Efma-Accenture Innovation in Insurance Awards Trends 2021

The Efma-Accenture Innovation in Insurance Awards is an annual, global competition that rewards the best new ideas and practices transforming the industry for the benefit of both insurers and their customers. Open to insurance, bancassurance, and insurtech organizations, the awards serve as a catalyst for innovation, helping to connect a worldwide network of leaders and disruptors. A rigorous, independent judging process determines the winners by their peers to ensure the awards’ ongoing credibility.

Artificial Intelligence (AI) and its applications in insurance are changing the way the insurance industry operates. By leveraging rich insurance data, insurance carriers can respond to changing customer needs in real time. AI can automate manual insurance processes, unlocking new value and innovation. Cloud-based insurance platforms will also have a powerful impact on streamlining, innovating and securing insurance operations and the insurance workforce.

Anywhere/everywhere customer experiences: Using omni-channel platforms to deliver insurance services to customers whenever, and wherever they are.

AI across the value chain: Artificial Intelligence (AI) is the dominant technology driving digital transformation in the insurance industry.

Insurance ecosystems to provide customer value: By strategically partnering with leading companies in adjacent industries, insurers can build attractive, blended value propositions and reach new audiences.

Phygital Health and Wellness: Insurers are focusing on nurturing the wellbeing of their customers and using digital tools and telematics devices to help track, analyze and further this mandate.

Workforce transformation: The Covid-19 pandemic transformed how insurance carriers manage, grow and skill their workforce.

Sustainability and green insurance: Sustainability is a rising trend as leaders consider how to build and measure green insurance policies and operations that are good for customers, communities and the planet.