The latest Efma-Accenture Innovation in Insurance Awards were more than an opportunity to highlight the exceptional in insurance. They highlighted the key trends that shape the strategic decisions of leading insurance companies.
Over the past year, insurance innovation has gained momentum. When insurance companies adapt their operations to rapidly changing customer needs, the industry as we know it looks completely different. This was clear when 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 entries, and the eventual winners, presented a compelling data set of how insurance companies respond to current challenges and opportunities. The large increase in grants was a testament to the industry̵7;s adaptability and willingness to meet new customers’ expectations. Accenture analyzed these contributions, resulting in six compelling trends. The result: an exciting new document that not only defines the way forward in innovation for insurance companies, but illustrates how industry leaders practically realize these trends on the spot.
According to Accenture’s analysis, these six trends will pave the way for strategic resilience of insurance companies in 2021 and beyond.
Trend 1: CX, raised
Provides an experience anywhere / everywhere
Trend 2: Consistent AI
Utilize AI on a large scale across the entire value chain
Trend 3: Embedded ecosystems
Mix insurances within broader bills
Trend 4: Fygital health and well-being
Offers end-to-end health and wellness services
Trend 5: Labor force conversion
Provide new ways to collaborate and work
Trend 6: The insurance turns green
Reorganize insurance with a new perspective
Packed with examples and analyzes, the Efma-Accenture Innovation Trends Report is a useful snapshot of the insurance industry of the future. Register here to read the report.
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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.