September 22, 2023

We’re delighted as soon as once more to see the spirit of innovation on show within the Qorus-Accenture Innovation in Insurance Awards. This yr, by way of 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 modern insurers and insurtechs which have pushed boundaries, fostered collaboration, and created significant influence on the best way their prospects reside and work.

Innovation developments in 2023

Yearly, we analyze submission information from lots of of award entries to raised perceive the innovation developments within the {industry}. This yr, submissions have been securely fed into our Generative AI mannequin, which extracted key themes and developments from the entries.

Hours of labor was completed in minutes. We then shared these six innovation developments with the winners on the evening of the awards ceremony. Right here’s what we discovered.

  1. Digital buyer expertise
    Insurers have an unprecedented alternative to construct belief with prospects by proactively enhancing 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 features of insurance coverage.
  2. Well being and well-being convergence
    This development is pushed by the growing shopper demand for holistic and personalised care, in addition to the popularity that selling wholesome life can scale back claims prices and enhance buyer retention.
  3. Superior analytics and personalization
    The usage 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 choice information to ship options that meet their wants.
  4. Sustainability
    The insurance coverage {industry} more and more seeks to adapt to the rising wants and evolving calls for of customers and regulators for environmentally accountable services. Carriers that embrace sustainability are positioned as {industry} leaders supporting a sustainable future.
  5. Inclusive insurance coverage
    The driving force behind this development is the rising consciousness that deprived segments, together with low-income households, migrants, or small companies, usually lack entry to reasonably priced insurance coverage that meets their wants. Increasing into underserved markets, carriers assist bridge the safety hole and contribute to monetary well-being and stability.
  6. 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’re seeing an increase in strategic partnerships, cross-industry collaborations, and the creation of recent ecosystems that leverage rising applied sciences and data-driven insights to ship higher outcomes.

Thanks to everybody who submitted entries to the 2023 Qorus-Accenture Innovation in Insurance coverage Awards. You might be all development setters and pioneers on the brand new efficiency frontier for insurance coverage.