Innovate and Elevate Insurance Innovation Capability Report 2023
Wed Sep 27 2023
As the Irish insurance industry continues to experience rapid and profound change, the effects are being felt across every major function in the insurance enterprise. The last five
years have brought significant changes in technology, increased competition, higher customer expectations, and evolving regulatory demands. Insurers of the future need to embrace
technological, cultural, and structural innovation and ensure that their organisation is fully prepared and has the right capabilities to survive and thrive over the long term.
This report which was compiled by Deloitte and commissioned by InsTech.ie and was compiled from interviews with insurers, reinsurers and Brokers to gain the following insights:
- The changes that have taken place in relation to capability requirements in the insurance industry
- The changes expected to take place in relation to capability requirements over the next 2-5 years
- The capabilities that insurers, reinsurers, and Brokers will be focusing on over the next 2-5 years
- The current capability strengths and gaps
The report includes key findings from the research conducted, as well as recommended next steps for the industry to take to help build the capabilities required for future success.
Many thanks to Brokers Ireland members who participated in the research for this report.