In the seventh edition of the awards, the pace of innovation in the insurance industry continues. Nearly 400 submissions were received from 251 institutions, including 114 insurtechs, from 44 countries.
The winners emerged from a two-part selection process. Nearly 4,000 voters from insurance institutions chose their top three entries in online voting. This made up 50 percent of the score. The remaining 50 percent came from our awards jury comprising 37 senior insurance executives from around the world, who evaluated the 66 nominees against the three scoring criteria of impact, originality and universality.
The submissions revealed trends that give a clear indication of the direction of the industry. Across our categories, we saw a 40% increase in Health and Wellbeing convergence submissions, a 20% increase in Embedded Ecosystems, 30% in Sustainable Insurance and 15% in Workforce Rearchitected. While Authentic Omnichannel and AI and Tech Differentiation submissions didn’t illustrate marked growth, they didn’t decrease either.
Prevention-oriented insurance products and services are taking center stage as an increasingly important growth lever for insurers that is also part of their sustainability agenda. From a socio-economic point of view, insurers are at a unique intersection of managing personal risk, as well as the collective risks we face as a planet.
In this brave new world, tech revolution is ongoing, products, services and experiences are reimagined to address the convergence of customer needs and insurers are consciously driving sustainability agendas. This shift will be enabled by future-ready technology and operations, transformative AI applied in tandem with humans, and leveraging the potential of the metaverse. This is the foundation for the future of insurance and what you will see reflected in the Qorus-Accenture Insurance Innovation trends.
These innovation trends define a clear path forward for the total enterprise reinvention of the insurance industry.