a new world of opportunity: the insurance innovation imperative · 2020-06-10 · a new world of...
TRANSCRIPT
24th Annual Insurance Issues Conference
A New World of Opportunity: the Insurance Innovation Imperative
reducing lossesNew technologies are …
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saving lives
driving new business modelsincreasing customer interaction
The insurance sector is ripe for disruption
drive growth by delighting customers
Innovation needs to
© 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
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who expect continuous innovation
challenging current value propositions
strategies must be flexible to respond to disruption
innovation cannot be viewed in a vacuum
Learn to live with change
© 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
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“If somebody is going to disrupt our industry, it might as well be
us” – John Geyer, MetLife
majority are concerned about new entrants and more nimble competitors
Most insurers link innovation to growth
How will you respond?
© 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
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monitor value of each interaction with the customer to overall customer experience
incentivize employees to prioritize success of customers – not products
Encourage change through cultural transformation
break down internal silos
© 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
kpmg.com/insuranceinnovates
to drive transformational change the board and executive must actively drive the innovation agenda
two-thirds of Canadian boards discuss innovation at least once a year
Apply agile and dedicated leadership
balance agility with desire to maintain control
© 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
kpmg.com/insuranceinnovates
Why are you investing?
© 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
kpmg.com/insuranceinnovates
of measuring return on their investment in
innovation
83%
5 out of 6 Canadianrespondents had no
formal way
Learn from others
© 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
kpmg.com/insuranceinnovates
“Those that are able to create the partnerships to develop the right products and services to meet future market
demand will, ultimately, win the race”Dieter Becker, Global Head of Automotive, KPMG International
look at other industries such as airlines or retail for
inspiration
consider partnering to acquire new skills
Mary Trussell Gary ReaderNational Practice Leader, Insurance Global Head of Insurance647 777 5428 +44 207 694 4040 [email protected] [email protected]
www.kpmg.com/insuranceinnovates
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