[ad_1]
The recent Qorus-Accenture Insurance Innovation Award 2022 is a powerful practical illustration of the trends shaping the insurance industry. Sustainability and workforce transformation are key for insurers to remain relevant in a changing market. Insurers must incorporate sustainability into their strategy and value proposition, and they must take steps to transform the workforce in light of factors such as a tight job market, skills shortages, growing human-machine interaction, and hybrid work models. Both become a key factor for people when choosing an insurance company and / or a place to build a career.
Social, sustainable and responsible
Accenture Insurance Global Consumer Survey 2021 illustrates how sustainability in all its forms is becoming increasingly important to consumers: 67 percent of millennials and younger generations find green products and services attractive. This interest should have a double benefit for insurers, who can build a sustainable risk management model while demonstrating to young consumers that sustainability is a shared value.
In the previous sustainable development series, I discussed how we are now interacting with the broader definition of sustainability in insurance. Sustainable development is not only about protecting the planet, but also about protecting our future through positive social and economic practices, caring for low-income and vulnerable communities.
Integrated proactive resilience is not possible without the right technology. As our latest study Combining Technology and Sustainability discusses that technology is a key enabler for the development of a holistically sustainable business, and for this, sustainability and technology strategies must be closely aligned. Actually in Accenture From Perception to Reality: Bridging Gaps in Stakeholder Consensus to Build Resilient Organizations we found that 43% of executives cite access to the right technology at the right price as a major barrier to achieving sustainability goals.
In this year’s awards, we saw how insurers overcome these challenges by linking sustainability to their purpose and vision, and using technologies such as AI to track their own ESG requirements or create innovative products that add value to customers, as well as to society and the environment at large.
Category Winner – ROM (Poland)
This was certainly the case with this year’s Social, Sustainable & Responsible 2022 winner. PZU won this category for its AI Skin Cancer Prevention Tool, which allows customers to quickly and easily access skin cancer pre-screening through an AI-enabled mobile app. .
Marcin Kurczab, Head of the PZU Innovation Lab, explains how this tool came about: “During the implementation of the project, we identified the problem of low awareness of the risk of skin cancer among employees of our corporate clients. For this reason, we have provided them with a simple and quick solution that automatically reminds them of the need for regular self-examinations.”
Over 3,000 people signed up for the app in the first months of the pilot program, with five cases of skin cancer identified by the app and confirmed by dermatological evaluation. PZU received positive feedback from users who shared that the tool made skin cancer prevention easier and more accessible.
Kurchab adds: “Two people told us about their medical consultations, during which doctors were impressed with the effectiveness of the application, which proves its reliability. This is our mission as an insurer – we have a unique opportunity to protect and support people so that they live better and longer. One minute is enough for PZU clients to check the condition of their skin at home and, if in doubt, consult a doctor. Diagnosis at such an early stage increases the chances of a successful recovery.”
PZU noted an increase in consumer sentiment as a result of using the tool, noting a statistically significant difference in the assessment of PZU’s innovativeness (+13 p.p. compared to the control group) and the perception of the company as modern (+10 p.p. compared to the control group). group). with a control group) in their annual marketing review.
“It is common knowledge that health services are overwhelmed and patients often have to wait a long time to see a doctor and receive treatment. New technologies such as AI have enormous potential to revolutionize healthcare by addressing its underlying problems. AI-powered tools can solve a wide range of problems, checking symptoms, optimizing healthcare processes, triage, predicting the risk of a particular disease (such as cancer), or providing early detection of such diseases, which will lead to a decrease in mortality. Modern AI tools can act as support for doctors during examinations (there are already applications with a medical report that are prescribed by doctors in the same way as drugs or other forms of rehabilitation) or include options for self-examination as part of prevention – like our project. AI doesn’t feel tired, is better at avoiding prejudice, and can see things that humans don’t always see. These features could make artificial intelligence an important element of medical diagnostics in the future.”
Workforce transformation
Talent is the blood of the insurance industry. Only with the right resources and expertise will insurers be able to transform and realize their vision.
However, the lack of talent and skills is a growing concern in the insurance industry. Of particular concern is the skills gap resulting from the introduction of new technologies and the growing digitalization of operations, coupled with an aging workforce and approaching mass retirements. For example, talent management (succession, planning, recruitment, retention and training) has been highlighted by underwriters as a growing issue in The Institutes-Accenture’s 2021 underwriting. survey.
A key new challenge and opportunity for insurers is the growth of the remote workforce. On the one hand, remote work opens up new opportunities for increasing efficiency. IN Accenture Technology Vision for Insurance for 2021 88% Insurance executives believe remote work opens up a market for hard-to-reach talent and increases competition for talent across organizations. On the other hand, optimizing resources to ensure a healthy and productive workforce, regardless of physical location, can be challenging. Remote work also makes it difficult to create a cohesive and collaborative work culture.
Category Winner – Zurich Insurance Company
Zurich has addressed the particular challenges of the hybrid workforce with a universal mobile app for Zurich employees that simplifies day-to-day work whether they are at home or in the office.
Oscar Escudero Sanchez, Head of Digital Delivery at an insurance company in Zurich, explains how the team approached building the app: “Zurich has about 56,000 employees worldwide and they deserve the best and simplest tools to help them navigate their jobs. . . We first launched the app across several business units in Zurich, with a focus on seat reservations, but we’ve come a long way since then and have gone global this year. With One Zurich, we are turning our old functional digital experience model on its head. If before we had different platforms, say, for HR or IT support, now our employees have it all in one place.”
Liz Oswald, Head of Technology Transformation at Zurich Insurance Company, adds: “One Zurich is committed to providing our employees with a holistic digital experience. We regularly engage our employees through multiple channels such as focus groups, interviews, surveys, and in-app feedback forms to understand their wants, needs, and preferences, and use this data to identify and prioritize unfinished app features and interaction flows with user. . Once they are in production, we monitor their usage and contact employees to understand what works well for them or what they would like to improve, and then we make these changes and improvements to our backlog.”
This approach corresponds to the hybrid way of working. Escudero Sanchez explains: “Since the pandemic, Zurich has moved to a new way of working, including offering employees more flexible remote work options. This model creates many opportunities for both the company and employees to stay connected in a hybrid work world. On a tactical level, the One Zurich app helps employees manage their day with easy-to-use visual tools that let them see when their colleagues are planning to come to the office, book nearby seats, and manage their reserves. More broadly, One Zurich serves as a channel to engage employees with the latest updates and action when it matters most, and helps them feel connected no matter which workplace model they choose.”
Workforce transformation is not taking place in a vacuum, but as part of a deeper strategic commitment. Oswald concludes: “We in Zurich are committed to becoming one of the most responsible and influential companies in the world. We know that a key element in achieving this goal will be to provide our clients, agents and brokers with modern, streamlined and intuitive tools and user flows that engage and delight them and are tailored to their individual needs. But it’s not enough to focus on innovation for our external audience – everything has to start from the core! Our employees make Zurich. With One Zurich, we are setting an example for our employees by transforming their own experiences and sharing their findings to inform our organization about the broader digital transformation.”
As these two winners show, a holistic commitment to sustainability and transforming the workforce from within can have a wide-ranging and powerful impact.
See the full list of Qorus Accenture Insurance 2022 innovations..
Get the latest insurance industry insights, news and research straight to your inbox.
Disclaimer: This content is provided for general informational purposes and is not intended to be used as a substitute for consultation with our professional advisors.
[ad_2]
