Seven key traits emerge at this yr’s Efma-Accenture Innovation in Insurance coverage Awards.
“Insurance coverage stays extraordinarily inclined to future disruption. Innovation—and the flexibility to take action in a sustained method and at scale—holds the important thing to future survival”.
My colleague Piercarlo Gera hit the nail on the top when he spoke on the current Efma-Accenture Innovation in Insurance coverage Awards ceremony in Amsterdam. Except insurers commit themselves to innovation, all through their organizations, they’re placing their survival in jeopardy. Insurance coverage is among the industries that’s most susceptible to disruption. That is proven clearly within the newest launch of our Disruptability Index.
The success of the 2019 Efma-Accenture Innovation in Insurance coverage Awards reveals that many insurers are recognizing the significance of the large problem that’s going through them. Carriers internationally are allocating substantial sources to enhance innovation in virtually each side of their organizations. Zurich Insurance coverage, for instance—the winner of this yr’s World Innovator of the Yr award—has rolled out an array of spectacular improvements throughout its multinational enterprise. I’ll present extra particulars of those in my subsequent weblog put up.
Insurers and insurtech companies submitted near 400 improvements for this yr’s awards—up 23 p.c on 2018. They ranged from clever underwriting and fraud-spotting techniques to wellness apps that use facial recognition to evaluate life expectancy, AI-driven tablets that assist salespeople enhance the service they offer to clients, emergency companies for bicyclists and insurance coverage for customers of ride-hailing companies wanting to keep away from worth surges brought on by rain storms. A complete of 287 corporations, from 54 international locations, took half within the awards—a rise of 25 p.c. What’s extra, round 2 800 on-line voters participated within the awards by nominating the improvements they believed have been probably the most artistic, prone to have the best impression and supplied the widest software. These votes have been consolidated with the alternatives of the awards’ judges, a panel of 30 main figures within the insurance coverage trade, to pick out this yr’s greatest improvements.
Many start-ups are working with huge insurers to speed up innovation.
Almost a 3rd of the businesses that participated within the awards are start-ups. A lot of them are working carefully with huge insurers, resembling AXA, BNP Paribas, CNP Assurances, Baloise and Zurich Insurance coverage to call just a few, to speed up the event of their improvements. Such co-operation goes to learn the trade considerably within the years forward.
Except for acknowledging distinctive dedication to innovation within the insurance coverage trade, the Efma-Accenture Innovation in Insurance coverage Awards carry out one other essential perform. They’re a superb pointer to the most important know-how traits which might be shaping the trade. It’s clear, for instance, that insurers are recognizing the large potential of synthetic intelligence (AI) and are making use of sensible applied sciences to innovate many sides of their companies. Giant numbers of insurance coverage suppliers are additionally trying past their conventional markets and are utilizing insurtech partnerships and ecosystem alliances to grab new alternatives. Shut examination of all of the submissions to this yr’s awards reveals seven key traits which might be prone to form the insurance coverage trade within the subsequent few years.
Get to know me: Many insurers wish to unlock buyer worth and determine new enterprise alternatives by cultivating a a lot deeper understanding of the wants and preferences of their policyholders.
My market: By forging shut ties with their clients, a number of revolutionary carriers can now supply quite a lot of engaging digital experiences, or momentary markets, which might be accessible right away.
Good automation: The roll-out of AI techniques, on an enormous scale, is enabling progressive insurers to rework their core operations whereas additionally boosting the shopper expertise they supply.
Human+ Employee: A rising variety of carriers are recognizing that when AI is employed as an ally to their workforce, not a substitute, the alternatives for improved effectivity and innovation are virtually infinite.
Past boundaries: Digital ecosystems are enabling insurers to staff up with quite a lot of enterprise companions from a broad vary of industries to develop revolutionary services.
DARQ Energy: Distributed ledgers, AI and prolonged actuality are the primary “DARQ” applied sciences which might be insurers are beginning to undertake however quantum computing purposes are prone to observe.
Insurtech partnerships: Insurance coverage corporations are more and more partnering with start-ups, via enterprise funding, enterprise alliances or incubator applications, to higher determine and speed up innovation alternatives.
In my subsequent weblog put up, I’ll focus on a number of the eye-catching improvements that Zurich Insurance coverage, the 2019 World Innovator of the Yr, has launched in readiness for the disruption of many its conventional markets. You’ll be able to be taught extra concerning the Efma-Accenture Innovation in Insurance coverage Awards at https://www.efma.com/innovationininsurance/.