September 2017 - Silicon Valley is often championed as the leader of technology innovation. While the Valley seems to hold the optimal blend of talent, capital, and ideas, there is no single formula that produces innovation. As insurers are increasingly expected to bring innovation in-house, operationalizing innovation is becoming imperative. The insurance industry is ripe for the type of disruption that the Valley offers, and carriers can take away valuable lessons to prepare to lead their organizations into the future.

This brief explores insights and best practices for insurers from Novarica’s Silicon Valley Innovation Tour in the third quarter of 2017.

Key Points and Findings

• R&D is often spelled M&A. Silicon Valley provides many opportunities for carriers to invest in and partner with startups producing innovative technologies.
• Innovation starts at the top and trickles down. It’s not enough to confine innovation to a lab; successful innovation is driven by executive leadership and permeates enterprise-wide.
• The talent landscape is shifting. Organizations throughout the Valley are looking for creative solutions to challenges in attracting and retaining talent, specifically women, in technology.