The current Qorus Accenture Innovation in Insurance Awards highlighted the world’s main insurance coverage changemakers. The winners of every class stood up towards robust competitors with initiatives that weren’t solely modern, however efficient and with measurable influence. In this weblog collection, I will probably be delving a bit deeper into every class, illustrating how every winner is on the forefront of innovation. Before we start, chances are you’ll discover a change – Efma just lately modified its identify to Qorus to replicate its international relevance within the monetary companies panorama and reinforce its concentrate on the group.
It’s necessary to contextualize any dialogue on innovation with the forces at the moment driving the insurance coverage panorama. New rising dangers and a remodeling threat panorama current new dangers (environmental, local weather change) and alternatives (cyber, new digital economies, new infrastructure) for insurers. The convergence of industries and rising ecosystems is driving product innovation, new distribution methods and gamers. Together, these components are collaborating to broaden the worth proposition of insurers, from reactive threat indemnification to proactive and ongoing threat prevention and mitigation. Also, the brand new enterprise surroundings we’re in, which incorporates increased inflation charges and a probably recessionary surroundings, would require improvements to additionally tackle effectivity/bottom-line targets to the advantage of each insurers and policyholders (the Discovery case is an effective illustration).
On prime of this, we’ve got witnessed healthcare changing into a central pattern. Accenture’s Insurance Revenue Landscape 2025: Innovate for resilience research anticipates monumental income alternatives for insurers from well being/wellness and life services and products.
In a current survey, Redefining Wellness: Global Survey Sheds New Light on Opportunities for Insurers, RGA, a life and well being reinsurer, discovered that an awesome variety of insurers – 85% – reported making wellness a ‘priority’ and an integral a part of the options being developed to help buyer wants, with almost 3/5 of respondents incorporating wellness into product choices, together with insurance-linked wellness packages, applied sciences, and instruments.
Connected Ecosystems & Marketplaces – AIA (Thailand)
This insurance coverage shift in the direction of wellbeing is clear in our Connected Ecosystems & Marketplaces 2022 class, which celebrates modern practices that give rise to new enterprise fashions, scalable end-to-end worth propositions that capitalize on the ability of partnerships, platforms and the Internet of Things. The class winner, AIA (Thailand) obtained the award for its ALive cellular utility. This ecosystem of well being and wellness choices goals to place group at its core by supporting younger households and serving to them lead more healthy, longer and higher lives.
Prashant Agarwal, Head of Digital Marketing, AIA Group, says “Life and health are two areas where the insurer’s commercial objectives and the consumer’s personal ones overlap completely. The healthier you are and longer you live, the better the insurer does too. Therefore, wellness is the outcome customers seek, but it is simply better business too. We embrace shared value as a fundamental principle of how we operate, expanding well beyond the role a transactional payer of claims, to a relational partner to our customers’ throughout their life and health journeys. This creates a triple win: for the customer, AIA, and society, alleviating the burden of a public health crisis for governments.”
Product & Service Innovation – Discovery Health
In the Product & Service Innovation award, this 12 months’s winners Discovery, a life and well being insurer from South Africa, illustrated the ability of innovation with the client on the centre with its Discovery Hospital at Home innovation. The product gives another care setting for a variety of medical and post-surgical circumstances that might in any other case require hospital admission.
Dr Botho Mhozya, Head of Health Professional Risk and Hospital at Home, Discovery Health says, “Globally, the COVID-19 pandemic has accelerated the adoption of digital healthcare technologies by patients and healthcare providers and driven the proliferation of virtual / “at Home” care supply. Accenture’s 2020 Digital Health Consumer Survey discovered that sufferers embraced digital care in the course of the pandemic, with the bulk discovering digital care pretty much as good or higher than in-person care. Approximately 60% of those sufferers would need to use expertise and digital care extra going ahead. At Discovery, the elevated adoption of digital healthcare has been evidenced by the exponential improve in using telemedicine with Discovery Connected Care logins having elevated by 763% since 2019. This elevated adoption of digital healthcare globally and the necessity to ease the burden on more and more overwhelmed healthcare methods, highlighted the affected person’s residence as an necessary and related setting for delivering healthcare. This introduced a novel alternative for expertise to allow supply of protected, environment friendly, and handy hospital-level scientific care in a house surroundings.”
