New research(1) from FIRST, a leading global events agency, reveals that over the next three years, 72% of insurance professionals think there will be an increase in the number of new products being launched in the industry, with 15% believing this increase will be dramatic. Only 13% expect the rate of new product launches to fall.
The main reason given for more insurance products being launched is growing competition – the view of 39% of industry professionals who expect a rise in innovation. One in three (33%) anticipate that there will be a number of new technology based entrants into the market that have previously had no experience of the insurance sector, but they can develop new products based on their technological and data strengths.
Other reasons given for a rise in insurance product innovation are new regulations making it easier to do this – the view of 9% of those expecting more new products – and 6% who think the reducing role of the State in looking after people is a key factor.
Mark Riches, MD FIRST – UK said: “These are exciting times for the insurance sector and our research shows that many are embracing the changes. We have seen a significant increase in the number of events we organise for insurance professionals as they look to develop a better understanding of the new landscape they find themselves in, and the opportunities this presents.
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“Live events are a valuable tool to increase communications, build ideas and foster innovation. At FIRST we use our breadth of global expertise to help our clients deliver their important key messages in insightful and memorable ways.
“Nearly four out of ten insurance professionals interviewed in our survey plan to attend more events this year, compared to one in 14 who expect to go to fewer.”
FIRST, which was founded as First Protocol in 1996, is a global events agency with offices in London, New York, Los Angeles and Singapore. It specializes in the design and delivery of high-quality, live events for some of the world’s most iconic companies, including financial services, aerospace, technology, medical, automotive, media and the non-profit sector. FIRST has worked in the insurance sector since 2013.