How Co-Creation and Open Collaboration Can Drive Insurance Innovation

Posted by Natalie Ho on Mar 24, 2017 12:59:37 PM

Co-creation, the process where companies and consumers work together to create better ideas, products and services has been in practice for many years. Like co-creation, open collaboration is also a means of collectively building better ideas and solutions. However, instead of limiting the input and sharing of ideas, it considers mass contributors, industry peers, and the willingness to openly share the contents that are eventually derived.

Whether companies use traditional means to facilitate their co-creation, such as focus groups and customer surveys, or more modern approaches, such as social media or crowdsourcing, the result is the same. A collection of diverse, insightful data that they wouldn’t have had if they limited the work to the confines of their internal operations.

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