Moving away from theory, let’s take a stimulating look at some of the innovations actually in train at leading insurance companies around the world.
As regular readers will know, sooner or later my blogs come back to the topic of innovation: what it is, how to enable it, why it’s important. But things get really exciting when one sees innovators actually at work, creating new ways of doing things. I find this as stimulating as driving a car rather than just reading about it!
In this spirit, I’d like to spend the next few blogs exploring some of the innovations actually launched by our colleagues in the industry, hopefully showing how some of the “good ideas” we’ve been discussing over the past months are being made real.
I’m drawing these examples from the Accenture Innovation Series, a bi-annual research report that covers the most important innovations in the insurance industry. The information is gleaned from a detailed look at publicly available information, and the examples identified by our research team are categorized under seven innovation typologies: gamification, product, channel, process, service model, people/roles and communication/ brand.
Gamification—which aims to involve existing and potential customers in simulation and role-playing to strengthen their awareness about insurance topics—is a new typology, introduced for this edition.
The Innovation Series also offers a useful insight into observed trends in the insurance industry. These include mobility, digital marketing, new market opportunities, customer experience and social media. A new one is organizational renewal, which is the adjustment/ recreation of internal structures and processes to respond to market and customer challenges better, and to sustain innovation better. Innovations will also be linked to one of these trends.
Next time, a closer look at some innovators in the gamification category.