“8 in 10 insurers believe that their future success is closely tied to their ability to innovate in the insurance industry”
Innovation continues to be the talk of the insurance industry with no signs of slowing as digitalization continues to pick up speed. But with all the talk about the power of technology to transform, how many of us can truly say that our working lives have been radically changed by it?
Once regarded as relatively predictable, the insurance industry has permanently changed in the face of emerging risks and evolving exposures. The rise of cybersecurity threats, social and political instabilities, rapid changes in regulation, and escalating anxieties around travel are just some of the top new challenges disrupting the insurance scene.
On top of that, macro trends related to the pandemic, climate change, sustainability, and a digital-first future are changing the way individual and corporate customers choose, commit, and engage with their insurers.
In 2021, compared to 2018, 45% more customers expected 24/7/365 online support from their insurance providers, with 80% saying they would switch insurers if their current carrier’s digital interface lacked user-friendliness.
Not surprising that more than 8 in 10 insurers believe that their future success is closely tied to their ability to innovate in the insurance industry ahead of their competitors.
For example, for 54% of insurers, their primary goal of formalizing their innovation strategy in their insurance company is to appeal to new customers and break into new markets.
This white paper seeks to explore – innovation in the insurance industry, hoping insurance talent and their customers can enjoy what has been promised for so long: true innovation in insurance.
Agorize is the most comprehensive innovation management platform, supported by a team of experts and community of innovators. For over a decade, we’ve been providing technology powered by a community of 5 million innovators to foster change and accelerate innovation. Our clients and partners worldwide crowdsource, evaluate and develop solutions from startups, employees, developers and students using Agorize.
We’ve helped over 300 global enterprise companies in Europe, North America, and Asia Pacific, including Enterprise Singapore, Huawei, Microsoft, LVMH, PepsiCo, Bayer, Schneider Electric, Hitachi, L’Oréal and many more by running their innovation programs.
An innovation challenge, or innovation competition, is a competition organized by a company to bring forward innovative solutions. The organizer defines clear objectives and problem statements, after which innovators are invited to submit their ideas and solutions. Proposals can come from startups, employees, students or other talent that is relevant to the topic at hand. Through a process of crowdsourcing and assessing ideas, mentoring participants and developing solutions, the organization will identify the winning proposals that will be implemented. More than 300 enterprise companies have organized innovation challenges with Agorize.
Their results speak for themselves. They’ve reduced go-to-market time with internal teams, fast-tracked the development of niche solutions with the products and services of startups, created long-term strategic partnerships and brainstormed future-proof ideas with students from top universities. Overall, it accelerated their own transformation and made themselves more future-proof.