Nearly half of insurers lack formal innovation strategy
Saturday, 06 27 2015, Category: Insurance and Reinsurance, Country: World
Insurers need to innovate to tackle global risks such as sustainability, but a “worrying” 45% of insurers admit they have no formal strategy for achieving this, KPMG has warned.
In a report, the consultancy said innovation would enable insurers to find commercial opportunities in addressing the world’s environmental and economic challenges through partnerships with organisations such as governments and NGOs.
Based on a survey of 280 insurance executives across 20 countries, the report found 40% of respondents considered innovation to be an informal collective responsibility for the entire organisation. Another 8% said their chief innovation officer should be responsible for new ideas.
In addition, 74% said they lack the core skills to drive innovation. Some 79% say they are “just trying to keep up” with what they are already doing, while 14% said they lacked the board-level sponsorship required to drive innovation.
Source: The Actuary