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Innovation in insurance: The end of insurance as we know it 10 December 2020

The insurance industry is undergoing a major period of transition. Insurers understand that business models of the past will not necessarily lead to success in our much-changed future. To that end, insurers across the globe are disrupting themselves, using innovation labs and partnerships with startups to unearth the best digital tools and products that bring new value to their customers.

From digital services that help customers look after their own health to redesigning real-time customer experiences, leading insurers are developing and implementing digital tools that are expanding on the traditional role insurance has played in peoples’ lives. One thing is clear, the dramatic changes brought about by Covid-19 have supercharged the digitization trend that was already reshaping the industry.

Certainly, there are many challenges in our current moment and on the horizon. But insurers understand that to stay relevant in their customers’ lives, it is crucial to continually innovate. Those companies that are seizing this moment with a transformational, digital-focused outlook are setting up themselves up for success in the future.

That is why we asked companies about how they manage their innovation process and maintain a culture that is forward-looking and not afraid of change. Along with an expert POV from Rob Galbraith, a true thought leader in the insurance world, I am sure that their responses will help as you chart your own path to stay at the forefront of the industry.

We want to thank all contributing insurers for providing their expertise and insight for this newest edition of Voice of the Insurers. And we hope you find this an interesting and informative resource on the new world of insurance that awaits us.

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