We are thrilled to once again witness the spirit of innovation showcased in the Qorus-Accenture Innovation in Insurance Awards. This year, using the power of Generative AI, we have identified six key trends that are shaping the future of the insurance industry.

Since its establishment in 2016, the Awards program has been a driving force for innovation in the insurance sector. The winners are pioneering insurers and insurtechs who have pushed boundaries, fostered collaboration, and made a meaningful impact on the way their customers live and work.

Innovation trends in 2023

Each year, we analyze data from hundreds of award entries to gain a better understanding of the innovation trends in the industry. This year, the submissions were securely processed by our Generative AI model, which extracted key themes and trends from the entries.

What used to take hours of work was accomplished in a matter of minutes. We then presented these six innovation trends to the winners during the awards ceremony. Here’s what we discovered.

1. Digital customer experience
   Insurers have a unique opportunity to build trust with customers by proactively enhancing engagement and delivering a seamless, personalized experience in a rapidly evolving digital landscape. This trend is related to the increasing use of technology, data analytics, and artificial intelligence to improve the overall customer experience in various facets of insurance.
2. Health and well-being convergence
   This trend is driven by the growing consumer demand for holistic and personalized care, as well as the recognition that promoting healthy lifestyles can reduce claims costs and improve customer retention.
3. Advanced analytics and personalization
   The use of advanced analytics and personalization enables insurers to improve customer engagement, streamline processes, and drive revenue growth. This trend is growing as insurers utilize customer behavior and preference data to offer solutions that meet their needs.
4. Sustainability
   The insurance industry is increasingly seeking to adapt to the escalating needs and changing demands of consumers and regulators for environmentally responsible products and services. Carriers that embrace sustainability are positioned as industry leaders supporting a sustainable future.
5. Inclusive insurance
   This trend is driven by the growing recognition that disadvantaged segments, such as low-income households, migrants, and small businesses, often lack access to affordable insurance that meets their needs. By expanding into underserved markets, carriers help bridge the protection gap and contribute to financial well-being and stability.
6. Ecosystem collaboration
   This trend is accelerated by the rapidly changing landscape of the insurance industry and the need for insurers to be more agile, customer-centric, and efficient in their operations. We are witnessing a rise in strategic partnerships, cross-industry collaborations, and the creation of new ecosystems that leverage emerging technologies and data-driven insights to deliver better outcomes.

Thank you to everyone who submitted entries to the 2023 Qorus-Accenture Innovation in Insurance Awards. You are all trend setters and pioneers on the New Performance Frontier for insurance.