Survey Shows Property has Innovation in its Future

Property Innovation SummitConferences provide a live forum to present ideas from thought leaders and generate dialogue. But the true measure of a good conference is when the audience feels it has a voice. Short of pulling the entire audience up on stage at this year’s Property Innovation Summit, we decided to take a survey to collect current thoughts on innovation.

PINs AudienceWe asked our 130 senior insurance executives to rank their respective carrier companies on a scale of 10 on its “ability to innovate.” (Not a trick question!) This was an anonymous poll, so we were expecting low numbers because, as they say, there is always room for improvement. Surprisingly, the majority (32%) of respondents gave their companies a seven. As many as 23% gave their companies a nine.  [Editor’s note – this could definitely be a self-selection bias the attendees who come to the summit every year typically come because they are innovators.]

We then asked about obstacles, starting with “what stands in the way of Innovation at your company?” More than half (53%) picked corporate culture as the main road block to driving innovative ideas. PINsThis was followed by a quarter of respondents citing “success / market leadership” as standing in the way of innovation. “Failure not acceptable” was cited by 16% of respondents. This was interpreted to mean that organizations typically have a low threshold for failure. In comparison, in Silicon Valley, failure is worn like a badge of honor. It’s not a bad thing to have failed. Not when you’re young or trying out new ideas. The important thing is to keep trying. Failure can be a mark of resilience.

We were happy to see that next year’s Property Innovation Summit will likely draw a healthy dose of interest. For two reasons. On the question of why attendees came to the Summit, a vast majority (68%) cited, “To increase my ability to lead others to innovate.” Again, see note on self-selection above.

There was also agreement on where people see room for improvement. When faced with making a choice between auto and property, it turns out that auto is doing just fine, thank you. The vast majority (73%) said property was the clear winner insofar as needing more innovation.

Innovation is certainly in the cards for property.

To inquire about attending next year’s invitation-only Summit, please contact Joel Makhluf at jmakhluf@enservio.com or call (781) 292-6050.

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