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Innovation in insurance was historically indulged in the periphery of the business, under-funded and watched with expectations of incremental rather than transformative change in business operations or performance.
This has changed. We now hear insurers frame innovation as increasingly strategic, purposeful and critical to their success.
The evidence is all around us. Consider the many innovations in product development and distribution, including embedded insurance, usage- and behaviorbased models and the convergence of insurance, health and wellness. The proliferation of insurtechs has been one of the most notable new features of the industry in the last decade. Additionally, in 2020, AM Best began to include innovation criteria in its ratings.
The Qorus Innovation in Insurance Awards launched in 2016 with 225 submissions. It has since grown as a global industry recognition program and has, to date, evaluated nearly 3,000 submissions from carriers and insurtechs alike. Each year, we examine and analyze the evolution of innovation in insurance. In this report, we explore our latest insights and identify key enablers of value generation that point the way forward.
