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The worlds most Innovative Companies Paul Garrity  Business Card Company: SAP Posted on Nov. 04, 2009 10:06 PM in Co-Innovation Lab, Insurance, Run SAP URL: http://www.bcg.com/documents/file15481.pdf

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The last blog I wrote started with the title "Insurance Innovation", it started a quick discussion in the office on what constituted innovation and who were innovative companies. Of course, we were not the first to discuss this, the Boston Consulting Group, who kicked off our insurance innovation series last year, produce a yearly report that attempts to identify the worlds 50 most innovative companies using a consistent survey process. You can find it here...Innovation 09.

Just for fun, we quickly mapped the lists from 08 and 09 against the SAP customer list and found that in '08 42 of 50 were SAP customers and this year 47 of 50 are customers! So 94% of the worlds most innovative companies run SAP - a pretty impressive result. From an FS standpoint all the FS companies mentioned in the report are SAP customers, although there aren't enough insurers (ie. any) making the top 50....yet.

I think a well done to our customers is deservered.

Paul Garrity is Insurance Industry Strategist for SAP Australia and consultant on BPM & CRM

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Please let me know what you consider examples of innovation in Insurance.
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• insurance innovation
  2009-11-05 05:31:36 greg misiorek Business Card [Reply]
  
  two years ago i would say AIG...but maybe this is not the kind of innovation we are after...;-)
  • Insurance Innovation
    2009-11-05 19:26:35 Paul Garrity  Business Card [Reply]
    
    In a recent conference I attended, a senior exec at AIG said that whilst last year they missed a few financial targets at least they overperformed on their brand awareness targets!
    Actually, I believe AIG was and is a pretty well run and innovative insurance company, their problem was they went outside of thier core business into credit default swaps looking for fast growth without prudent risk coverage. SAP is currently helping them with their recovery plan to ensure that in future they'll be able to have much better clarity and governance around risk accumulation and their re-insurance position. We're seeing a lot more focus on these topics from local insurers too.