Innovation in insurance awards trends 2021

in partnership with

Accenture

Logo of Accenture

Accenture is a leading global professional services company, providing a broad range of services and solutions...

View more
Digital Reinvention
Q+
20/09/2021Study

If 2020 was the year that insurers were disrupted, 2021 was the year that this disruption transformed into ongoing innovation. The insurance industry, from its core offerings, to its customers and to its employees, looked completely different. Insurers had grown comfortable with change being the norm, and that innovation was the key quality to survival in a recovering global economic climate.

This spirit of innovation was evident in the Efma–Accenture Innovation in Insurance Awards for 2021. Innovation submissions shot up by almost 30%, with 460 submissions received. A diverse spectrum of insurance companies engaged with the awards, with 289 institutions from 55 countries submitting their top innovations.

The 460 submissions revealed strong trends, and presented a portrait of the opportunities that lie in the current industry. The sheer increase in submissions was a testament to the adaptability of the industry and the willingness to meet new customer expectations. The focus on integrated digital experiences powered by AI confirmed that insurers are entering a new era of transformation – transformation of distribution, transformation of servicing, and transformation of the insurance operating model. All of this is empowered and accelerated by technology, mostly AI and cloud technologies.

As witnessed by the continued focus on ecosystems, insurers are partnering with related industries to access new customers and add deeper value to consumers.

While digital tools are important in making new value propositions a reality, insurance carriers are as good as the employees that work for them. That means a dedicated focus on the insurance workforce and the platforms that serve them is required. Insurers are leveraging the digital platforms and processes that made collaboration possible in 2020 to kickstart greater innovation, wellness and a cohesive working environment.
 
Insurers are listening to their employees and consumers. Leading insurers want to be sought after and defined by their positive impact. This extends beyond their immediate team and customers, and to their greater world, with sustainability becoming an increasing area of focus. Insurers are realising that issues of climate change and sustainability not only impact how they calculate and mitigate risk, but can be a point of differentiation.

As this year’s trends, winners and innovations show, the future of insurance is one defined by positive, high-impact change.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

Digital Reinvention
02/12/2024Video

Key insights from the Qorus-Infosys Finacle Innovation in Retail Banking report 2024

Jim Marous, Owner and Publisher of the Digital Banking Report and Co-Publisher of The Financial Brand, shares key insights from...

Embedded Insurance
02/12/2024News

YAS and QBE launch “Pay-As-You-Sell” insurance for e-commerce merchants

This pioneering solution, underwritten by QBE and distributed through YAS, utilizes advanced technology from Assureful, offering a scalable and dynamic...

Insurance
29/11/2024News

Zurich unveils Climate Spotlight to help organizations tackle climate risks

This interactive platform uses advanced climate data to anticipate potential challenges and enable organizations to build long-term resilience.

Digital Reinvention
28/11/2024Article

Qorus Innovation Spotlight: November 2024 edition

In the seventh edition of the Financial Innovation Spotlight, we spotlight five new initiatives by Commonwealth Bank of Australia, Arab...

Digital Reinvention
27/11/2024Study

Innovation in retail banking: Shaping banking’s next

This year’s research captures financial institutions’ progress as they navigate a challenging yet promising environment.

Digital Reinvention
27/11/2024Article

Decentralized finance (DeFi): Innovative use-cases and real-world applications

Fatih Ogun, Head of Strategy at Akbank, explores the burgeoning potential of decentralized finance, diving into its most compelling use-cases...

Insurance
26/11/2024News

Igloo launches direct-to-consumer platform in Indonesia

Regional insurtech leader Igloo has unveiled its direct-to-consumer (D2C) platform, igloo.co.id, in Indonesia, marking a significant expansion in its insurance...

Insurance
25/11/2024News

Canara HSBC Life Insurance unveils OmniGen AI for enhanced risk evaluation

By integrating underwriting guidelines, risk profiles, and model outputs, OmniGen AI ensures swift and accurate decisions while providing clear rationale...