On the face of it, the insurance industry has already travelled some distance in embracing technology-led innovation. Certainly, customer demand for self-service and online account management is catered for, particularly in the consumerfacing market.

But today’s innovation culture goes beyond just digital. Disrupters with nimble, cost effective business models and customer centric offerings are snapping at the heels of the big players. Their innovations are customer focused and technology led.

Consumer expectations have never been higher. Across all industrial and commercial sectors, retail and business customers see digital technology as a catalyst for a better and more personalized service, providing access to a greater range of providers and products. In the insurance industry, the imperative is to deliver better and faster decision making and products tailored and priced for individuals.

This presents a real challenge for the industry, not least because a burgeoning worldwide fin-tech industry is throwing up new players, bringing fresh-thinking and cutting-edge technologies to the marketplace. Without a commitment to innovation, the incumbent insurers may likely sacrifice market share to more agile competitors.

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