Innovation in the insurance industry

Innovation Management

“8 in 10 insurers believe that their future success is closely tied to their ability to innovate in the insurance industry”

Innovation continues to be the talk of the insurance industry with no signs of slowing as digitalization continues to pick up speed. But with all the talk about the power of technology to transform, how many of us can truly say that our working lives have been radically changed by it?

Once regarded as relatively predictable, the insurance industry has permanently changed in the face of emerging risks and evolving exposures. The rise of cybersecurity threats, social and political instabilities, rapid changes in regulation, and escalating anxieties around travel are just some of the top new challenges disrupting the insurance scene. 

On top of that, macro trends related to the pandemic, climate changesustainability, and a digital-first future are changing the way individual and corporate customers choose, commit, and engage with their insurers.

In 2021, compared to 2018, 45% more customers expected 24/7/365 online support from their insurance providers, with 80% saying they would switch insurers if their current carrier’s digital interface lacked user-friendliness.

Not surprising that more than 8 in 10 insurers believe that their future success is closely tied to their ability to innovate in the insurance industry ahead of their competitors. 

For example, for 54% of insurers, their primary goal of formalizing their innovation strategy in their insurance company is to appeal to new customers and break into new markets.

This whitepaper seeks to explore – innovation in the insurance industry, hoping insurance talent and their customers can enjoy what has been promised for so long: true innovation in insurance.



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