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.