Analysis of Changes in Innovative Management of Global Insurers in the Pre- and Post-COVID-19 Eras

Abstract

This study aims to determine the changes in the innovative management of global insurers in the pre- and post-COVID-19 eras. The keywords of the CEO messages included in the sustainability reports and annual reports of 91 global insurers were used to perform network analysis based on text mining. Specifically, (1) words related to innovation as emphasized in the CEO message of global insurers were extracted, (2) keywords related to innovation in the past three years, of 2018–2020, were compared, and (3) the characteristics of innovative management were analyzed based on the connotations in these words and their structural interpretation. The results showed that the keywords emphasized by the CEOs varied each year; “market” in 2018, “risk” and “value” in 2019, and “people” in 2020. Furthermore, mapping the open innovation success factors based on the keywords extracted according to eigenvector centrality showed that the key factors exhibiting the highest centrality represented the process in 2018, the provision of resources in 2019, and governance in 2020, indicating changes in innovative management. The significance of this study lies in suggesting a directionality of change in post-COVID-19 innovative management for stakeholders, clients, and employees of global insurers.