We are delighted as soon as once more to see the spirit of innovation on show within the Qorus-Accenture Innovation in Insurance Awards. This 12 months, by the ability of Generative AI, we additionally uncovered six key developments shaping the way forward for the insurance coverage {industry}.
Since their inception in 2016, the Awards program has served as a catalyst for innovation within the insurance coverage sector. The winners are progressive insurers and insurtechs which have pushed boundaries, fostered collaboration, and created significant influence on the best way their prospects dwell and work.
Innovation developments in 2023
Every 12 months, we analyze submission information from tons of of award entries to higher perceive the innovation developments within the {industry}. This 12 months, submissions had been securely fed into our Generative AI mannequin, which extracted key themes and developments from the entries.
Hours of labor was achieved in minutes. We then shared these six innovation developments with the winners on the evening of the awards ceremony. Here’s what we discovered.
- Digital buyer expertise
Insurers have an unprecedented alternative to construct belief with prospects by proactively bettering the engagement, and delivering a seamless, personalised expertise in a quickly evolving digital panorama. This development pertains to the growing adoption of know-how, information analytics, and synthetic intelligence to reinforce the general buyer expertise throughout varied elements of insurance coverage. - Health and well-being convergence
This development is pushed by the growing client demand for holistic and personalised care, in addition to the popularity that selling wholesome life can cut back claims prices and enhance buyer retention. - Advanced analytics and personalization
The use of superior analytics and personalization permits insurers to reinforce buyer engagement, streamline processes, and drive income development. This development is rising as insurers leverage buyer conduct and desire information to ship options that meet their wants. - Sustainability
The insurance coverage {industry} more and more seeks to adapt to the rising wants and evolving calls for of shoppers and regulators for environmentally accountable services and products. Carriers that embrace sustainability are positioned as {industry} leaders supporting a sustainable future. - Inclusive insurance coverage
The driver behind this development is the rising consciousness that deprived segments, together with low-income households, migrants, or small companies, typically lack entry to inexpensive insurance coverage that meets their wants. Expanding into underserved markets, carriers assist bridge the safety hole and contribute to monetary well-being and stability. - Ecosystem collaboration
This development is accelerated by the quickly altering panorama of the insurance coverage {industry}, in addition to the necessity for insurers to be extra agile, customer-centric, and environment friendly of their operations. We are seeing an increase in strategic partnerships, cross-industry collaborations, and the creation of latest ecosystems that leverage rising applied sciences and data-driven insights to ship higher outcomes.
Thank you to everybody who submitted entries to the 2023 Qorus-Accenture Innovation in Insurance Awards. You are all development setters and pioneers on the brand new efficiency frontier for insurance coverage.