We are once again delighted to see the spirit of innovation on display in the Qorus-Accenture Innovation in Insurance Awards. This year we also discovered six key trends shaping the future of the insurance industry, thanks to Generative AI.
Since its inception in 2016, the Awards program has acted as a catalyst for innovation in the insurance sector. The winners are innovative insurers and insurers that have pushed boundaries, fostered collaboration and created a meaningful impact on how their customers live and work.
Innovation trends 2023
Each year, we analyze submission data from hundreds of award entries to better understand innovation trends in the industry. This year, submissions were securely fed into our Generative AI model, which extracted key themes and trends from the submissions.
Hours of work done in minutes. We then shared these six innovation trends with the winners on the evening of the awards ceremony. Here̵7;s what we found.
- Digital customer experience
Insurers have an unprecedented opportunity to build trust with customers by proactively improving engagement and delivering a seamless, personalized experience in a rapidly changing digital landscape. This trend relates to the increasing use of technology, data analytics and artificial intelligence to improve the overall customer experience in various aspects of insurance.
- Health and wellness convergence
This trend is driven by increasing consumer demand for holistic and personalized care, as well as the realization that promoting a healthy lifestyle can reduce claims costs and improve customer retention.
- Advanced analysis and customization
The use of advanced analytics and personalization enables insurers to increase customer engagement, streamline processes and drive revenue growth. This trend is growing as insurance companies leverage customer behavior and preference data to deliver solutions that meet their needs.
The insurance industry is increasingly striving to adapt to the growing needs and changing demands of consumers and regulators for environmentally responsible products and services. Carriers that embrace sustainability are positioned as industry leaders supporting a sustainable future.
- Inclusive insurance
Driving this trend is the growing awareness that disadvantaged segments, including low-income households, migrants or small businesses, often lack access to affordable insurance that meets their needs. Expanding into underserved markets, carriers help bridge the protection gap and contribute to economic well-being and stability.
- Ecosystem cooperation
This trend is accelerated by the rapidly changing landscape of the insurance industry, as well as the need for insurance companies to be more flexible, customer-centric and efficient in their operations. We are seeing an increase in strategic partnerships, cross-industry collaborations and the creation of new ecosystems that leverage emerging technologies and data-driven insights to deliver better results.
Thank you to everyone who submitted entries for the 2023 Qorus-Accenture Innovation in Insurance Awards. You are all trendsetters and pioneers on the new performance frontier of insurance.