Innovations of Insurance Companies and Investment Funds

Abstract

Etymologicaly, to innovate means to renew, to restore and the word stems from Latin word innovare. It essentially means the introduction of something new or different. Innovations are usually classified into product and process innovations (e.g. Oslo Manual, 2005; Greenhalgh & Rogers, 2010; Allen & Yago, 2010; and Pain, 2011). The product innovation is the introduction of a new or significantly improved product or service that improves the range and quality of those currently offered. The process innovation is the introduction of a new or significatnly improved process of production or delivery of goods and services. In addition to product and process innovations, classifications can also encompass organisational innovations (e.g. Olso Manual, 2005; Allen & Yago, 2010 and Pain, 2011) as well as marketing innovations (e.g. Olso Manual, 2005 and Pain, 2011). According to Oslo Manual (2005) “an organizational innovation is the implementation of a new organizational method in the firm’s business practices, workplace organization or external relations” (p.51). Also, according to Oslo Manual (2005) “a marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing” (p. 49).