Innovation in Latin American Insurers 2016: A Current Snapshot

by Juan Mazzini,  Michael Fitzgerald, December 22, 2016
Industry Trends
Latin America


Celent has released a new report titled Innovation in Latin American Insurers 2016: A Current Snapshot. The report was written by Juan Mazzini and Mike Fitzgerald, Senior Analysts in Celent’s Insurance practice.

Over the past four years, Celent has been researching what practical steps insurers are taking to manage innovation. This report extends these efforts by examining the trends in Latin America in detail.

Practically all of the insurers that responded to a survey about the innovation of Latin American insurers identified innovation as critical to meeting customer expectations. However, a large group continues to identify innovation as important but not critical to their strategy.

A large group observed that, as a whole, insurance continues to lag other industries in its successful implementation of innovative technology and processes. In contrast to findings in other regions, top-level leadership is cited as the main barrier for innovation.

“The data suggests a certain level of complacency in Latin American insurers regarding the need to change the status quo and a possible reluctance to criticize the current business model. Most efforts continue to focus on incremental innovation; the implication is that the insurance industry believes they still have time to adapt and adopt the myriad of changes flying over them. Disruption is not a looming threat,” Mazzini said.

“The survey underscores that there are opportunities for Latin American insurers to brand themselves as innovators and position their company, in the minds of consumers, as one that is responding to new preferences about customer engagement. It remains to be seen who will accept this challenge,” Fitzgerald said.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
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Europe (London)
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Asia (Tokyo)
Yumi Nagaoka
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Table of Contents

Executive Summary



Key Research Questions





Key Research Questions






Survey Demographics


The Business Case for Innovation in Insurance


Execution of Innovation in Insurance


Moving Forward with Innovation






Disciplined Innovation Management







Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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