Kennedys IQ contributes to ‘Fostering Innovation in Insurance’ global report

Contact: Karim Derrick

01-12-23

In a recent contribution to the “Fostering Innovation in Insurance” global thought leadership report, Karim Derrick, Chief Products Officer at Kennedys IQ, shares his insights that encapsulate the current state and future potential of insurtech.

Karim’s views on page 29 of the report, are presented alongside contributions from industry stakeholders, Kennedys’ global partners, and findings from a comprehensive survey involving over 4,000 consumers.

Encapsulating the essence of the current challenges and opportunities, Karim highlights a fundamental issue within the industry:

 

There’s a lot of automation going on. But when you get into the detail of it, insurers are taking exactly what they were doing before and making it more efficient. Generating poor outcomes more efficiently isn’t innovation.

– Karim Derrick, Chief Products Officer

The report discusses various key areas to measure how innovation across the insurance sector is being developed, including what consumers expect from insurers and what appropriate protective and regulatory measures need to be implemented.

As we all know, the insurance industry is at a pivotal moment, with the need to embrace innovation being clear.

This means that fostering innovation within the insurance industry requires an increasingly strategic approach. Innovators in the insurance industry must now anticipate threats with greater acuity, as they are required to keep up with changing customer expectations and offer new preventative solutions to evolving and emerging risk.

Interested to know more? You can find the full Kennedys report, as well as a report summary, on the Kennedys website here.

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