The Value of Creativity and Innovation in Business!

Over the last decade, creativity and innovation have become even more critical skills for achieving success globally. The need for creative problem solving has arisen as more and more management problems require creative insights in order to find suitable solutions. The United Nations has therefore, chosen April 21 as World Creativity and Innovation Day to raise the awareness of the role of creativity and innovation in all aspects of human development.

Creativity goes hand in hand with innovation, one cannot exist without the other. While creativity is the ability to produce new and unique ideas, innovation is the implementation of that creativity – that’s the introduction of a new idea, solution, process, or product. Creativity is the driving force behind innovation and the incorporation of looking at things from a different perspective and freedom of restrictions by rules and written or unwritten norms.

Why is creativity important in business?

Creativity and innovation within well-run companies have always been recognized as sure paths to success. Stimulating creativity and exploring completely new territories lead to increasing the productivity of the organization. Encouraging employees to think outside of the box and giving them time and resources to explore new areas for innovative ideas is the key to cost-effective business solutions.

Creativity improves the process of solving problems. It does not matter if we are talking about developing a new strategy or an innovative way to stay ahead of the competition. Creative problem solving gives that competitive edge that all businesses strive to achieve.

The insurance industry over the years has evolved with the introduction of new creative ideas and innovation such as:

1. Micro-insurance: A low-income insurance and risk mitigation tool has now been made available for a previously neglected population. Micro-insurance is now an innovative and profitable product. More insurance companies are taking it seriously and providing digital channels to onboard these customers. A key channel is the AXA Mansard USSD code, *987#, for example.
2. Robo-advisors: One of the major priorities for most companies now is to meet clients’ need round the clock. Hence, the rise of Artificial Intelligence, like robo-advisors that collect customer data, process queries, underwrite new policies and offer customer support. Robo-advisors like AXA Mansard’s Coach Idris, are expected to take on more assignments like signing up new customers, cancelling policies, filing claims, and assigning premiums. With these innovations in the insurance industry, we can expect more wholesome customer experience.
3. Gamification: Gamification is rapidly gaining traction in the insurance industry and helps the industry activate growth via the creation of create customer-centric solutions, just like AXA Mansard’s com
4. Telemedicine: The service provides a platform that connects patients with licensed doctors who can consult, diagnose, prescribe medication and make recommendations on medical conditions and treatments. Patients can now virtually visit the hospital and see a doctor from the comfort of their homes through their phones, laptops or tablets. AXA Mansard recently partnered with Tremendoc to make this service available to all.
5. Byte-sized products: The creation of lower entry points, represented by affordable products and services, as a way to encourage financial inclusion, is a major challenge in many developing economies. AXA Mansard’s ‘SaveIt’ is platform that enables users set up real-time automated savings account, enjoy flexible and penalty-free withdrawals, save towards a goal with targeted savings, save as an individual/group and choose to either earn or disable their interest. Likewise, the company’s recently launched Business Insurance Plan is a one-stop insurance solution that addresses the business risk exposures of SMEs and can be booked seamlessly via the company’s transactional website.

Want to know more about our innovative products and services, please speak to an AXA Mansard agent by dialing 0700 AXA MANSARD (0700 292 6267273) or visit www.axamansard.com/ or send an email to ccare@axamansard.com.