Boston and London – May 20th, 2016
Imaginatik and Ingenin today announced a global partnership to provide end-to-end innovation solutions for the insurance industry.
The partnership combines Ingenin’s deep domain expertise in the insurance industry and their extensive knowledge of the InsurTech space with Imaginatik’s award-winning innovation software platform and innovation consulting services.
The last 18 months has seen an explosion in the number of InsurTech startups being launched across all aspects of the insurance value chain. There has never been a more important time for insurance companies to take innovation seriously by equipping themselves with the required skills, experience, and platforms to innovate effectively.
In a recent Ingenin / Insurance Times innovation survey, over 63% of insurers and brokers stated that they needed to innovate to create products and services that are more relevant to today’s customers. Over 55% believed that existing culture and a lack of structured tools and experienced resources was a major roadblock in their ability to innovate.
With the rise of InsurTech startups and potential threats coming from a whole range of established consumer brands looking to capture a slice of the insurance ecosystem, it’s no surprise innovation has become a Board-level agenda item at virtually every insurance company. There are now over 1,000 InsurTech start-ups that have collectively raised over $10Bn, just in the last few years.
The world is going digital, and insurance is no exception. Digital transformation relies on innovation to deliver both better customer outcomes and culture change internally. Innovation is not about playing side games, it’s about keeping up with – and anticipating – customer needs.
– Steven Zuanella, Chief Digital Officer, Zurich Insurance
Ingenin’s inside understanding of the innovation drivers in the insurance industry provides a key advisory capability to Imaginatik’s offerings. “We always look for deep domain expertise when we tailor solutions to particular industries, and with Ingenin we have found a tremendous partner for the insurance industry,” commented Ralph Welborn, CEO of Imaginatik.
Despite insurance companies’ growing appetite for innovation, most are under-prepared to face the challenge, as they lack the structure, skills, tools, and resources to innovate consistently.
To complement Ingenin’s ability to help insurance firms understand which types of innovation to pursue, Imaginatik brings a complete toolkit of processes, methodologies, and software systems to make sure they can execute on their innovation plans.
Disruption is happening in insurance – on multiple fronts. The only real way to drive innovation impact is to structure an explicit approach, driven from the top and powered from the bottom.
– Daniel Kaiser, SVP Innovation and Development, CUNA Mutual Group
“Multiple analyst firms have named Imaginatik as a top innovation software and services provider, and I feel confident that their capabilities will make a large difference across the insurance industry,” added Ingenin CEO Manjit Rana.
In addition to offering joint solutions, the two companies will also develop thought leadership content to help insurance companies with their innovation programs.
Ingenin Ltd is a multi-award winning, blue sky thinking innovation consultancy focused on the insurance industry. The business was launched by the two co-founders of the AXA Insurance Innovation Hub. Ingenin has a deep understanding of the insurance sector, an entrepreneurial and innovative approach to solving challenges, and the ability to put the customer at the heart of next generation propositions.
Ingenin are innovative and creative thinkers, commercially driven with proven success in creating added value opportunities, able to communicate concepts at a senior level and translate intellectual ideas into business propositions.
We are experts and thought leaders on technology based innovation in the insurance sector with a strong understanding of trends, developments, and issues in the InsurTech space. Ingenin is well placed to identify innovative and new solutions for insurance companies looking to evolve their products, services and operations to better service todays digital, mobile-enabled, and constantly connected customers.
Our clients range from global insurers and top-tier technology providers to InsurTech start-ups. For more information, visit www.ingenin.com.
Imaginatik® is the world’s first full-service innovation provider, with 20 years of experience building developing innovation into a sustainable competence at some of the world’s largest and most respected companies. Through a mix of consulting, program management services, and an award-winning enterprise software platform, Imaginatik helps clients develop innovation capability into a permanent competitive advantage. Imaginatik is the trusted partner of leading organizations including ECCO, Exelon, ExxonMobil, Cargill, The World Bank, Mayo Clinic, The Chubb Group of Insurance Companies, Dow Chemical, and Goodyear.
Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE: IMTK.L) and is a World Economic Forum Technology Pioneer with offices in Boston, MA, and Fareham, UK. For more information, visit www.imaginatik.com.