To prosper and fuel New Zealand’s economy, insurers must continue to adapt their business strategy to respond to changing customer needs, technology advances and regulatory demands. This view is supported by research from a recent KPMG International survey which reveals insurance industry executives are acutely aware of the need to innovate – 83% of respondents agreed their future success was tied to their ability to innovate. Almost half (48%) said their own business models were already being disrupted by more nimble competitors.
KPMG’s General Insurance Update 2015, discusses this innovation imperative.
One thing is clear, there is no ‘silver bullet’ to create a more innovative organisation; no ‘off the shelf’ package that drives new ideas. Instead, insurers and intermediaries will need to navigate their own path through this new world of opportunity, developing new business and operating models and new partnerships in order to out-compete and out-innovate their peers and bold new entrants.
© 2018 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.