Be Original – The Need for Ownable Innovation

The business mantra of searching for and adopting “best practices” – those successful ideas and practices found among outside organizations, and transplanted into one’s own company – may not be the competitive advantage once thought.

According to a recent study conducted by PriceWaterhouseCoopers: “With new tools, technologies and behaviors coming on fast, ‘best’ ideas about what works ‘best’ are failing fast and need updating. Companies are on the lookout for ways to differentiate their strategies and drive differentiated capabilities in order to gain a competitive advantage and become more profitable. What may have once been differentiating now looks like an also ran and insurers accordingly are taking a serious look at what’s better and how to achieve it.”

The report continues: “Oftentimes, in order to achieve these goals, companies often apply ‘best’ practices that other companies have used and/or industry observers advocate. However, this…results in no real differentiators and excursions down blind alleyways.”

All of this points to the needs for innovation that an organization can truly claim as its own.  Technology advances, understanding what has worked well for other organizations, along with remaining current with and anticipating relevant emerging issues, all contribute to the mix.

This concept applies to how insurance policies and packages get developed, as well.  As an independent insurance firm, the professionals at The Reschini Group have the freedom, responsibility, and obligation to continuously update, refine, and develop the best products and services for our clients.  We can operate autonomously, free from the limitations and restrictions that other insurers may face.

Contact us to learn more about our approach to serving you best.  It’s an approach not based on how others define “best.”


Copyright 2018 The Reschini Group

The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

 

Source: https://www.pwc.com/us/en/industries/insurance/library/best-practices.html

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