OLDWICK, N.J.--(BUSINESS WIRE)-- Matthew Power, Chartis’ Chief Innovation and Strategic Relationship Officer, explains how insurance innovation is the key to driving business innovation everywhere in the latest edition of The Insurance Marketing Podcast. Power is also a featured speaker at Best’s Review magazine’s Insurance Marketing and Advertising Summit, set for November 7 in Jersey City, N.J.
Says Power, “Insurance is the oxygen needed to allow companies to take risk, to grow and to prosper. It’s the mechanism by which families and individuals are able to protect their wealth and establish themselves financially, knowing that their lives and property are protected against a sudden and unanticipated casualty. So in order to remain current and viable from an insurance industry perspective, insurers need to be constantly innovating. As economies and industries evolve and mature, as the world around us changes in complexity and construct, new liabilities and risks emerge in tandem and that's where innovation comes in.”
To hear the full interview, visit www3.ambest.com/bestfeed/advconf/IMAS12_02_MattPower.mp3.
In the interview, Power explains why positions and titles like his, once a rarity, are becoming more common. “I think the role of the innovation officer is likely to expand. Insurance CEOs are increasingly recognizing that simply optimizing traditional business models isn’t enough. In a rapidly changing world you can wake up one day and find yourself optimized right out of business. Innovation is the process of moving companies forward into uncontested market space.”
Innovation means acknowledging that not all ideas will immediately pan out, Power says in the interview. “Every innovation is an experiment; some will succeed, some will require modification, some will fail outright. So for innovation officers leading a team or business unit, giving yourself and your team permission to fail from time to time may actually result in a breakthrough innovation that creates and changes the direction of your organization.”
Power is one of several insurance innovation specialists who will explore this fast-evolving topic at the Insurance Marketing and Advertising Summit. The title “innovation officer” is still a relatively fresh designation within the insurance industry.
The Insurance Marketing and Advertising Summit is a one-day conference focused on the property/casualty, life, health and reinsurance industries. It gathers marketers, communicators, product experts and insurance strategists for a day focused on cutting-edge communication, media, product development and distribution best practices.
Admission is $199 and includes conference materials, continental breakfast, lunch and a networking social to conclude the event. Registration and details are available at www.bestreview.com/imas.
The January 2013 issue of Best’s Review magazine will feature full coverage of this year’s conference. To learn more about Best’s Review and to subscribe, visit www.ambest.com/sales/bestsreview.
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
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A.M. Best Co.
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Communications
Source: A.M. Best Co.