A significant majority of Insurers understand that innovation is increasingly becoming a differentiator in the global market place, according to results of an A.M Best Survey of its rated entities on the subject. These survey results are part of an extensive Best’s Special Report on Innovation titled ‘Insurers Agree Innovation is Critical for Future Success.
A.M Best believes Innovation is needed as the Insurance Industry rapidly changes and new risks emerge that require up-to-date Service processes and coverages emerge. Nearly 9 out of 10 respondents from more than 450 Insurance Companies globally said that Innovation was moderately to extremely critical to their organization’s Success.
Key reasons for Innovating varied but most Companies said they wanted to better address Customers’ needs. (22% said to gain competitive advantage 21% said to realize operational efficiencies).