There’s been a breakthrough in innovation in the insurance industry, according to Strategy Meets Action (SMA). In its second annual “Innovation in Insurance” report, the research and consulting firm said that while in 2012 insurers were beginning to establish collaborative environments and nurture a culture of innovation within their firms, now almost all insurers (87 percent) in its research have some form of innovation underway. And 20 percent say they have a strong innovation culture in place.
What has not changed since last year is what’s driving innovation. The 80 research participants identified competing more effectively, enabling growth and providing great service to customers as some of the top business drivers for innovation, according to the report.
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