Client expectations have increased exponentially in recent years. Insurers and reinsurers are now being squeezed by tech-savvy and more nimble new entrants and capital markets solutions. To address these challenges, the industry must encourage a culture of experimentation and innovation while still mitigating financial risk.
Like many financial institutions some in the insurance industry saw customer trust decline in the fallout from the financial crisis, notwithstanding their financial strength and the security they provide.
To remain relevant, innovation will need to become part of an insurers’ organizational DNA, a transformation that will impact the entire value chain. To do this, we believe that the industry needs to tap the fresh value-creating ideas not only of their employees, but also partners, customers, suppliers, and other parties beyond their own boundaries.
KPMG International will release a global research report examining innovation in its broadest sense – to harness emerging technologies, to reach a whole new generation of clients, to respond to disruption from outside the sector, or as a means to improve efficiencies, reduce costs, and respond to changing client expectations and regulations.
If you would like to receive a copy of the final report, please contact us.