Innovating insurance: Lessons from the world’s leading innovators

Executive Report from the IBM Institute for Business Value

Armonk, NY (Mar. 30, 2016) – The insurance industry faces many risks and challenges, including maturing markets, tight capital, increasing risk, and customers equipped with modern technologies and the new expectations they create.

Insurance has largely escaped major dislocation, but change has been accelerating. To succeed today and tomorrow, in an environment being driven by the expectations of customers – expectations acquired from experience with other, more digitally advanced industries – innovative capabilities, once considered “nice-to-haves,” need to become central to insurance carriers’ everyday business.

Innovation enables insurers to streamline operations, transform functions, create efficiencies and develop superior capabilities. For customers, innovation can bring advanced products and services for a new level of experiences. And innovation can help define new partnering and business models, disrupting traditional insurance industry value chains and enterprise models.

View or download the Executive Report here.

Innovation – key to future protection

With high levels of protection through regulation and other factors, insurers have lacked an imperative to innovate to remain competitive. Yet shrinking premiums in a slow economic environment, rapidly changing customer expectations and behaviors, and unprecedented technological advancement are changing the game. Insurers can no longer count on barriers to entry to protect them, as emergent forces of change gnaw away at traditional business models. They need a more systematic approach for driving innovation across their organizations, culture and processes. This executive report highlights key innovation lessons from the world’s most successful organizations and identifies specific strategies that can help insurers innovate and outperform.

About the IBM Institute for Business Value

The IBM Institute for Business Value leverages IBM’s global industry, functional and topical teams and experts to discover emerging trends, business innovations and success patterns. For more information, visit