January 14th, 2010

(Re)Insurance Innovation: Committing to the Leading Edge, Part IV: Staying Out Front

Posted at 12:00 PM ET

mckeown_christopher_bioChris McKeown, CEO of Global Analytical and Specialty Practices

Innovation must be continual, because of the lifecycle that governs it. If you’re not innovating (or adopting) now, you’re falling behind. The advantages of one innovative solution are quickly outpaced when another is developed or that same solution is adapted to new situations; and if the originator is not doing the work to make those leaps, the reputation of innovation can be quickly lost.

Constant attention must be paid to emerging ideas and developments within the industry. Internally, vigilance detects where current solutions may be lacking and what risks on the horizon may call for new tools. Priorities must be placed on encouraging innovation and insight throughout the organization; no matter what the intellectual store of a company, without the means to both express and act on insight and creativity, it will not keep pace.

Where such values thrive, innovation and success follow. At Guy Carpenter, a history of innovation started with the founder himself, a reinsurance pioneer. From its beginnings to its position today, the company has advanced ideas that have transformed the industry and earned it a place amongst the innovative elite. It has developed new means of transferring risk, driven standards of policy language, originated a holistic approach to catastrophic losses, spearheaded the movement of insurance as a new asset class and addressed new risks of expanding business forms, such as e-commerce and cyberspace.

Guy Carpenter has positioned itself at the cutting edge of model development, with industry-first models, including CASUS, LEAD, European flood models and REVEAL, and platform initiatives like i-aXs and MetaRisk. Maintaining the innovation advantage, however, is not just coming up with the next generation of the same solution; it is also a matter of considering the very nature of a solution from a different perspective. With such an intention, Guy Carpenter has prioritized knowledge and its distribution as an industry risk management solution, exemplified by such innovations as CAT-i and RISK-i Bulletins and the award-winning GCCaptialIdeas.com.

Riding the leading wave of innovation earns companies like Guy Carpenter a reputation that proves not only a company’s ability to serve its clients the most advanced risk management solutions, but also assures those organizations seeking commonplace tools that the service provider they have chosen is at the top of its field. Keeping that edge of innovation sharp preserves these advantages.

Click here to read Part I: Overview >>

Click here to read Part II: The Challenge of Innovation >>

Click here to read Part III: Get in the Game Early >>

Click here to read all Guy Carpenter articles about (re)insurance innovation >>

Click here to have this series delivered directly to you by e-mail >>

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