quarterly-insurtech-briefing-q4-2017
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Incumbent InsurTech Strategy<br />
(Re)insurance Innovation Survey<br />
Value of External Innovation Partners<br />
Accelerators/incubators viewed as most valuable external innovation partners<br />
Academic Partners/<br />
Scientific Literature<br />
6%<br />
18%<br />
32%<br />
28%<br />
15%<br />
Accelerators/Incubators<br />
8%<br />
22%<br />
31%<br />
24%<br />
14%<br />
Bankers & VCs<br />
3%<br />
18%<br />
26%<br />
29%<br />
25%<br />
External Ideation Consultants<br />
4%<br />
16%<br />
38%<br />
26%<br />
17%<br />
Industry Analysts 4%<br />
19%<br />
41%<br />
30%<br />
7%<br />
Extremely Valuable Very Moderately Slightly Not at All Valuable<br />
Value of Internal Innovation Sources<br />
Customers and employees viewed as most valuable internal sources of innovation<br />
Competitive Intelligence<br />
17%<br />
38%<br />
28%<br />
14%<br />
2%<br />
Corporate Venture Capital<br />
6%<br />
19%<br />
26%<br />
26%<br />
22%<br />
Customers<br />
38%<br />
28%<br />
23%<br />
10%<br />
2%<br />
Employees<br />
25%<br />
40%<br />
28%<br />
7% 1%<br />
Suppliers/Vendors<br />
6%<br />
28%<br />
44%<br />
19%<br />
4%<br />
Extremely Valuable Very Moderately Slightly Not at All Valuable<br />
Innovation Needs at Insurance Value Chain Functions<br />
More than 55% of participants believe each of the following value chain functions is “extremely” or<br />
“very” in need of innovation at their company<br />
Marketing & Distribution<br />
18%<br />
43%<br />
29%<br />
6%<br />
4%<br />
Underwriting<br />
21%<br />
37%<br />
29%<br />
8%<br />
6%<br />
Customer Service<br />
16%<br />
48%<br />
26%<br />
10%<br />
1%<br />
Claims Management<br />
21%<br />
41%<br />
26%<br />
7%<br />
5%<br />
Customer Retention<br />
20%<br />
35%<br />
24%<br />
16%<br />
5%<br />
Extremely in Need Very Moderately Slightly Not at All Valuable<br />
41 willistowerswatson.com