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

Indranil Nath
Vice President and Executive Partner, Insurance,
Industry Solution and Sales, Europe
IBM Global Business Services

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