New research finds firms are focusing on survival

UK insurance leaders are struggling to deliver on innovation as their firms focus on survival rather than growth, according to new research.

In a study of 20 insurance leaders of firms with a £10m or higher turnover, three-quarters (75%) say it is “almost impossible” to gain support to test new ideas.

This is despite 80% believing they need to innovate more than ever to keep up with the pace of change, and 25% naming innovation as their top priority. 

But when support to test a new idea is secured, 45% of insurers can prototype a new idea within six months, which is faster than any other UK industry, according to the research by ?What If!.

Despite this testing speed, 65% of insurance companies take either just as long, or even longer, to get a new idea to market than they did in 2009.

 

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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