The current Efma-Accenture Innovation in Insurance coverage Awards had been greater than a chance to make the distinctive in insurance coverage seen. They highlighted an important developments shaping the strategic choices of main insurers.
Over the previous yr, innovation inside in insurance coverage has gained fast momentum. As insurance coverage carriers align their companies with fast-changing buyer wants, the trade as we all know it seems to be fairly completely different. This was clear because the inaugural digital Efma-Accenture Innovation in Insurance coverage Awards ceremony started. The entries, in addition to the awards themselves, had been outlined by a way of innovation and agility in quickly altering occasions.
The 460 submissions, and the ultimate winners, offered a compelling dataset of how insurers are responding to present challenges and alternatives. The sheer improve in submissions was a testomony to the adaptability of the trade and the willingness to fulfill new buyer expectations. Accenture analysed these entries, leading to six compelling developments. The outcome: an thrilling new paper that not solely defines the trail ahead in innovation for insurers, however illustrates how trade leaders are virtually realising these developments on the bottom.
Based on Accenture’s evaluation, these six developments will pave the way in which for strategic resilience in insurers in 2021 and past.
Development 1: CX, upleveled
Offering an wherever/in every single place expertise
Development 2: Pervasive AI
Leveraging AI at scale throughout the worth chain
Development 3: Embedded ecosystems
Mixing insurance coverage inside broader propositions
Development 4: Phygital well being and wellness
Providing finish to finish well being & wellness providers
Development 5: Workforce transformation
Empowering new methods of collaborating & working
Development 6: Insurance coverage goes inexperienced
Reimagining insurance coverage with a brand new perspective
Filled with examples and evaluation, the Efma-Accenture Innovation Developments Report is a useful snapshot of the insurance coverage trade of the long run. Register right here to learn the report.
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