Insurance Innovation in North America: CIO Perspectives on Priorities, Opportunities and Threats
This study, conducted by Novarica and sponsored by TCS, is focused on understanding the specific actions carriers have been taking in order to move forward with innovation-oriented plans. The study was conducted with 10 carriers from the Novarica Research Council spanning both the P&C and L&A segments.
The resulting insights and perspectives provide a fascinating view for an industry facing significant changes in its markets, a rapidly evolving demographic for their consumers and persistently low interest rates which keeps financial pressure high and risk tolerance modest. Some key highlights:
- Innovation remains a subject which is attracting significant attention at insurance carriers, across all lines of business, today.
- The main thrust of innovation and disruption into the industry is coming from InsureTech startups that are bringing ideas, technologies, and processes from other verticals into the insurance industry.
- The P&C industry is farther along the innovation curve than the L&A industry. That means that P&C CIOs have had more time to source innovation expertise across their internal and external value chains.
- P&C and L&A CIOs are leaning on methodologies that have proved effective in other industries, for e.g. Design thinking, UX design, Rapid Prototyping.