So our co-founder Michael had an article published in Modern Insurance Magazine.
It emphasises the crucial role of creativity in business success, highlighting its importance in the 21st century, and that includes industries traditionally seen as conservative and super rational, like insurance.
While creativity is often associated with artistic fields, the article argues that it applies to all sectors, including insurance. Creativity simply involves producing valuable, new, and counterintuitive ideas, which is essential for overcoming cognitive biases and promoting rational decision-making.
It doesn’t come more cold-bloodedly rational than chess, yet the mercurial ex-world champion Mikhail Tal was known for his breathtakingly counterintuitive moves (such as queen sacrifices) that helped him win games in surprising ways. We can learn much from such "counterintuitive rationality” because it underpins lots of brilliantly creative thinking in non-arts sectors.
In business, there’s the example of Henry Ford’s counterintuitive wildly successful decision to double his workers’ wages overnight in 1914, showing how a rationalist style of creative thinking can transform an industry.
For insurance companies to stay competitive, they must embrace creativity, starting with leadership that fosters an innovative culture. The article suggests practical steps for encouraging creativity: reducing staff stress, suspending hierarchy during brainstorming, and fostering openness to new ideas and experiences.
Ultimately, the article urges the insurance industry to recognise creativity not just as a tool for innovation but as a way to challenge conventional thinking and drive progress.
Check it out here https://www.yumpu.com/en/embed/view/sqAp8NPy5SomBChr