Determinants of innovation for property and casualty insurers

The purpose of this qualitative study is to identify the determinants of innovation for property and casualty insurers. The study aims to facilitate the willingness of organizations to innovate by defining the proper context within which to do so. To our knowledge, no researcher has until today studied the determinants of innovation specific to that industry which has been innovating at a fast pace in recent years. Three focus groups, conducted with five professionals, eight managers and the entire management committee of a property and casualty insurer, aided in identifying the drivers of innovation specific to that industry. This study adapts a conceptual framework of the determinants of innovation for the public sector, developed following a systematic review, as well as determinants uncovered while conducting a secondary literature review. The conceptual framework of reference was validated during the focus groups. Moreover, some determinants specific to the insurer that took part in the study emerged. For instance, technological resources emerged as a key determinant which differs with public organizations. Also, in regards to the attributes of innovation, the concept of horizontal spreading of an innovation project was identified. It indicated that the higher the number of departments involved, the more difficult it was to implement an innovation. The concept of speed of implementation of an innovation project was cited as a key element in one of the vice-presidencies. The study offers a conceptual framework of the determinants of innovation customized for the property and casualty insurance industry. The research findings highlight several elements on which property and casualty insurers can capitalize to better foster innovation.