New York, NY (Nov. 5, 2014) – Celent has released a new report, titled Innovation in Canadian Insurance 2014: The Leadership Gap. The report is authored by Mike Fitzgerald, a senior analyst with Celent’s Insurance practice.
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.
In the report, Celent extends this research by examining current efforts in innovation in Canadian insurers. Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and results in value to the customer. 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; and
- 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 in order to meet consumer expectations. The data demonstrated a leadership gap in most companies which, when solved, opens opportunities for the firms investing in innovation.”
The full report is available from Celent.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].