Efma-Accenture Innovation in Insurance Awards Trends 2021
September 16, 2021
What do insurers need to focus on to be exceptional in 2021 and beyond? The recent Efma-Accenture Innovation in Insurance Awards showcased those insurance companies that are pioneering exciting, innovative solutions to new industry needs and changing customer expectations.
The 460 submissions from across the globe revealed strong trends and presented a portrait of the opportunities that lie in the current industry. The sheer increase in submissions was a testament to the adaptability of the insurance industry and the willingness to meet new customer expectations.
460
award entries
269
institutions from 55 countries submitted their top innovations
207%
increase in Efma-Accenture Innovation in Insurance entries that mention sustainability and ESG
Innovation in Insurance Awards 2021 - highlights
View Transcript2021 Insurance Innovation Trends
Trend 1: CX, upleveled
Providing an anywhere/everywhere experience
Trend 2: Pervasive AI
Leveraging AI at scale across the value chain
Trend 3: Embedded ecosystems
Blending insurance within broader propositions
Trend 4: Phygital health and wellness
Offering end to end health & wellness services
Trend 5: Workforce transformation
Empowering new ways of collaborating & working
Trend 6: Insurance goes green
Reimagining insurance with a new perspective
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Read Silvia Milian’s analysis into each trend and how it impacts insurance carriers, with real examples of how insurers have driven these innovations in their own businesses.
As this year’s trends, winners and innovations show, the future of insurance is one defined by positive, high-impact change.
For further information about this year's winners visit our Efma-Accenture Innovation in Insurance Awards page.
To enter the 2022 Efma-Accenture Innovation in Insurance Awards visit the awards submission site.
"We had another great round of submissions this year—these companies are leading change, and not just for this sector—they bring new value to customers and the ecosystem."
– DANIELE PRESUTTI, Senior Managing Director
What are the Efma-Accenture Insurance Awards?
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.
What technologies are changing insurance?
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.
What are current trends in the insurance industry?
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.
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