Insurance innovation is alive and kicking, and gaining traction, as represented by the wide array of submissions for the 2020 Innovation in Insurance Awards, sponsored by Efma and Accenture.Technology
Last year, I was honored to be selected as a judge, and the winners were just announced in a virtual award ceremony. Congrats to all for carrying the commitment to innovation for our industry!
With customer demographics and expectations changing, with new channels and competitors appearing and with so many technological possibilities opening up, we see a two-speed strategy around innovation: speed of operation and speed of innovation.
Speed of operation focuses on optimizing the existing business model while speed of innovation looks at new business models that will disrupt the business. This two-speed strategy aligns well to AM Best’s innovation ratings.
So, how are insurers innovating? In the submissions this year, there are leaders who understand the intersection of customer, technology and market boundary shifts and are blazing trails.