Picture this: A company has an outdated core system, so its executives decide to upgrade it. After months of contract negotiations, they strike a deal for an upgrade, and the implementation process begins.
This might seem like a far-fetched example, but it’s one that frequently happens at insurance companies . It’s the Red Queen Effect in action: Companies take drastic steps only to remain where they currently are. The Red Queen Effect is a term you might recognize from Lewis Carroll’sAlice that “it takes all the running you can do, to keep in the same place.” Insurance companies must avoid the Red Queen Effect to remain innovative and competitive.
Insurance executives can fall into the line of thinking that innovation starts and ends with a core system upgrade because theirs is outdated—that’s the circular logic of the Red Queen Effect in action. But by focusing on the “foundation” of their technology, insurance executives risk missing the chance to innovate on a deeper level.
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