The recent Qorus Accenture Innovation in Insurance Awards highlighted the world’s leading insurance changers. Winners in each category faced tough competition with initiatives that were not only innovative, but also effective and had a measurable impact. In this blog series, we’ll dig a little deeper into each category and explain how each winner is at the forefront of innovation. You may notice changes before you begin. Efma recently changed its name to Qorus to reflect its global relevance in the financial services environment and strengthen its focus on community.
It is important to contextualize any discussion of innovation with the forces currently driving the insurance industry. Emerging risks and changes in the risk landscape present new risks (environment, climate change) and opportunities (cyber, new digital economy, new infrastructure) to insurers. Convergence of industries and the rise of ecosystems are driving product innovation, new distribution systems and players. These elements work together to expand the value proposition for insurers, from reactive risk coverage to proactive and ongoing risk prevention and mitigation. Additionally, in the new business environment we find ourselves in, including an environment of rising inflation and the potential for economic recession, efficiency and revenue targets must be improved to the benefit of both insurers and policyholders. (Discovery is a great example). .
In addition to this, we have seen healthcare becoming a central trend. Accenture’s 2025 Insurance Revenue Outlook: Innovations for Resilience Research predicts huge revenue opportunities for insurance companies from health/wellness and life-related products and services.
In a recent survey, Redefining Wellness: Global Study Sheds New Light on Opportunities for Insurers, R.G.A., a life and health reinsurance company, found that an overwhelming number of insurers (85%) have made wellness a “priority” and an integral part of the solutions being developed to support customer needs. found that nearly three-fifths of respondents incorporate wellness into their products. We offer services such as insurance-related wellness programs, technology, and tools.
Connected Ecosystem and Marketplace – AIA (Thailand)
This insurance transition to health is recognized in the Connected Ecosystems & Marketplaces 2022 category, which celebrates innovative practices, partnerships, platforms and scalable end-to-end value propositions that leverage the power of the Internet of Things to create new business models. it is clear. . The category winner is AIA (Thailand) won an award for its ALive mobile application. This health and wellness ecosystem aims to put communities at the center by supporting young families and helping them live healthier, longer and better lives.
Prashant Agarwal, Head of Digital Marketing at AIA Group, said: “Life and health are two areas where the commercial objectives of insurance companies and the personal objectives of consumers overlap perfectly. The healthier you are and the longer you live, the better the insurance companies will treat you. is the outcome our customers want, but it’s also simply better business. We embrace shared values as a fundamental principle of how we operate, and we look beyond our role as transactional claims payer to our customers. We are expanding to become a lifelong and health journey partner. This creates a triple benefit for our customers, AIA, and society by reducing the burden on governments from the public health crisis.”
Product and Service Innovation – Discovery Health
This year’s Product & Service Innovation Award winners discoverySouth African life insurance company has demonstrated the power of customer-centric innovation with its Discovery Hospital at Home innovation. This product provides an alternative care environment for a variety of medical conditions and post-surgical conditions that require hospitalization.
Dr. Boso Moja“Globally, the COVID-19 pandemic has accelerated the adoption of digital health technologies by patients and healthcare providers, leading to virtual/‘home’ care,” said Discovery Health’s Head of Healthcare Professional Risk and Home Hospitals. The dissemination of the offer was facilitated. Accenture’s 2020 Digital Health Consumer Survey found that patients embraced virtual care during the pandemic, with the majority finding it as good or better than in-person care. Approximately 60% of these patients want to utilize technology and virtual care more in the future. At Discovery, the increased adoption of digital healthcare is also evidenced by the exponential growth in telemedicine usage, including a 763% increase in Discovery Connected Care logins since 2019. As a result, the adoption of digital healthcare is increasing globally, and the need to reduce the burden on healthcare institutions is increasing. With health systems overwhelmed, patients’ homes were emphasized as an important and appropriate setting for providing care. This has created a unique opportunity for technology to enable the delivery of hospital-grade clinical care safely, efficiently, and conveniently in the home environment. ”
Discovery Health has launched Discovery Hospital at Home to provide an alternative care setting for members diagnosed with coronavirus disease (COVID-19). More than 100 members of Discovery Health Medical Scheme have successfully treated their coronavirus disease 2021 (COVID-19) at home, with all achieving similar or improved levels of clinical outcomes and better Achieved patient experience. In January 2022, the program’s eligibility criteria will be expanded to include all clinically appropriate medical and postoperative conditions that require admission to the hospital for general ward-level care. Ta. The program was further expanded to make services available nationwide, and capacity was expanded to admit up to 750 patients at any given time. This makes the hospital the largest home hospital provider in South Africa.
Moja further added, “The pandemic has shown that controllable behaviors can result in non-communicable as well as communicable diseases. Global studies have shown that 50% of COVID-19-related deaths It has been proven that more than % of cases are attributable to people with three or more infectious diseases,” it added. Comorbidities. Therefore, business models that promote population health while simultaneously lowering insurance prices can build resilience to both non-communicable and communicable diseases and help individuals and health systems weather severe shocks. and has the potential to make a significant contribution to society. The increasing availability and adoption of digital healthcare tools has enabled insurers to collect more data than ever before and provide more targeted health interventions. ”
Customer needs for a seamless remote experience extend beyond healthcare. Demographic and socio-cultural changes and increasing technological capabilities are driving insurers to fully upgrade their insurance solutions to more transparent, personalized, and seamless omnichannel products and services. Masu. For example, the use of intelligent technology is changing the way the insurance industry approaches claims. And this isn’t just a benefit for young, digitally savvy customers. As reported in the latest article, Accenture Insurance Global Consumer SurveyOlder consumers increasingly prefer digital claims, with 71% saying they would like to replace the traditional in-office claims process with an internet chat/video claims process.
Customer Experience – Allianz Partners
This change is also reflected in the winners of the Re-imagining the Customer Experience 2022 award. allianz partners Visit home. Jose Antonio Moreda, Global Head of Product Management and Innovation Home Assistance at Allianz Partners. In this context, unexpected problems at home can be particularly stressful, such as electricity, gas malfunctions, heating breakdowns, etc. At Allianz Partners, we act as guardian angels for what really matters by combining intuitive digital solutions with the human touch to build truly great experiences. Through important moments in your life. Based on this philosophy, we created a product that connects customers to a professional claims handler at any time through Remote Home Assistance. We can provide instant problem diagnosis and expert guidance to resolve the issue on the spot or directly if possible. It’s about making an appointment with the right craftsman. ”
Visi´Home was launched in July 2021 and has delivered promising results in the first three months. Additionally, “first call resolution rates increased by 18% and resolution times were dramatically reduced, improving the overall customer experience. Our customers benefit from the immediacy and responsiveness of our expert claims handlers. We value convenience right after empathy. Remote assistance gives customers everything by resolving problems on the spot without the intervention of a craftsman. , Visi’Home can significantly reduce CO2 emissions by avoiding intervention by 15%, which is also popular with our customers.”
As these three Innovation in Insurance winners demonstrate, using technology strategically to meet customer needs can unlock new channels of value. Stay tuned for the next article in this series, where we will discuss other category leaders.
See the full list of 2022 Qorus Accenture Innovation in Insurance..
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