Over three quarters (76%) of insurance marketing professionals believe they are too slow taking new products or services to market and struggle to keep pace with ever-changing consumer demands.

These findings from the financial services outsourcing and software provider, Target Group, come as part of the launch of its ‘Four D’s of Insurance’ whitepaper.

The results of the survey of top UK insurance professionals also suggest that larger organisations are less likely to be able to get new offerings to market consistently and quickly.

This is highlighted by the fact that just 13% of large organisations surveyed feel they do this well enough compared to 23% of SMEs. A combination of the volume of launches, legacy product lines, legacy systems, complex structures and multiple sites are all major factors cited.

John Miles, product manager, Insurance at Target Group, said for an industry focused on future risks, insurance companies can be slow to adapt to future challenges.

He said: "Due to a number of prevailing factors customers are showing signs of becoming ever more brand agnostic in respect of their purchasing behaviour and are demonstrating an increasing willingness to purchase cover from other large recognisable and customer-centric organisations like Google, Amazon and Tesco rather than just traditional insurers.

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Miles added: "Clearly this poses a threat to current business models and illustrates the need for new strategies. Innovation and agility will determine the insurers who will win the new race. Slow adopters will inevitably fall behind."