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.

Study highlights

Only 23 percent of insurance leaders provide a clear impetus for innovation

Only 19 percent of insurers have a specialized innovation department

Only 18 percent of insurers measure innovation outcomes

About the authors

Christian Bieck
Global Insurance Leader
IBM Institute for Business Value

Lynn Kesterson-Townes
Worldwide Commerce Marketing Leader - Insurance
IBM Marketing

Anthony Marshall
Research Director and Strategy Leader
IBM Institute for Business Value

Read related IBM executive reports

Capturing hearts, minds and market share

How connected insurers are improving customer retention

More than magic

How the most successful organizations innovate

Banking redefined

Disruption, transformation and the next-generation bank

Download the IBV App

Access our latest thought leadership, including C-suite studies and industry insights. Maintain a library, receive regular updates. Explore enhanced content.

Subscribe to the IdeaWatch Newsletter

Sign up to receive monthly e-mail updates on recent papers from the IBM Institute for Business Value.

Insurance consulting services

Explore our insurance solutions, that can help you make smart investments focusing on informed interactions, streamlined operations and enterprise resilience.