Xchanging & Insurance Insider survey shows a general belief that the industry can and should do better with regards to innovation.
The question is "who" will do it? The people who are saying the industry should do better, or the people too busy to answer the survey because they are out there quietly disrupting?
Many respondents admitted the insurance sector has not sufficiently adapted to advances in digital technology, with three-quarters of respondents saying the insurance market has been slow to innovate and is playing catch up in the ‘data age’. One respondent’s view is that the reinsurance sector lags behind peers in the direct insurance market when it comes to innovation, while another said the market is too reactive and “rarely proactive” when it comes to embracing innovation.