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.