The insurance innovation imperative: bold action required

Bold action required

The industry is at an inflexion point. Bold action is needed to seize opportunities and answer the innovation imperative. Please watch our short video featuring key findings from our survey.

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Evolving customer needs – fueled and empowered by technology, individuals and insurance buyers – will continue to shift the demands customers make of their insurance providers.  “Customers don’t come to their insurance providers for a specific product, they come to them to help manage the risks they face. You can’t respond to that shift with a product-centric structure,” Mary Trussell, Global Insurance Innovation Lead Partner, KPMG in Canada.

There is little doubt that technology will dramatically transform the industry over the next 5 years. In this environment, continuing linearly with past technologies, processes and business models will likely prove to be the most risky strategy of all. Those who focus their innovation efforts on strategically relevant capabilities will prevail.

Ten actions for innovation

We believe there are ten actions management can take to thrive

  • Apply agile and dedicated leadership
  • Encourage change through cultural transformation
  • Cultivate high-performing human talent
  • Understand why you are investing
  • Decide how your organization will thrive as the industry transforms
  • Learn from others
  • Develop your own view of when and how advances in technology will impact your organization
  • Leverage new technologies into your current business
  • Mitigate risk by investing and experiment
  • Be willing to disrupt exiting business models.

Thank you

We would like to thank all those who completed our survey. And big thank you to the companies who shared their time and insights on innovation, their concerns and approaches including – MetLife, Munich Resinsurance Company, Swiss Re, Bought By Many, Life Insurance Made Easy (LIME), Beagle Street, AMP, Reinsurance Group of America (RGA), Mapfre, Insurance Australia Group (IAG), AIG, Desjardins, Achmea and Generali Group (listed in order of appearance in the publication).  

We will be posting the indepth discussions with many of these firms in the coming weeks, so please check back to learn more from these industry leading established firms and startups.

To learn more about how we can help you foster innovation, contact your local KPMG Partner, or email insurance@kpmg.com.

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