The insurance innovation imperative: A new world of opportunity

The insurance innovation imperative

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.

Chairman of KPMG New South Wales and National Sector Leader, Insurance

KPMG Australia


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A man lying on the sand

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.

Key findings

  • Insurance executives overwhelmingly know that innovation will drive future competitive advantage and growth, with 83 percent seeing it as key to their company’s prospects.
  • 48 percent of Australian survey respondents say that their organisations are already experiencing disruption from new, more nimble competitors, while 61 percent say that increased competition from their existing competitors will create significant challenges over the next 2 years. 
  • Australian insurers’ growth strategy is centred on enhancing existing products and services. Australia was also more likely than all other geographies to grow by focusing on new customers with existing products, rather than developing new products.
  • Australian insurers, more than any other region, saw key opportunities in digital technology and its integration into business objectives and use of customer data analytics to improve underwriting, pricing and marketing.

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.

Fast facts

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. 



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