Overview: The insurance industry, being regulated, is going to be risk averse by nature, causing companies to be more cautious rather than innovative. Despite the relative flatness of the industry, history has shown that the insurance industry has managed to steadily trudge along without experiencing the major upheavals that have been seen in many other sectors in recent years. But greater competition and the rise of ever-larger companies are forcing the surviving players to get creative in a fight for market share. Companies that seize the opportunity to innovate first will have a distinct advantage to survive and lead within their industry.
Challenge: Insurance is both a necessity and a commodity for consumers. Statistical modeling and quantitative forecasting have enabled insurers to offer similar, competitive rates. And the rise of online rate comparison tools has made it easier than ever for consumers to switch providers. Recognizing this, our customer is working on ways to enhance its brand, improve customer service and develop new marketing approaches. Its front line employees have a wealth of knowledge, experience and ideas. The challenge was that the company lacked a common platform for sharing and selecting ideas. Here are some other challenges facing the insurance industry:
- Focus has been on creating new products rather than on the consumers needs
- Risk management
- Improving property and casualty claims
- Cost reduction
- Changes in sales and distribution such as: decline in business volume and speed to market
- Privacy and information protection
- Regulatory reform
Solution: This insurance industry leader chose Spigit to provide its collaborative innovation platform. It kicked things off with a timed blitz, asking for ideas in several categories, including call center service, online customer experience and the mobile market. Employees rate ideas, and use their currency to buy and sell ideas on the Spigit platform. Community feedback and the associated Spigit analytics surface the best ideas. The initial deployment was to a limited group of several hundred employees. After reviewing the results of the blitz, Spigit is being rolled out company-wide to tens of thousands of employees.
Use Spigit for Insurance with:
EnterpriseSpigit - leverage your expansive employee base for the brightest ideas
- Full suite of social software tools: forums, blogs, wikis, social profiles, activity streams and tags
- Advanced analytics engine for finding the best ideas among all contributions
- Idea trading market allows employees to buy and sell ideas
- and much more...
ContestSpigit - propose challenges and contests to your public base of support
- Easy access via customer self-registration
- Sharing of ideas via popular social media sites, including Facebook, Twitter and LinkedIn
- Full set of APIs for integration with other applications and sites
- and much more...
PredictionSpigit - cut costs and reduce risk with accurate forecasting
- Forecast project milestones, sales, and other events more accurately
- Gain deep insight into your communities, tune your platform to your specified needs
- Offer tangible rewards for useful contributions
- and much more...
Benefits
 | Improve research and development, improve employee morale, increase customer loyalty and drive bottom line growth. Learn how. |
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Participation
 | Increase participation with IdeaSpigit 's built-in rewards and incentive program. Learn More. |
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How We're Different
 | A lot of companies claim they do the same thing. They don't—they can't! Find out why |
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Insurance
