We are delighted once again to see the spirit of innovation on display in the Qorus-Accenture Innovation in Insurance Awards. This year, through the power of Generative AI, we also uncovered six key trends shaping the future of the insurance industry.
Since their inception in 2016, the Awards program has served as a catalyst for innovation in the insurance sector. The winners are innovative insurers and insurtechs that have pushed boundaries, fostered collaboration, and created meaningful impact on the way their customers live and work.
Innovation trends in 2023
Every year, we analyze submission data from hundreds of award entries to better understand the innovation trends in the industry. This year, submissions were securely fed into our Generative AI model, which extracted key themes and trends from the entries.
Hours of work was done in minutes. We then shared these six innovation trends with the winners on the night of the awards ceremony. Here’s what we found.
- Digital customer experience
Insurers have an unprecedented opportunity to build trust with customers by proactively improving the engagement, and delivering a seamless, personalized experience in a rapidly evolving digital landscape. This trend relates to the increasing adoption of technology, data analytics, and artificial intelligence to enhance the overall customer experience across various aspects of insurance.
- Health and well-being convergence
This trend is driven by the increasing consumer demand for holistic and personalized care, as well as the recognition that promoting healthy lifestyles can reduce claims costs and improve customer retention.
- Advanced analytics and personalization
The use of advanced analytics and personalization allows insurers to enhance customer engagement, streamline processes, and drive revenue growth. This trend is growing as insurers leverage customer behavior and preference data to deliver solutions that meet their needs.
The insurance industry increasingly seeks to adapt to the growing needs and evolving demands of consumers and regulators for environmentally responsible products and services. Carriers that embrace sustainability are positioned as industry leaders supporting a sustainable future.
- Inclusive insurance
The driver behind this trend is the growing awareness that disadvantaged segments, including low-income households, migrants, or small businesses, often lack access to affordable insurance that meets their needs. Expanding into underserved markets, carriers 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, as well as the need for insurers to be more agile, customer-centric, and efficient in their operations. We are seeing a rise in strategic partnerships, cross-industry collaborations, and the creation of new ecosystems that leverage emerging technologies and data-driven insights to deliver better outcomes.
Thank you to everyone who submitted entries to the 2023 Qorus-Accenture Innovation in Insurance Awards. You are all trend setters and pioneers on the New Performance Frontier for insurance.