An overwhelming majority of insurance executives, 83%, say their organization's future success is closely tied to their ability to innovate, according to “A new world of opportunity: The insurance innovation imperative,” a report and survey from KPMG International. However, nearly as many say they are already running to keep up with their day-to-day requirements and lack the skills necessary to drive innovation.
Rapid innovation has created significant challenges for insurers, according to the report, as 48% said they already are experiencing disruption from new, more nimble competitors, and 40% said that over the next two years they would face increasing competition from existing competitors, which would create significant challenges. Nearly 66% said they already are looking to other industries, such as automotive, retail, healthcare and technology, for inspiration and innovation models, and to models for customer focus, people and change to encourage innovation, KPMG said.
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