Insurers and intermediaries can no longer do ‘more of the same’ and expect to grow. Technology and innovation have created a new world of opportunity for individuals, businesses and society. The reality is that customers, investors and employees demand innovation. Indeed, they expect it, not only from technology providers and device manufacturers, but also from insurance organisations.
To explore these opportunities and potential impacts rising for the industry, we conducted a survey of senior insurance executives, augmented with commentary from some of the world’s most forward-thinking insurers, reinsurers, intermediaries, start-ups and disrupters.
Combined with insights from our network of professionals, our report - A New World of Opportunity: The insurance innovation imperative – underscores that, in order to make the most of the future ahead – the industry needs to pivot from a traditionally risk-averse culture to one that encourages experimentation while mitigating risk.
Yet, our research and experience suggest that some respondents may be overly-focused on incremental, operational innovation rather than market-shaping innovation with 31 percent saying their growth strategy for the next 2 years is focused enhancing existing products and services.
Data from 280 senior industry executives from around the world find an industry at an inflexion point. The time is now for insurers to seriously explore the vast universe that has opened to them - fuelled by technology and demanded by their customers. Below are a few of the highlights from the survey.