Qorus and Accenture have launched the eighth edition of the Innovation in Insurance Awards, celebrating the best ideas and projects that are transforming the industry.
Established in 2016, the program provides a forum for organizations to share best practices and continues to bear witness to the evolution of insurance in a changing world. Last year, the awards attracted 398 submissions from 251 institutions in 44 countries.
Companies can submit their entries online until 6 April 2023 within the following seven categories:
1. Global Innovator (overall winner) – the most innovative insurer that displays innovation in their strategic direction, business practices and practical outputs. The winning organization is committed to continuous innovation and transformation, the development of a broad ecosystem of partners extending beyond insurance and the use of emerging technologies for improved customer experience customers and business performance. To qualify, the entrant must have submitted at least three innovations across the other six categories and be invited to apply.
2. Connected Ecosystems & Marketplaces – new business models and scalable end-to-end value propositions that capitalize on the power of partnerships, platforms, new technologies and insurtech. Submissions may be made by incumbents, specialized players and other new competitors.
3. Insurtech – reserved for the insurance start-ups, spin-offs and technology firms that are harnessing technology to reinvent the customer experience whilst driving new value for insurers. This category is for firms specifically targeting the insurance industry, with stage-one funding, a market release proposition and/or have completed a successful proof of concept in the market.
4. Product & Service Innovation – innovations that extend or replace the traditional insurance offering, creating new revenue pools through expansion into new and existing customer segments and markets.
5. Re-imagining the Customer Experience – innovations that enhance the way companies engage with new or existing customers via physical and/or digital channels, new customer management models, artificial intelligence-driven advice, and innovative management of customer loyalty and satisfaction.
6. Social, Sustainable & Responsible – advances in social purpose, and in the insurer’s commitment to being a good corporate citizen and a true ally of its customers. This category covers the full definition of sustainability, from environmental and climate interventions and risk management to strategies relating to building communities and fostering inclusive insurance.
7. Workforce Transformation – bringing together people, culture, leadership, organization and technology, enabling the insurer to realize the full potential of the human and machine workplace.
Each entry will be assessed using three criteria: originality; long-term strategic impact and return on investment; as well as its ability to be applied on a broader scale in other markets and countries.
"Since the Awards' inception, we’ve highlighted the cutting-edge insurers and innovations that have set inspiring performance levels for others in the field," said John Berry, Qorus CEO. “As demonstrated through last year’s program, the industry is continuously shifting to a consumer-centric model. We’re confident that this year’s awards will again showcase the exceptional solutions that insurers are implementing, as they adapt to new lifestyles, reimagine their role, and drive industry reinvention.”
Silvia Milian, a managing director in Accenture’s Insurance industry group and its lead for the awards, said, “Over the past few years, we’ve seen a rise in entries focused on sustainability, embedded ecosystems and the convergence of health and wellbeing, indicative of broader industry trends. Innovation in product, distribution and process is critical in responding to rapid market shifts, as well as for building a sustainable and responsible insurance industry.”
Winners will be selected by a panel of judges comprising senior insurance executives from around the world, and an online vote by Qorus members and non-members from insurance institutions. The winners will be announced at an awards ceremony on 14 June 2023.
Submit your projects for consideration directly on the Innovation in Insurance Awards site.