The Insurance Innovation Imperative | KPMG | NZ

A New World of Opportunity

The Insurance Innovation Imperative

Survey data reveals an insurance innovation imperative.

Survey data reveals an insurance innovation imperative.

The future will be shaped by those innovating today. For the insurance sector, it’s an imperative.” - Gary Reader, Global Head of Insurance, KPMG International

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 organizations.

To explore these opportunities and potential impacts rising for the industry, we conducted an online survey with 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. 

Progress is clearly underway at many leading organizations as they seek to respond to evolving customer demands and differentiate themselves from new, more nimble competitors. But we also found that, there is no ‘silver bullet’ to create a more innovative organization or generate new ideas. Instead insurers and intermediaries will need to navigate their own path. Bold action is required. 

Explore this new world of opportunity and learn how your organization can tap into new sources of innovation, accessing fresh ideas from employees, customers, investors and partners both within and outside the industry.

About the survey

KPMG International conducted on online survey in April 2015 with 280 Insurance industry executives across 20 countries. Sector profiles include: 25 percent Life and Health, 23 percent Property and Casualty, 29 percent Composite and 23 percent other. Of the organizations surveyed 32 percent indicated their global revenues exceed $5B USD; 33 percent said they have between $500M and $4.9B in global revenue, and 36 said their global revenue is less than $500M.

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