Innovation in Canadian Insurance: The Leadership Gap
Celent has been researching what practical steps insurance firms are taking to increase their innovation capabilities. Overwhelmingly, survey respondents reported that innovation is important or critical to achieving company strategy. However, innovation efforts are not receiving the management attention or investment required for success.
Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and result in value to the customer.In the report Innovation in Canadian Insurance: The Leadership Gap, Celent extends this research by examining current efforts in innovation in Canadian insurers. The report analyzes responses to a survey of insurance professionals conducted in conjunction with Insurance Canada in the third quarter of 2014.
The objectives of the survey were to:
- Gauge the importance of innovation to business strategy.
- Identify key benefits from innovation.
- Detail the common barriers to implementation.
“Survey respondents are dissatisfied with the results of innovation efforts to date,” says Mike Fitzgerald, a senior analyst with Celent’s Insurance practice and author of the report. “Insurers need to innovate to meet consumer expectations. The data demonstrated a leadership gap in most companies which, when solved, opens opportunities for firms that invest in innovation.”