There’s good news and bad news when it comes to innovation in the insurance industry. The good news is that innovation is taking place—much of it led by genuinely committed innovators who see a bright future before them. The bad news is that much of what passes for “innovation” in the industry is probably more akin to incremental improvement. And that kind of incremental improvement may not be enough to sustain companies through coming market disruptions.
These insights and others are presented in a new report from Celent entitled Innovation Outlook 2015: Practitioners' Predictions. The report, which was authored by Celent senior analyst Mike Fitzgerald, is based on a survey of innovation leaders inside and outside the insurance industry. That survey investigated the outlook of enterprise innovators to the coming year and found that 80% anticipate increased threats of disruption from outside the industry. In addition, 90% believe customer expectations will continue to escalate.
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