"BCG’s 15th annual #innovation report. Should we not have hoped that at least one insurer could make the top 50?
"Let’s start with the good news. The number of companies reporting that innovation is among their organizations’ top three priorities is up 10 percentage points in 2021 to 75%—the largest year-over-year increase in the 15 global innovation surveys BCG has conducted since 2005.
But only about half of companies are investing behind their aspirations.
Priorities are good, but commitment counts, too. And just under half of the companies in our research report are putting real resources behind their priorities. We call these companies committed innovators.
An organization can create real value only if its underlying innovation system is ready to translate priority and commitment into results. On this dimension, the news is sobering."
BCG from the full report accessible (e via link at bottom of article)
This week I have written a great deal about the disruptive changes impacting the insurance, auto manufacturing and mobility services markets ( links below). Interestingly, some of the enterprises I talk about are in the top 50.
What are the lessons for insurers?
More on that next week in https://www.insurtechworld.org
Superior readiness drives value creation—and resilience. Consider BCG’s annual roster of the world’s 50 most innovative companies. The 50 most innovative companies of 2007, just prior to the Great Financial Crisis, delivered total shareholder returns between 2007 and 2012 that were 4 percentage points higher per year than the market. And the story during COVID-19 is similar. Our pre-pandemic 50 most innovative companies of 2020 have outperformed the index by a staggering 17 percentage points in the past year—and even if you remove high-flying tech giants (Apple, Google, Amazon, Facebook, and Netflix), top innovators’ outperformance is still 13 percentage points.