Discovery Health launched Discovery Hospital at Home to supply another setting of look after members identified with COVID-19. More than 100 members of the Discovery Health Medical Scheme had been efficiently handled for COVID-19 of their properties throughout 2021, all with the identical or improved ranges of scientific outcomes and a greater affected person expertise. In January 2022, the programme eligibility standards had been expanded to incorporate all clinically acceptable medical and post-surgical circumstances that might in any other case require admission to a hospital for normal ward degree of care. The programme was additional expanded to make sure nationwide availability of the service and the capability prolonged to allow admission of as much as 750 sufferers at any given time. This makes it the biggest hospital at residence supplier in South Africa.
Mhozya provides, “The pandemic also showed us that controllable behaviours drive outcomes of not only non-communicable diseases but communicable diseases as well, with global research demonstrating that more than 50% of COVID-19 related deaths are attributed to individuals with three or more comorbidities. Business models that help make people healthier, while simultaneously lowering the price of insurance, therefore have the potential to make a profound contribution to society by building resilience against both non-communicable and communicable diseases and helping individuals and healthcare systems weather severe shocks. The rise in availability and adoption of digital healthcare tools is also enabling insurers to gather more data, and offer more targeted health interventions, than ever before.”
The buyer want for seamless, distant experiences extends past healthcare. The mixture of demographic and socio-cultural adjustments, along with better technological capabilities are driving insurers to improve their insurance coverage options to extra clear, customized, seamless, and omni-channel services and products throughout the board. For instance, using clever applied sciences is reworking the best way the insurance coverage trade approaches claims. And this isn’t solely to the advantage of youthful digital-savvy prospects. As reported within the newest Accenture Insurance Global Consumer Study, older shoppers present an growing choice for digital claims with 71% saying they want the web chat/video insurance coverage declare course of to exchange the normal in-office declare course of.
Customer Experience – Allianz Partners
This shift comes via within the winner of the Re-imagining the Customer Experience 2022 award – Allianz Partners’ Visi’ Home. José Antonio Molleda, Global Head of Product Management and Innovation Home Assistance at Allianz Partners says, “The pandemic put pressure on homes as they transformed into a school, an office, a childcare facility, and everything in between. In this context, unexpected problems at home can be especially stressful: electrics, gas dysfunction, heating breakdown, etc. At Allianz Partners we act as guardian angels protecting what really matters, by combining digital intuitive solutions and the human touch to truly build exceptional experiences throughout key moments of our customers’ life. Based on this ethos we created a product that, through remote home assistance, connects customers with a professional claim handler at any time, providing immediate diagnosis of the problem and professional guidance to fix it on the spot when it is possible, or directly setting an appointment with the right craftsman.”
Visi´Home was launched in July 2021, delivering promising leads to the primary three months. He provides, “First call resolution rate increased by 18%, while resolution time was dramatically reduced, resulting in an enhanced overall customer experience. Customers value convenience the most, right after immediacy and empathy from our expert claim handlers. By fixing the problem on the spot through remote assistance and without the intervention of a craftsman, customers can have it all. Last but not least, Visi´Home allows a significant reduction in CO2 emissions through 15% of avoided interventions which has also been positively received by our customers.”
As these three Innovation in Insurance winners present, aligning to buyer wants and utilizing expertise strategically can open up new channels of worth. Look out for the subsequent article within the collection the place I’ll focus on the leaders of the opposite classes.
See the total 2022 Qorus Accenture Innovation in Insurance listing.
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