Three things to leverage for insurance product innovation

Nearly half of insurers worldwide say they lack an achievable plan to carry out a successful digital transformation. This lack of confidence comes from the idea that insurers, and especially digital insurers, need to create completely new and disruptive technologies in order to innovate and create value for their customers.

However, disruptive innovation is not always necessary, and that focusing on adjacent innovations is a more achievable way to innovate rapidly. Many of these adjacent innovation opportunities are right under insurers' noses, but they need to know where to look.

This article highlights three ways insurers can leverage adjacent product innovation:

1. New technologies.
2. New channels.
3. New demographic focus.