We are pleased to see the spirit of innovation again showcasing Qorus-Accenture Innovation in Insurance Awards. Through the power of this year Generation AIuncovering six key trends that will shape the future of the insurance industry.
Since its inception in 2016, the awards program has served as a catalyst for innovation in the insurance sector. The winners are innovative insurance companies and the Institute of Insurance and Technology that pushed boundaries, promoted collaboration and made a meaningful impact on the lives and work of customers.
Innovation Trends in 2023
Each year, we analyze submission data from hundreds of award entries to better understand industry innovation trends. This year, submissions were safely fed into our generated AI model, extracting important themes and trends from the entries.
The work was done in a few minutes. We then shared these six innovation trends with the winners on the evening of the awards ceremony. This is what we found.
- Digital Customer Experience
Insurance companies have an unprecedented opportunity to build trust with their customers by proactively improving engagement and providing a seamless, personalized experience in a rapidly evolving digital environment. This trend is linked to the increasing adoption of technology, data analytics and artificial intelligence to enhance the overall customer experience across various aspects of insurance. - Convergence of health and happiness
This trend is driven by an increased consumer demand for overall, personalized care and the perception that promoting a healthy lifestyle can reduce billing costs and improve customer retention. - Advanced Analytics and Personalization
With advanced analytics and personalization, insurers can enhance customer engagement, streamline processes and drive revenue growth. This trend is growing as insurers leverage customer behavior and prioritization data to provide solutions that meet their needs. - Sustainability
The insurance industry is increasingly trying to adapt to the growing and evolving demands of consumers and regulatory authorities for environmentally responsible products and services. Airlines embracing sustainability are positioned as industry leaders supporting a sustainable future. - Comprehensive Insurance
The drivers behind this trend are growing perceptions that disadvantaged segments, such as low-income households, immigration and small businesses, often lack access to affordable insurance that meet their needs. When expanded into underserved markets, airlines can help bridge the protection gap and contribute to financial well-being and stability. - Ecosystem collaboration
This trend is accelerated by the rapidly changing landscape of the insurance industry and the need for insurance companies to be more agile, customer-centric and efficient in their operations. We will see an increase in strategic partnerships, cross-industry collaboration, and the creation of new ecosystems that leverage new technologies and data-driven insights to deliver better results.
Thank you to everyone who submitted their entries to the 2023 Qorus-Accenture Innovation Insurance Award. You are all trendsetters and pioneers of new performance frontiers for insurance.
