Nearly 70 percent of insurance executives said that partnerships, not in-house efforts will characterize the future of innovation in their organization.
Increased competitive pressure, new regulations, evolving customer demands and new technologies are creating unprecedented change in the insurance sector. At the same time, insurers are increasingly starting to realize that their current organizational structure and culture may not be conducive to achieving the type of real, sustainable and value-creating change and innovation needed to compete over the long term. New models, new ideas and new partners must be found.
While there is no ‘one-size-fits-all’ approach to partnering for growth, in our new report, The Power of Alliances we explore three areas where insurers have been particularly active: bancassurance, Financial Technology (FinTech) and digital or non-traditional distribution channels. In each of these three areas we offer practical insights and lessons to help insurers create more sustainable and value-driven partnerships and alliances.
© 2020 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.