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Working with change - Insurance Review Winter 2014

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2 Working with change Reluctant innovators Our recent Global Innovation Survey, released in December 2013, found a clear link between innovation and growth. Insights were gathered from 1,757 C-suite and board-level executives from more than 25 countries, including Canada, across more than 30 sectors. A large segment of Canadian respondents included members of the financial services industry, with representatives from banks, asset managers, insurance providers and researchers. According to our research, the most innovative companies are set to grow 62.2% over the next five years — nearly twice the pace of the anticipated global average (35.4%) and three times as fast as the least innovative companies (20.7%). It is no wonder that 43% of the executives we surveyed said innovation was already a competitive necessity — and 51% felt it would become a necessity within five years. Three-quarters of the CEOs surveyed in our Unleashing the Power of Innovation study now consider innovation to be just as important as operational effectiveness, if not more. Innovation can drive growth, create a competitive advantage, improve customer satisfaction and lower costs. Our global research has shown that the vast majority of financial services leaders see innovation as a key driver of success in the years to come. Yet when it comes to innovation, Canadian financial institutions lag their global counterparts. Why? And what can we do to close the gap? 1,757 C-suite and executive- level respondents From more than 25 countries From across more than 30 sectors Canadian financial institutions are struggling with innovation. How can these institutions, including insurance companies, change to focus on opportunities, rather than barriers, and ensure that they are not outrun by more innovative players in the years to come?

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