Innovation means a lot of things to many people. It typically means doing something that no one else does with the measuring stick being what everyone else is doing. To Berkley Re Direct (BRD), it means asking ourselves “What do we want to be possible?” This is the heart and soul of innovation. The challenge then is to make it real. All things may not be possible but if you don’t identify what you want to be so and try, you will never truly innovate. This goes well beyond just thinking outside the box which is a step away from “that is the way we have always done it” or the antithesis of innovation.
Our culture is based on technical expertise – knowing what the best practices are. That gives us our foundation to move to where we need to go which is making the small commercial business process easier, more efficient and comprised of intelligent compromise in order to achieve that. One of the core principles of our team is that there is a solution to every problem. Solutions drive innovation.
Our Cyber product is our best example of where we brought our philosophy to fruition as we employ no applications and capture low hazard, low size and low limit insureds in a very efficient way for our clients. It offers a model of how we want to execute all of our Custom Turnkey Solutions (CTS). Another innovation example is our Family Cyber Solution where we provide internet cleanup for factually untrue statements as one of the modular coverages. We also offer Employment Practices Liability (EPLI) and Contractors Professional Liability (CPL) and charge off of a percentage of the General Liability (GL) premium. The future is providing all our products on an automated basis. That is a definitive step up from what we have done in the past and will create a new playing field.
Our innovation process starts with ideas. Ideas can come from anywhere and be about anything. All employees are encouraged to submit ideas which are vetted and assigned priorities. High priorities are converted to new products or distribution channel by assigning a Project Leader who forms a team with members from all parts of the company. While we do have an Innovation Team at BRD, everyone at BRD is an innovator. It is our mission within the Berkley Group.