a new world of opportunity: the insurance innovation imperative · 2020-06-10 · a new world of...

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

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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?

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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.

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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.

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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.

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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.

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“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 mtrussell@kpmg.ca gary.reader@kpmg.co.uk

www.kpmg.com/insuranceinnovates

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