Best’s Special Report: Insurance Companies Across the Globe Recognize Innovation Critical for Future Success, A.M. Best Survey Finds
“As the pace of innovation picks up, insurers who do not innovate successfully may have to contend with adverse risk selection,” said
Companies also were surveyed on the challenges innovation can help them overcome, as well as the technologies in which they expect to invest. Other sections in the report examine key trends that are expected to impact the major industry sectors in the near to midterm, and identifies implications for the industry and for future operational and policy initiatives:
- Respondents from each of the primary industry sectors shared similar views on innovation; however, their segment-specific concerns colored survey responses to questions regarding their innovation strategy, process and implementation;
- Despite barriers to achieving progress, companies in emerging regions responded that they see innovation as even more vital, compared with responses from developed regions, as it can give them an edge in penetrating markets faster and fill a niche that currently is not being met; and
- The use of artificial intelligence, big data, Internet of Things, cloud computing and blockchain technology all have the potential to reshape the industry’s value chain, but are experiencing differing levels of acceptance in the insurance industry. The adoption of blockchain in particular faces a more difficult hurdle than the other technologies due to its current narrow usage.
Other report sections focus on the impact of innovation on regulation, as well as answers to frequently asked questions regarding A.M. Best’s innovation initiative. As a next step,
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=278448.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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