Why is innovation important?

Lukas Jöhri
April 16, 2020
Innovation, Strategy
Those who do not innovate cannot survive in the long term: Particularly in a small, open country like Switzerland, companies must continuously develop and adapt to situational conditions through innovation.

A rolling stone gathers no moss

How innovation sustainably secures the company

Innovation is important because the needs of customers and companies change. One of many reasons is the constant increase in computer performance, which automates more and more tasks and changes the way we communicate. New customer needs arise and others simply fall away. Even highly regulated industries like insurance are subject to change. New customer needs and business opportunities are emerging every day to which we can respond.

Technology-driven change is centuries old and all companies maintain appropriate research and development activities to be able to respond to it adequately, including Baloise. Each of our products goes through a product lifecycle which varies in length. Product lifecycles tend to be shorter, but this depends heavily on the product and the definition of the product. New computers or mobile phones are currently obsolete after less than a year, whereas we have been able to buy the same jeans for decades. Innovation enables customers to buy ever new and even better experiences and products, which constantly changes our everyday lives.

It is important to understand that in a business context standstill always means a step backwards.

Globalisation, mobility and sustainability

Megatrends change our companies

It is important to understand that in a business context, standing still always means taking a step backwards. An unchanging company is overtaken and put out of action by its competitors and the changing environment within a very short time. The biggest of these changes are called megatrends (available in German only). These arise, for example, through changing habits or new technologies. Current megatrends are increasing networking and globalization, the knowledge culture, aging, changes in mobility, sustainability and others. 

Even if we are not consciously aware of this, our world is constantly changing. Which innovation of recent years do you value most? What was the last thing you did not use, without knowing that you will never use it again? You can see which innovations Baloise has produced over time in our Innovation Timeline.

How is Baloise innovating?

A step-by-step explanation of our innovation process

Baloise Open Innovation

We specifically promote innovation: Get involved

Our innovations

What innovations we have already produced