Lessons from the world's leading innovators
Innovation – key to future protection With high levels of protection through regulation and other factors, insurers have lacked an imperative to innovate to remain competitive. Yet shrinking premiums in a slow economic environment, rapidly changing customer expectations and behaviors, and unprecedented technological advancement are changing the game. Insurers can no longer count on barriers to entry to protect them, as emergent forces of change gnaw away at traditional business models. They need a more systematic approach for driving innovation across their organizations, culture and processes. This executive report highlights key innovation lessons from the world’s most successful organizations and identifies specific strategies that can help insurers innovate and outperform.