GLOBAL 2016: Brands must develop or buy innovation
The insurance providers are harnessing new technology and analyzing big data to create more relevant products for customers. They’re beginning to explore insurance product innovations because they realize the business is commoditized with brands competing largely on price. Although it is difficult to switch, consumers today are less loyal to any one provider and they are less likely to refer customers. For the major insurance brands, the question is not whether to embrace new business approaches, but how to enter those businesses, and whether to develop those products internally or partner with a new disruptor brand.