\/sviaccelerator.com\/?p=9975"},"modified":"2020-10-06T18:24:54","modified_gmt":"2020-10-06T18:24:54","slug":"platform-systems-foundation-for-agility-speed-and-innovation","status":"publish","type":"post","link":"https:\/\/sviaccelerator.com\/platform-systems-foundation-for-agility-speed-and-innovation\/","title":{"rendered":"Platform Systems: Foundation for Agility, Speed, and Innovation"},"content":{"rendered":"\n \n
Innovation & Agility = Insurer Survival.<\/strong> COVID rocked our world. Normal family, community, and business practices turned upside down. Insurance operations that relied on paper and in-person interactions obsolete. Surviving requires innovation and agility. Without an enabling platform, it’s impossible. That\u2019s why every insurer needs to build an innovation scorecard. \n<\/p>\n
Gaining an Outside-In Perspective<\/strong> \n<\/span>Let’s\u2019 take a step outside of insurance for a few minutes to gain some outside-in perspective. In February of this year, US automaker, Tesla, recorded a Market valuation of $160B, making it the second-most valuable automaker, behind Toyota. Its market value is now greater than GM, Ford and Fiat Chrysler combined.<\/span>\u00a0<\/span>GM has electric vehicles. Ford has electric vehicles. Fiat Chrysler has plans for hybrids and all-electric cars and Jeeps. What makes Tesla any different than these automotive giants? How did the startup catch and surpass some of the world\u2019s largest auto manufacturers?<\/span><\/p>\n
Innovation as a Core Business Principle \n<\/b>Tesla subscribed to the notion that innovation provides value. Innovation is no longer thought of as the territory allowed for creative business outliers focused on disruption. And it isn\u2019t a simple concept that is only applied to operational-tactical initiatives. It is a core business principle that companies must apply in broad strokes in order to remain relevant and competitive, something AM Best focused on in their Innovation Rating criteria which we discussed in our report, <\/span>Future of Insurance:\u00a0 Optimization, Growth, and Innovation.<\/span><\/a>\u00a0<\/span><\/p>\n