We’re thrilled as soon as once more to peer the spirit of innovation on show within the Qorus-Accenture Innovation in Insurance Awards. This yr, throughout the energy of Generative AI, we additionally exposed 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 cutting edge insurers and insurtechs that experience driven barriers, fostered collaboration, and created significant have an effect on at the approach their shoppers reside and paintings.
Innovation developments in 2023
Once a year, we analyze submission information from loads of award entries to raised perceive the innovation developments within the {industry}. This yr, submissions have been securely fed into our Generative AI type, which extracted key issues and developments from the entries.
Hours of labor was once finished in mins. We then shared those six innovation developments with the winners at the night time of the awards rite. Right here’s what we discovered.
- Virtual visitor enjoy
Insurers have an extraordinary alternative to construct accept as true with with shoppers via proactively making improvements to the engagement, and turning in a unbroken, customized enjoy in a all of a sudden evolving virtual panorama. This development pertains to the expanding adoption of generation, information analytics, and synthetic intelligence to toughen the whole visitor enjoy throughout quite a lot of facets of insurance coverage. - Well being and well-being convergence
This development is pushed via the expanding shopper call for for holistic and customized care, in addition to the popularity that selling wholesome life can cut back claims prices and toughen visitor retention. - Complex analytics and personalization
Using complex analytics and personalization permits insurers to toughen visitor engagement, streamline processes, and force income enlargement. This development is rising as insurers leverage visitor habits and choice information to ship answers that meet their wishes. - Sustainability
The insurance coverage {industry} more and more seeks to conform to the rising wishes and evolving calls for of shoppers and regulators for environmentally accountable services and products. Carriers that include sustainability are located as {industry} leaders supporting a sustainable long term. - Inclusive insurance coverage
The motive force in the back of this development is the rising consciousness that deprived segments, together with low-income families, migrants, or small companies, steadily lack get admission to to inexpensive insurance coverage that meets their wishes. Increasing into underserved markets, carriers assist bridge the safety hole and give a contribution to monetary well-being and balance. - Ecosystem collaboration
This development is speeded up via the all of a sudden converting panorama of the insurance coverage {industry}, in addition to the will for insurers to be extra agile, customer-centric, and environment friendly of their operations. We’re seeing a upward push in strategic partnerships, cross-industry collaborations, and the introduction of latest ecosystems that leverage rising applied sciences and data-driven insights to ship higher results.
Thanks to everybody who submitted entries to the 2023 Qorus-Accenture Innovation in Insurance coverage Awards. You’re all development setters and pioneers at the New Efficiency Frontier for insurance coverage.
