Insurance industry expert Rob Galbraith, founder and CEO of Forestview Insights, highlights a growing trend in the sector driven by a “fear of missing out” (FOMO) spurred by innovations from insuretechs and external pressures from vendors and regulators. This shift is fostering greater transparency and encouraging established insurance companies to embrace innovation more actively, despite longstanding resistance to change. Galbraith emphasizes the need for a structured approach to innovation, advising firms to focus on effective processes from ideation to implementation while remaining adaptable in their project management. The evolving landscape necessitates that insurance organizations enhance their capabilities to successfully navigate the complexities of innovation.
