“Disrupt before you get disrupted,” said Samuel Chun, Assistant Dean of the Executive Programs and Senior Lecturer of Management Practice at the Olin Business School at Washington University in St. Louis, who presented the first two sessions in the three-part series.
“Maintaining relevance requires companies to anticipate the forces that could render them obsolete,” Chun advised attendees. “No strategy lasts forever. Successful companies facing significant changes and fast-moving competitors often respond with incremental, continuous improvements. That’s not enough. At the very least, you have to be able to quickly adapt the business model. And you’re better off being the disruptor.”
During his sessions, Chun engaged participants with specific case studies of products or business models that had been made obsolete by innovation – and then challenged session participants to identify potential disruptors and come up with ideas to put their employer out of business. The third session in the series was a panel discussion designed to show participants how to foster an innovative culture within their organizations. The panel of insurance professionals and an innovation expert provided best practices and insight into successful innovative cultures.
“As industry leaders in innovation, RGA is proud to have made this series possible for SOA attendees,” said Kathryn Cox, Senior Vice President of Business Development, RGA. “We have long been a forerunner in developing innovative products, services and solutions that help our clients compete in an evolving market. We thank the SOA for providing us with the valuable opportunity to share the spirit of innovation with our industry peers.”
The 2014 SOA Annual Meeting and Exhibit, held from October 26-29 in Orlando, Florida, hosted more than 2,000 actuarial professionals from around the world to attend more than 100 sessions on topics ranging from enterprise risk management and healthcare to emerging technologies and retirement. This is the third year that RGA has hosted a series dedicated entirely to innovation in the insurance industry.
Reinsurance Group of America, Incorporated (NYSE: RGA), one of the largest global life reinsurance companies in the world, provides clients with individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development. The company serves clients from operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom, and the United States. Worldwide, RGA has approximately $2.9 trillion of life reinsurance in force and assets of $42.9 billion.