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While digital technology is rapidly reconfiguring all industries, insurance is among the most vulnerable to disruption. But as is the case every year, the Efma–Accenture Innovation in Insurance Awards for 2019 show that many insurance organizations are taking the opportunity to lead the next wave of innovation rather than fall victim to it.
The 2019 awards attracted nearly 400 entries, up from 320 in 2018. This highlights how traditional insurers and insurtechs are transforming a once stable and conservative industry into one that is vibrant and replete with new ideas and fresh value propositions.
Incumbents and disruptors alike are delivering hyper-relevant services, products and solutions that are changing the face of the industry. Those that are succeeding in their transformation efforts are becoming what we call Living Businesses—responsive, agile organizations that lead the market in sustainable growth.
What sets these companies apart from the rest? They have a better understanding of the changing digital needs of their customers; can pivot their growth strategies towards profitable areas beyond the core; and fund new growth by optimizing costs elsewhere. These market leaders have the ability to flex and adapt to make their business and its offerings more engaging, relevant and useful to the customer.