Other parts of this series:
- 2018 insurance innovation leaders – Efma-Accenture Awards (and a $375 billion opportunity)
- Fast, simple, smart – my top picks from the 2018 Efma-Accenture Innovation in Insurance Awards
- IoT and connected insurance innovation – the best of the 2018 Efma-Accenture Awards
- 2018 Efma-Accenture Awards innovators – how they do it
- $375 billion in new insurance revenue up for grabs—if you are a ‘living’ business
The Efma-Accenture Innovation in Insurance Awards reveal some of the most innovative and disruptive new insurance offerings in the market. Not all of them won first prize but they certainly are blazing new trails.
Doing what I do – I lead Accenture’s global offering development for connected and IoT insurance – I headed straight for the connected and IoT insurance solutions. My top three picks are:
- Discovery’s Crowdsearch, a stolen vehicle recovery system, because it disrupts by not only leveraging new technology to track stolen vehicles but brings to life a new concept in collective and collaborative customer solution delivery—a network of over 500,000 insurance clients will help pinpoint stolen vehicles.
- Standard Bank’s 4Sure ‘Uberised’ supply, demand and management platform—because it brings to life the ability to automate effective end-to-end delivery of a claim, from registration to fulfillment.
- Tokio Marine and Nichido Fire’s (TMNF’s) connected all-in-one IoT auto insurance, because it reaches way beyond traditional auto insurance solution boundaries and resets the benchmark for the industry in this sector. Using digital technologies, the solution is not only focused on the post-event claims process. It also helps inform and advise, tailoring driving habits, preventing accidents, and protecting drivers and other vehicle occupants.
The standout feature of all of these solutions is that they leverage technology to address real and evolving challenges in ways that deliver significant value for customers. Breaking away from the pack to capture new revenues requires a new mindset.
Breaking away from the pack to capture new revenues requires a new mindset.
If you have been following this series, you’ll know I’ve been running some parallel commentary, quoting Accenture’s Insurance as a Living Business report. It estimates that there is $375 billion in new insurance revenue up for grabs by innovation leaders in this sector. It also drills down into what it takes to break away from the pack to capture new revenue opportunities.
Innovating and adapting to changing customer needs will require insurers to:
- Streamline legacy infrastructure and develop talent pools that are more fluid;
- Use data and analytics to personalise their services more effectively;
- Create a vigorous leadership team and organisational culture that are open to new ideas and approaches.
But, perhaps even more importantly, innovation requires a shift in business mindset. ‘Living’ businesses are able to adapt and innovate constantly–at speed and scale–to remain hyper-relevant.
To become a ‘living’ business, insurers need to shift:
- From a product focus to a customer focus;
- From rigid operating models to more fluid and agile operating models that respond quickly to customer preferences;
- From going to market alone to partnering with insurtechs and technology behemoths that can help them reach new customer segments and reinforce their brand.
How have these Efma-Accenture innovators done it?
Join me next week as a I drill down into the journey these three innovators took.