Turning challenges into triumphs: The real story of insurance innovation

Insurance
16/01/2025 Article
profile picture of Boris Plantier

Boris Plantier

Qorus

Head of content

Insurance is an industry undergoing rapid transformation. Innovation is therefore crucial, as Jean-Marc Pailhol, Chief Global Strategic Partnerships Officer at Allianz SE, reminds us in the study Illuminating Insurance Innovation: Insights from Eight Years of Qorus Innovation in Insurance Awards: "I really think that innovation in insurance is currently a no-brainer; it’s a question of life or death. If you don’t lead the transformation, you are killed by the transformation."

Innovation also pays off, as the study demonstrates. Insurance innovators are outperforming their competitors. Between 2017 and 2023, 72% of P&C carriers that participated in the Qorus Innovation in Insurance Awards achieved a combined ratio equal to or above their country’s average (2019–2022). Moreover, a significant majority (80%) of respondents to our research reported that their innovations met or exceeded the financial outcomes they anticipated.

This year, I look forward to seeing new and innovative projects that offer a glimpse into the future of insurance. These include initiatives involving generative AI, which has made a remarkable impact on our work and daily lives, and embedded insurance – an invisible yet indispensable component of the customer journey, emerging as a vital distribution channel. Other areas include prevention, which benefits customers while helping insurers reduce costs; the creation of ecosystems that enable insurers to become more than just insurers through strategic partnerships; and operational excellence in underwriting, claims management, and, of course, customer relations.

There are countless ways to innovate, but it all starts with a great idea – a new approach to solving a business problem rather than relying solely on cutting-edge, costly technologies. Adaptation to societal changes is an excellent example: insuring an individual’s mobility instead of their vehicle, or providing coverage tailored to gig workers.

Embracing challenges – and even failure

Failure is an integral part of the innovation process. Sometimes, what seemed like a success ends up turning into a failure. Other times, the reverse happens – a project that initially appeared doomed because of the challenges it faced ultimately transforms into a success.

For this reason, don’t hesitate to be transparent, and even emphasize the difficulties you encountered and the lessons you learned – not just your achievements – when you submit your innovations to the Qorus Innovation in Insurance Awards 2025. We are a group of innovation enthusiasts, and we understand that innovation is challenging, the path is full of obstacles, and innovators are not superheroes. Moreover, remember this crucial lesson in storytelling: to craft a compelling story, your main character must overcome one or more challenges before achieving their goal.

The study by Qorus and Accenture sheds light on this reality, identifying four key challenges innovators face:

1 - Lack of an innovation culture
2 - Scarcity of the necessary skill sets
3 - Regulation serving as both an enabler and an impediment
4 - Demands for quick payback in a volatile economy
 

Show me what you’ve got!

The clock is ticking: submissions for this year’s Innovation in Insurance Awards close on February 26. I can’t wait to hear about your latest innovative projects, your challenges and your triumphs. Impress me – and maybe even leave me in awe!

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