While technology is becoming more affordable, an innovation ingredient that some P/C insurers and reinsurers lack is imagination, according to an industry analyst.

Creativity starts with human talent, and certain types of talent are in short supply, said Michael Fitzgerald, a senior analyst for Celent. “An insurance carrier is not a social media platform. It’s not a tech company. And skills on the IT side are in very high demand by all industries,” he said.