We’re delighted as soon as once more to see the spirit of innovation on show within the Qorus-Accenture Innovation in Insurance coverage Awards. This yr, via the facility of Generative AI, we additionally uncovered six key tendencies shaping the way forward for the insurance coverage {industry}.

Since their inception in 2016, the Awards program has served as a catalyst for innovation within the insurance coverage sector. The winners are modern insurers and insurtechs which have pushed boundaries, fostered collaboration, and created significant affect on the way in which their prospects stay and work.

Innovation tendencies in 2023

Yearly, we analyze submission information from tons of of award entries to higher perceive the innovation tendencies within the {industry}. This yr, submissions have been securely fed into our Generative AI mannequin, which extracted key themes and tendencies from the entries.

Hours of labor was accomplished in minutes. We then shared these six innovation tendencies with the winners on the evening of the awards ceremony. Right here’s what we discovered.

1. Digital buyer expertise
   Insurers have an unprecedented alternative to construct belief with prospects by proactively enhancing the engagement, and delivering a seamless, personalised expertise in a quickly evolving digital panorama. This development pertains to the rising adoption of expertise, information analytics, and synthetic intelligence to boost the general buyer expertise throughout varied elements of insurance coverage.
2. Well being and well-being convergence
   This development is pushed by the rising client demand for holistic and personalised care, in addition to the popularity that selling wholesome life can cut back claims prices and enhance buyer retention.
3. Superior analytics and personalization
   Using superior analytics and personalization permits insurers to boost buyer engagement, streamline processes, and drive income progress. This development is rising as insurers leverage buyer conduct and desire information to ship options that meet their wants.
4. Sustainability
   The insurance coverage {industry} more and more seeks to adapt to the rising wants and evolving calls for of customers and regulators for environmentally accountable services and products. Carriers that embrace sustainability are positioned as {industry} leaders supporting a sustainable future.
5. Inclusive insurance coverage
   The driving force behind this development is the rising consciousness that deprived segments, together with low-income households, migrants, or small companies, usually lack entry to inexpensive insurance coverage that meets their wants. Increasing into underserved markets, carriers assist bridge the safety hole and contribute to monetary well-being and stability.
6. Ecosystem collaboration
   This development is accelerated by the quickly altering panorama of the insurance coverage {industry}, in addition to the necessity for insurers to be extra agile, customer-centric, and environment friendly of their operations. We’re seeing an increase in strategic partnerships, cross-industry collaborations, and the creation of recent ecosystems that leverage rising applied sciences and data-driven insights to ship higher outcomes.

Thanks to everybody who submitted entries to the 2023 Qorus-Accenture Innovation in Insurance coverage Awards. You might be all development setters and pioneers on the New Efficiency Frontier for insurance coverage.