Qorus and Accenture (NYSE: ACN) has launched the eighth edition of the Innovation in Insurance Awards, celebrating the best ideas and projects that are transforming the industry. So if you have a superstar team doing some great work, now’s the time to push for recognition.
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:
- 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 and business performance. To qualify, the entrant must have submitted at least three innovations across the other six categories and be invited to apply.
- 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.
- 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.
- 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.
- 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.
- 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.
- Workforce Transformation – bringing together people, culture, leadership, organization and technology, enabling the insurer to realize the full potential of the human and machine workplace.
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