If it isn’t yet clear that innovation is a key strategy for many insurance companies, and lies at the center of their plans to stay competitive and meet their customers’ evolving needs, A.M. Best has brought this point home even more. The global ratings agency has underscored insurers’ ability to innovate as an increasingly important indicator of long-term financial strength via its ongoing initiative to include this element as part of its rating methodology.
In September, A.M. Best released an updated draft of its new criteria procedure, “Scoring and Assessing Innovation,” after kicking off the process last year when it surveyed over 450 insurance groups in 48 countries to gauge what innovation means to them.
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