Gartner Research

Different Innovation Patterns Accelerate Digitalization in Insurance and Financial Services

Published: 30 March 2017

ID: G00323359

Analyst(s): David Furlonger , Juergen Weiss

Summary

Innovation is key for financial services and insurance CIOs to raise the level of digital maturity within their organizations. Our innovation survey found remarkable differences in innovation patterns between the two industries that CIOs should be aware of to accelerate digital transformation.

Table Of Contents

Analysis

  • Introduction
  • Innovation Objectives: Banks Prefer Venture Capital Funds, While Insurers Want to Engage Employees
  • Ingredients for a Successful Innovation Strategy: Insurers Believe in Vision, While Banks Look for Ideation Management
  • Origin of Innovation Ideas: Insurers Turn to Customers, While Banks Look at Industry Peers
  • Organization of Innovation: Banks Turn More Ideas Into Proofs of Concept, While Insurers Struggle to Identify Funding
  • Technology Priorities: Insurers Prioritize Open APIs Higher Than Banks, While Banks Have a Stronger Focus on Artificial Intelligence

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