Insurers need to rethink their approach to innovation. The speed of change in technology, an evolving competitive landscape, increased customer expectations, and the new reality of a permanent hybrid workforce have challenged insurers across all functions.

To outsiders, IBM may be best known for its once-ubiquitous electronic typewriters. In the 21st century, however, the company has evolved into a multinational computer technology and IT consulting business, and it is a major player in the insurance industry.

The analysis, sponsored by Socotra, found that the benefits of shorter time-to-market exceeded the costs by as much as 40 times.