Insurance awards highlight "living business" shift
September 20, 2018
RESEARCH REPORT
In brief
In brief
- The winners and nominees in the third annual Efma-Accenture Innovation in Insurance Awards are reinventing themselves as "living businesses."
- They are striving to deliver hyper-relevant services, products and solutions to their customers.
- The time to look to the living business model is now, as disruption puts the traditional model under pressure and creates new opportunities.
The winners and nominees in the third annual Efma-Accenture Innovation in Insurance Awards show how leading insurance organizations—innovative incumbent carriers and disruptive insurtechs alike—are reinventing themselves as "living businesses" striving to deliver hyper-relevant services, products and solutions to their customers.
These organizations are using digital technologies—from artificial intelligence (AI) to the Internet of Things, advanced video analytics, API architecture and an increasing array of partnership models—to become part of their customers’ everyday lives.
They are experts at change and evolution, rapidly reshaping themselves to keep pace with changing customer expectations and ever-faster cycles of technology-driven disruption.
Insurers that are living businesses deliver meaningful, personalized propositions at the times that matter.
The awards this year focus on eight trends paving the way towards insurance as a living business:
- Next-Generation Underwriting
- Data Veracity
- Open-Eyes Insurance
- Internet of Thinking
- Frictionless Open Insurance
- Insurtech-Incumbent Partnerships
- Intelligent Services
- The Augmented Insurer
The companies that we highlight to illustrate these eight trends are among the industry leaders blazing a trail, leveraging new technology to capitalize on exciting new opportunities, driving revenue growth, and ensuring their significance in a fast-changing world. Becoming a living insurer is a daunting challenge, but there is little doubt that the future of insurance will belong to those companies that make this shift.
How can insurers remain relevant and competitive in a digitally disrupted industry? Register to view the report to learn more.
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