The recent Efma-Accenture Innovation in Insurance Awards were more than an opportunity to make the exceptional in insurance visible. They highlighted the most important trends shaping the strategic decisions of leading insurers.
Over the past year, innovation within in insurance has gained rapid momentum. As insurance carriers align their businesses with fast-changing customer needs, the industry as we know it looks quite different. This was clear as the inaugural virtual Efma-Accenture Innovation in Insurance Awards ceremony began. The entries, as well as the awards themselves, were defined by a sense of innovation and agility in rapidly changing times.
The 460 submissions, and the final winners, presented a compelling dataset of how insurers are responding to current challenges and opportunities. The sheer increase in submissions was a testament to the adaptability of the industry and the willingness to meet new customer expectations. Accenture analysed these entries, resulting in six compelling trends. The result: an exciting new paper that not only defines the path forward in innovation for insurers, but illustrates how industry leaders are practically realising these trends on the ground.
According to Accenture’s analysis, these six trends will pave the way for strategic resilience in insurers in 2021 and beyond.
Trend 1: CX, upleveled
Providing an anywhere/everywhere experience
Trend 2: Pervasive AI
Leveraging AI at scale across the value chain
Trend 3: Embedded ecosystems
Blending insurance within broader propositions
Trend 4: Phygital health and wellness
Offering end to end health & wellness services
Trend 5: Workforce transformation
Empowering new ways of collaborating & working
Trend 6: Insurance goes green
Reimagining insurance with a new perspective
Packed with examples and analysis, the Efma-Accenture Innovation Trends Report is a helpful snapshot of the insurance industry of the future. Register here to read the report.