Insurance Industry Spotlight: AM Best’s Innovation Scoring and Assessment

Insurers Must Innovate or Die: Connecting the Dotted Line Between Agility and Innovation

Insurers that do not embrace innovation risk being left behind by new entrants and more innovative traditional players, according to AM Best. In March 2020, to help insurers embrace innovation and better understand where they need to improve, AM Best developed Scoring and Assessing Innovation, a new criteria to measure insurers’ innovation, in addition to the standard financial health ratings. Insurers today face increasing scrutiny on how effectively they initiate, manage and measure innovation.