Charged with Innovation

Last month, we held our fifth annual Claims Innovation Summit at the historic Hotel Del Coronado in San Diego.

Widely regarded as the Property Insurance Industry’s premier thought leadership conference, the summit brought together senior claims executives from the nation’s top insurance carriers with speakers ranging from industry leaders and respected insurance analysts to high-profile business transformation and innovation experts.

The atmosphere this year was charged with innovative thinking from such luminaries as best-selling author, Steven Johnson, NBA Hall of Famer, James Worthy and Andy Wasyncuk, senior lecturer at Harvard Business School.

Here is a recap of the highlights from the presenters:

Fresh off of his book tour, NY Times best-selling author Steven Johnson gave insights from his latest work, “Where Good Ideas Come From.” Regarding British physician John Snow’s discovery of the source of England’s cholera epidemic in 1854, Steven noted:

• “The first thing that I stumbled across which is really crucial is that Snow did not have a Eureka moment looking at the map. For some reason, we have this almost innate desire to tell innovation stories… Eureka moments are the exception and not the rule.”

Ellen Carney, Senior Analyst at Forrester Research, is a property insurance industry futurist – she clued us into her unique perspectives:

• “Claims right now is scorching hot.” [We now] “can pull data out and make better decisions for underwriting and what we’re going to pay out in claims”

Finally, Andy Wasynczuk, Senior Lecturer at Harvard Business School, sparked a lot of creative thinking in a working session exploring innovative strategies for negotiation:

• “If you have an alternative that’s better than the negotiated outcome, you’re crazy for doing the deal. Fundamentally, once you understand both roles, what their reservation values are… [you enter] a zone of possible agreement. If you’re outside the ZOPA, one of you had an alternative that’s superior to the deal on the table.”

Plans are already underway for the 2012 Summit, and we’ll be sending out a “save-the-date” note shortly. Don’t miss it your opportunity to be a part of this game-changing event – we’ll see you there!

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