KPMG: The insurance innovation imperative
September 23 2015
The fact that technology and innovation have created a new world of opportunity for individuals, businesses and society is obvious. Only slightly less obvious is that the future will be shaped by those who are innovating today. For the insurance sector, this is not just a fact, it’s an imperative.
The reality is that customers, investors and employees demand innovation. Indeed, they expect it, not only from technology providers and device manufacturers, but also from insurance organizations. Insurance providers can no longer do ‘more of the same’ and expect to grow.
This innovation imperative is not a simple equation. There is no ‘silver bullet’ to create a more innovative organization; no ‘off the shelf’ package that drives new ideas. Instead, insurers and intermediaries will need to navigate their own path through this new world of opportunity, developing new business and operating models and new partnerships in order to out-compete and out-innovate their peers and bold new entrants.
Striking a path for innovation needn’t mean starting from scratch. Instead, it is about leveraging wins and experiences, including the ideas of others, to create new propositions and approaches to delight customers and create value. It’s about learning from both traditional competitors and new disruptors. And it’s about shamelessly borrowing best practices and new ideas from outside the insurance sector and its traditional allies.
At KPMG, our firms work closely with many of the world’s most innovative and creative insurers and intermediaries. Our experience suggests that a world of opportunity exists for those bold and innovative enough to seize these opportunities to create competitive advantage.
-
AIG’s McMurdo to join Steadfast MGA as CUO personal lines
- August 20
The move comes as the broking group's MGA division acquires AIG's HNW home and contents portfolio.
-
QBE’s Hammond on transformation and growth
- July 2
The Asia chief executive discusses Covid-19, going digital and restructuring.
-
Swiss Re: Nat cats and man-made disasters in 2018
- April 10
Climate change, increased urbanisation and a growing concentration of assets were on the risk agenda for 2018.
-
Willis Towers Watson: 2019 Asia Market Report
- March 19
Economic uncertainty, more complex risks and tighter underwriting are all influencing Asia's markets.
-
AXA XL | Low and no-cost cybersecurity actions for companies
Considering the increasing frequency of attacks, the evolving threat landscape, including the use of AI to launch more sophisticated attacks, companies today can’t afford to ignore the possibility of being targeted by cybercriminals.
-
BHSI | Managing non-Asian exposure in long-tail lines
While US-exposed business can look attractive to Asian carriers, managing the volatility around the long-term results and the ability to model those losses are crucial, say BHSI’s Marc Breuil and Marcus Portbury.
-
Sedgwick | To Handle CAT Claims Well, Multi-Step Preparation is Key
When it comes to risk, it’s not a matter of “if” it’s a matter of “when” an event will occur.
-
HSBC Asset Management | Is it time to relook at Asian currency bonds?
With diversification and performance high on investors’ agendas, it seems a good time for global portfolios to revive allocations in Asian local currency bonds – including Hong Kong dollar (HKD) bonds.
