Insurance executives recognize the need for new ideas, new skills and new opportunities is obvious, and while some change can be catalyzed from within – the greatest opportunities will likely come from outside of the organization.
In our recent research we found that insurers are increasingly focused on creating alliances and partnerships to drive new growth, create new channels and crack new innovation. In fact, 43 percent of insurance organizations have already developed partnerships with academics and other third parties.1 More than a third have developed innovation hubs or labs to ‘incubate’ new ideas for their organization or group.
However, our experience suggests that few insurers have yet to find a ‘winning formula’ for successful partnerships in the insurance sector. And, as a result, most are now looking for new approaches and new models that can help them drive real and sustainable value from their partnerships and alliances.
“Striking a new partnership needn’t mean starting from scratch. It’s about learning from both traditional competitors and new disruptors. And it’s about shamelessly borrowing best practices and new ideas from outside the insurance sector and its traditional allies.” – Gary Reader, KPMG’s Head of Global Insurance.