A survey carried out by Insurance Times has found that that the primary reasons why insurers are not innovating is a lack of time, resources and the appropriate internal culture.
The study, carried out with 33 brokers and 32 insurers, found that 47% of respondents believe that a lack of time was preventing them from focusing on the ways they can innovate.
Last year, the same survey found that more than 70% felt they were unable to be more innovative due to a lack of skills, knowledge or the ability to hire the right staff to make it happen. In comparison, the 2016 survey found that brokers (55%) and insurers (50%) felt it was a lack of innovative culture internally that was holding their organisation back. A lack of resources was also cited by 61% of brokers and 50% of insurers.
Respondents were also asked: “what is the primary reason to innovate?” This revealed that 70% of brokers listed the need for business growth as the biggest motive, in contrast only 47% of insurers listed this as the primary reason. Insurers listed “relevance for customers” as the main reason to innovate (63%). A smaller number stated new markets (38%) and improving productivity (22%) as the biggest drivers.
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