| July 15, 2014 The insurance industry worldwide, like so many other verticals, is in the midst of disruptive changes that are rapidly transforming the ways in which insurers package and sell products and services, and how they engage customers throughout the claims life cycle. In fact, all insurance lines of business are hotly contested, putting a (pardon the pun) "premium" on product innovation, delivery and enhancing the customer experience. To get a measure on what is on insurers’ minds as they look to technology investments to improve operational efficiency and effectiveness, software solutions provider SAP (News  - Alert) SE did some primary research recently with a survey of 200 insurance executives at the IASA (Insurance Accounting & Systems Association) Annual Conference held in June in Indianapolis. And, what is on executive minds is more than just food for thought. The high-level results found a number of factors motivating insurers' innovation strategies. In rank order these were: - 34 percent of respondents indicated that rising consumer expectations are their primary driver for new product development
- 22 percent cited changing regulatory demands
- 20 percent said availability of new technologies.
One thing insurers are in agreement on, as has been the case in almost every market, is the growing impact the digitally adept millennials are having on their business. These users bring with them heightened expectations for their insurance carriers and others based on their customer experiences in when they are in personal persona mode. This is illustrated by the fact that 55 percent of respondents cited convenience as millennials' top priority when seeking insurance products, with low cost (22 percent) and relationships with their agent (16 percent) followed by brand recognition (8 percent)...Read More
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