Research Report
Qorus-Accenture Innovation in Insurance Trends 2022
10-MINUTE READ
Why is innovation in insurance so critical to the survival and growth of the industry? How are insurers responding to emerging challenges and opportunities in insurance?
These questions and more were answered in the Qorus-Accenture Innovation in Insurance Awards. The awards did not only celebrate the leading innovators and rising stars in the industry, but illustrated key insurance innovation trends shaping the industry.
Innovation is no longer a response to crisis or an abstract, futuristic concept. For insurers across the world, it is a proactive focus that is enabling them to introduce exciting new channels of value for their customers, their ecosystems and their wider industry and economy.
The 398 submissions received from across the globe revealed strong trends and illustrated the opportunities that lie in the current industry.
398
award entries
251
institutions – including 114 insurtechs – from 44 countries submitted their top innovations
40%
increase in Health and Wellbeing convergence submissions
2022 Insurance Innovation Trends
- Trend 1: Authentic omnichannel
Engaging customer experience, anywhere and everywhere
- Trend 2: Embedded ecosystems
Complementary ecosystems for deeper value
- Trend 3: Health and wellbeing convergence
Making customers’ lives better, proactively reducing risk
- Trend 4: Sustainable insurance
Positively contributing to communities and the planet
- Trend 5: AI & Tech differentiation
Intelligent technology that sets insurers apart
- Trend 6: Workforce rearchitected
The people powering the reimagined insurance landscape
Qorus-Accenture Innovation in Insurance Awards for 2022 Winners
As this year’s trends, winners and innovations show, the future of insurance is one defined by tech-powered, human-centred innovation that integrates technologies and sectors to define new ecosystems and paths. For further information about this year's winners visit our Qorus-Accenture Innovation in Insurance Awards page.
Qorus-Accenture Innovation in Insurance Awards for 2023
Submit your entries to the Qorus-Accenture Innovation in Insurance Awards for 2023.
The insurer of the future can have a positive impact on society — influencing behaviors and contributing to safer, greener and more inclusive industry practices, as evidenced by the growing focus on sustainability among the submissions.
FAQ
What are the innovation in insurance awards?
The Qorus-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 transforming insurance?
Artificial Intelligence (AI) remains the key transformative technology for the insurance industry. 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. The metaverse, and its ability to provide a rich, interconnected hybrid experience, is also emerging as a technology trend to watch.
What are current trends in the insurance industry?
- Authentic omnichannel: Engaging customer experience, anywhere and everywhere.
- Embedded ecosystems: Complementary ecosystems for deeper value.
- Health and wellbeing convergence: Making customers’ lives better, proactively reducing risk.
- Sustainable insurance: Positively contributing to communities and the planet.
- AI & Tech differentiation: Intelligent technology that sets insurers apart.
- Workforce rearchitected: The people powering the reimagined insurance landscape.