Innovation in insurance: The path to progress – Deloitte Report by Howard Mills & Bernard Tubiana

Article Summary :

Historically insurers have been tagged as laggards in terms of innovation. In the article titled “Innovation in insurance: The path to progress”, Howard Mills & Bernard Tubiana of Deloitte consulting argue otherwise and showcase some examples to prove that despite insurance’s conservative image, innovation is being nurtured in the insurance industry.

Innovation does exist in the Insurance industry

Key Insights :

The report cites the three types of innovation defined by Kim B. Clark and Clayton M. Christensen and describes the following examples of empowering, sustaining and efficiency innovation:

1. Empowering Innovation

• An end-to-end web-based solution by L&T, an Indian insurer, that is completely service-oriented architecture-based and capable of issuing policies virtually anytime, anywhere, from practically any device
• Pay-as-you-go top-up cards by South African insurer MicroEnsure

2. Sustaining Innovation

• Use of Telematics in Auto Insurance

3. Efficiency Innovation

• Use of predictive analytics in the underwriting process

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