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.
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