Major trends evident from Innovation in Insurance awards

2020’s Efma-Accenture Innovation in Insurance awards show shined a spotlight on the biggest trends shaping the industry.

Publish date: 15 October 2020
Author: Accenture
Theme : Innovation

This year’s awards took place in the shadow of the Covid-19 pandemic that has upended lives across the planet. Yet, even with the spring submission period, the 2020 awards still managed to attract 360 entries from 240 institutions in 45 countries. It was an impressive tally given the extenuating circumstances.

Following the awards, Accenture performed an in-depth analysis of the entries to better understand the trends that are driving the most innovative players in the industry. The result is a new report, ‘Realigning the fundamentals after Covid-19’, that examines these trends and identifies prime examples of how they have manifested in different innovations from throughout the industry.  

From digital services that help customers look after their own health to redesigning real-time customer experiences, leading insurers are developing and implementing digital tools that are expanding on the traditional role insurance has played in peoples’ lives. One thing is clear, the dramatic changes brought about by Covid-19 have supercharged the digitization trend that was already shaping the industry.

While there are certainly challenges in the current moment and on the horizon, insurers that are seizing this moment with a transformational, digital-focused outlook are setting up themselves up for success in the future. 

To see what's spurring innovation in the insurance industry, download the report now!