The insurance industry’s established and inflexible workflows are no longer the norm. In the current climate, insurers need an edge to help them stay ahead of the pack, and the edge is in the data. The basis for this research is Accenture's proprietary digital innovation database, which has captured the top 30 insurers’ public announcements of innovation over the past five years and arranged them by total premium volume across all major markets. Then, innovations were grouped into five categories, including organizational innovation DNA, internal processes and capabilities, products, distribution, and the customer experience.
To understand where insurance industry leaders spend their money, we counted and ranked each innovation announcement. The financial performance of the market was then compared to the innovation characteristics of insurance companies, allowing us to explore the correlation between digital value innovation and revenue.