Insurance Ireland, supported by Accenture Ireland, launched our first Innovation survey report. The report, titled “Set the Disruption Agenda – Irish Insurance in 2021”, is based on a survey of 35 senior executives from Insurance Ireland’s membership. The report draws on comparisons to the data we gathered around Innovation in pre (2019) & during (2020) Covid-19.
The survey uncovers what is next for the insurance industry in Ireland from an innovation perspective and looks at how the pandemic has impacted innovation and digital transformation in our industry. To support the sector and to prepare for future disruption, Insurance Ireland is developing a world-class InsurTech ecosystem offering access to accelerator and pilot programmes, mentoring and networking events.
Some of the key findings from the report are as follows:
- Excluding Covid-19, Irish insurers experienced low levels of disruption in both 2019 and 2020.
- 76% of respondents considered themselves well – or very well – prepared for the post-pandemic business climate.
- A majority of Irish insurers are investing moderate sums in innovation, but few are investing heavily.
- From 2020 to 2023, 75% of Irish insurers plan either no increase in innovation spending or only a moderate increase.
- Over half of respondents reported an innovation talent gap in 2020, to go with nearly half in 2019.
- In 2020, nearly 60% of Irish insurers said they were already involved with one or more start-ups or were considering becoming involved.
Irish Insurance 2021 Report
Format: pdfFile
Size: 6857295
