The recent 2022 Qorus-Accenture Innovation in Insurance Awards provided a powerful and practical demonstration of the trends shaping the insurance industry. For insurance companies, sustainability and workforce transformation are becoming central to remaining relevant in a changing market. Insurers need to embed sustainability into their strategies and value propositions, taking into account factors such as tight labor markets, skills shortages, increased human-machine interaction, and hybrid work arrangements. We need to embrace change. Both are important considerations when choosing which insurance company people choose and where they build their careers.
social, sustainable and responsible
Accenture’s 2021 Insurance Global Consumer Survey 67% of Millennials and young adults say sustainable products and services are appealing to them, indicating that sustainability in all its forms is becoming increasingly important to consumers. This focus has a dual benefit for insurers: they can build sustainable risk management models, while at the same time demonstrating to young consumers that sustainability is a shared value.
previous Sustainability series, we discussed how we are now approaching a broader definition of sustainability within insurance. Sustainability is not only about protecting the planet, but also about protecting our future by implementing positive socio-economic practices and caring for underserved and vulnerable communities. I am.
Integrated and proactive sustainability cannot be achieved without the right technology in place.As our latest research Combining technology and sustainability He says technology is a key element in developing a holistically sustainable business, which requires sustainability and technology strategies to be closely aligned.In fact, Accenture Recognizing reality: Bridging the stakeholder consensus gap to create sustainable organizations We found that 43% of executives cited access to the right technology at the right cost as a key barrier to developing sustainability goals.
This year’s awards show how insurance companies are working. Companies are linking sustainability to their purpose and vision, using technology such as AI to track their ESG requirements and developing innovative solutions that add value not only to customers but also to society and the wider environment. We overcome these challenges by building products.
Division Winner – PZU (Poland)
That was the case for this year’s Social, Sustainable, Responsible 2022 winners. PZU won in the category of AI skin cancer prevention tools that allow customers to quickly and easily access pre-screening for skin cancer through an AI-enabled mobile app.
Marcin Kurchab – Head of Innovation Lab at PZU explains how this tool came about: That’s why we’ve provided a simple and quick solution that automatically reminds you to perform regular self-examinations. ”
More than 3,000 people signed up for the app in the first few months of the pilot program, and so far five skin cancer cases have been identified by the app and confirmed by dermatological assessment. PZU received positive feedback from users who said the tool made skin cancer prevention easier and more accessible.
Kurchab added: “Two people told me about their medical consultations, and the doctors were impressed by the effectiveness of the app, proving its reliability.” This is our mission. We have the unique ability to protect people and help them live better and longer lives. A PZU customer can check his skin condition at home in just one minute and see a doctor if he has concerns. Diagnosis at such an early stage increases the chances of successful recovery. ”
At PZU, this tool resulted in improved customer sentiment, with ratings of PZU’s innovativeness (+13 points compared to the control group) and the perception that the company is modern (+10 points compared to the control group) ) found a statistically significant difference. control group) in the Annual Marketing Survey.
“It is well known that health services are overburdened, and patients often have to wait long periods of time before being seen or treated. Emerging technologies such as AI are becoming a key issue in healthcare. AI-based tools have great potential to address these issues and revolutionize healthcare, not only for identifying symptoms, optimizing healthcare processes, and conducting triage, but also for specific diseases (such as cancer). Modern AI tools can address a wide range of challenges by predicting risks and enabling early detection of diseases that can lead to lower mortality rates, by acting as a support for doctors during consultations, and by prescribing medication. Applications with medical certificates prescribed by doctors already exist (as with other rehabilitation), AI can also enable the option of self-examination as part of prevention, as in our project. It is better at avoiding bias and seeing things that humans don’t always notice. These capabilities could make AI an integral part of medical diagnostics in the future.”
Workforce transformation
Human resources are the lifeblood of the insurance industry. It is only with the right resources and knowledge that insurers can transform and realize their vision.
However, there are growing concerns about talent and skills shortages in the insurance industry. Skills gaps arising from the introduction of new technology and the increasing digitalization of operations, as well as an aging workforce and mass retirements, are of particular concern. For example, human capital management (succession, planning, recruitment, retention, training) is highlighted as a growing problem by insurance companies. Institute and Accenture Underwriting in 2021 investigation.
A key new challenge and opportunity for insurance companies is the growth of a remote workforce. On the other hand, remote workers present new opportunities for efficiency.in Accenture’s 2021 Technology Vision for Insurance 88% of insurance executives share the belief that a remote workforce will open up a market for hard-to-find talent and increase competition for talent among organizations. However, optimizing resources to keep employees healthy and productive, regardless of physical location, can be difficult. Working remotely makes a cohesive and collaborative work culture even more difficult.
Category Winner – Zurich Insurance Company
zurich Zurich employees addressed the specific challenges posed by a hybrid workforce with an all-in-one mobile application that simplifies their daily experiences at home and in the office.
Oscar Escudero Sanchez, head of digital delivery at Zurich Insurance Company, talks about how the team approached creating the app: We initially launched the app in a few business units in Zurich with a focus on workspace booking, but we have seen great success since then and plan to roll it out globally this year. One Zurich turns the old model of feature-based digital experiences on its head. Previously, we used different platforms for HR support, IT support, etc., but now everything is available to the employee in his one place. ”
Liz Oswald, Head of Technology Transformation at Zurich Insurance Company, added: “At One Zurich, we aim to provide a holistic digital experience for our employees. We regularly engage with our employees through multiple channels, including focus groups, interviews, surveys, and in-app feedback forms. Understand your users’ wants, needs, and preferences and use this information to define and prioritize your app’s backlog of features and user experience flows once they’re in production. Follow up with your employees to understand what is working well and what they would like to see improved, then incorporate these changes and enhancements into your backlog.”
This approach is in line with a hybrid way of working.Escudero Sanchez explains: “Zurich is embracing new ways of working post-pandemic, including offering expanded flexi-working and remote working options to employees. At a tactical level, the One Zurich app gives you many opportunities to stay connected in the world, allowing you to see when your colleagues are coming to the office, book nearby workspaces, and manage your reservations. We help you manage your employees’ on-site days with user-friendly visual tools.More broadly, One Zurich provides you with relevant updates and actions when it matters most. It serves as a channel to help employees feel connected no matter which workplace model they choose.”
Workforce transformation doesn’t happen in isolation, but as part of a deeper strategic initiative. Oswald concluded: “At Zurich, our goal is to become the most responsible and influential company in the world. A key element to achieving this is to engage and satisfy our customers, agents and brokers. However, focusing on innovation for external users is not enough. No. It all has to start at the core. At One Zurich, we are transforming the experience of our people and sharing our findings for the wider digitalization of our organization. By providing input into our efforts, we are providing an example for our employees.”
As these two award winners demonstrate, a comprehensive approach to sustainability and internal workforce transformation can have a far-reaching and powerful impact.
See full text 2022 Qorus Accenture Innovation in Insurance List.
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