The recently held 2022 Qorus-Accenture Innovation in Insurance Awards showcase the evolving trends in the insurance industry that are shaping its future. Sustainability and workforce transformation are becoming core priorities for insurers as they navigate a changing market landscape. Incorporating sustainability into their strategies and value propositions has become essential, alongside embracing workforce transformation to address challenges like a tight labor market, skill shortages, and the integration of human-machine interactions and hybrid work models. These aspects are now pivotal factors for individuals when choosing an insurance provider or seeking career opportunities within the industry.
Accenture’s 2021 Insurance Global Consumer Study highlights the growing importance of sustainability for consumers, especially younger generations, with 67% expressing interest in sustainable products and services. For insurers, integrating sustainability not only mitigates risks but also resonates with consumers by showcasing shared values and social responsibility. This broader notion of sustainability within insurance extends beyond environmental concerns to encompass positive socio-economic practices and support for underserved communities.
Investing in the right technology is crucial for achieving integrated sustainability practices. Accenture’s research on Uniting Technology and Sustainability emphasizes the need for aligning technology and sustainability strategies to develop holistic and sustainable business models. However, access to the right technology at a reasonable cost remains a key barrier for 43% of executives in realizing their sustainability goals.
In this year’s awards, insurers demonstrated how they are leveraging sustainability and technology to drive innovation. A standout example is PZU, the winner of the Social, Sustainable & Responsible 2022 category, for its AI Skin Cancer Prevention tool. This tool allows customers to conduct skin cancer pre-screenings easily through an AI-enabled mobile app, contributing to early detection and prevention efforts.
On the workforce transformation front, talent and skills shortages are a growing concern for insurers, necessitating a proactive approach to address emerging challenges. The shift towards a remote workforce presents both opportunities and challenges, with insurers like Zurich leveraging technology to enhance the employee experience. Zurich’s all-in-one mobile application simplifies daily work experiences for employees, whether at home or in the office, reflecting a commitment to modernizing and streamlining workplace practices.
The success stories of PZU and Zurich underscore the transformative impact of a comprehensive approach to sustainability and workforce development. By prioritizing internal initiatives that align with broader strategic goals, insurers can create a ripple effect that positively influences their operations and relationships with customers and stakeholders. As the industry continues to evolve, these innovative practices will play a crucial role in shaping the future of insurance.
For more insights and updates on the insurance industry, you can visit the 2022 Qorus Accenture Innovation in Insurance list. Stay informed with the latest news, research, and industry trends delivered directly to your inbox.
