Lack of time and resources are hold insurers back from innovating

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.

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.

Lack of time and resources are hold insurers back from innovating

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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