How sustainability and workforce transformation encourage innovation | Insurance coverage Weblog

The latest 2022 Qorus-Accenture Innovation in Insurance coverage Awards are a robust, sensible illustration of the developments shaping the insurance coverage trade. Sustainability and workforce transformation have gotten central to insurers for retaining relevance in a altering market. Insurers have to embed sustainability into their technique and worth proposition, and so they must embrace workforce transformation within the gentle of things resembling a good labour market, talent shortages, rising human-machine interactions and hybrid work preparations. Each are additionally turning into key concerns for folks when deciding on their insurance coverage service of selection and/or a spot the place to forge a profession. 

Social, sustainable and accountable  

Accenture’s 2021 Insurance Global Consumer Study illustrated that sustainability in all varieties has turn into more and more necessary for shoppers, with 67 p.c of millennial and youthful generations saying that sustainable services and products are interesting. This curiosity stands to have a double profit to insurers, who can construct sustainable threat administration mannequin, whereas on the similar time demonstrating to youthful shoppers that sustainability is a shared worth.  

In a earlier sequence on sustainability, I mentioned how we now interact with a wider definition of sustainability inside insurance coverage. Sustainability not solely pertains to defending the planet, however defending our future by means of constructive socio-economic practices, caring for underserved and susceptible communities.  

Built-in, proactive sustainability is not going to be doable with out implementing the proper expertise. As our newest analysis Uniting Technology and Sustainability discusses, expertise is a key enabler for growing holistically sustainable companies and for that sustainability and expertise methods have to turn into tightly aligned. In actual fact, in Accenture’s Perception to Reality: Closing Stakeholders Consensus Gaps to Shape Sustainable Organizations we illustrated that 43% of executives point out accessing the proper expertise on the proper price as a key barrier to growing sustainability objectives. 

On this 12 months’s awards, we noticed how insurers are overcoming these challenges by connecting sustainability to their objective and imaginative and prescient and utilizing applied sciences resembling AI to trace their very own ESG necessities or construct progressive merchandise that add worth to clients, in addition to to society and the broader atmosphere.  

Class winner – PZU (Poland) 

This was definitely the case with this 12 months’s winner of the Social, Sustainable & Accountable 2022. PZU gained the class for its AI Pores and skin Most cancers Prevention instrument, which empowers clients to entry pores and skin most cancers pre-screening rapidly and simply by means of an AI-enabled cell app. 

Marcin Kurczab – Head of Innovation Lab at PZU explains how the instrument got here to be: “When implementing the challenge, we recognized the problem of low consciousness of pores and skin most cancers threat among the many workers of our company shoppers. For that reason, we supplied them a easy and fast answer that routinely reminds them to carry out common self-examinations.” 

Over 3,000 folks registered within the app within the first months of the pilot programme, with 5 pores and skin most cancers circumstances recognized by the app and being confirmed by dermatological evaluation to date. PZU acquired constructive suggestions from customers, who shared that the instrument made pores and skin most cancers prevention simpler and extra accessible.  

Kurczab provides, “Two folks advised us about their medical consultations, throughout which docs have been impressed by the effectiveness of the app, which proves its reliability. That’s our mission as an insurer – we’ve got the distinctive functionality to guard and assist folks in dwelling higher and longer. It takes solely takes a minute for PZU clients to verify their pores and skin situation at house and, if there’s a concern, to escalate this by seeing a health care provider. Prognosis at such an early stage will increase the prospect of a profitable restoration.”  

PZU noticed a rise in buyer sentiment because of the instrument, noticing a statistically vital distinction within the analysis of PZU’s innovativeness (+13 p.p. as compared with the management group) and the notion of the corporate as trendy (+10 p.p. as compared with the management group) of their annual advertising survey.  

“It’s generally recognized that healthcare companies are overloaded, and sufferers typically have to attend a very long time for a health care provider’s appointment and remedy. New applied sciences resembling AI have an enormous potential for revolutionizing healthcare by addressing its most important ache factors. AI-based instruments can handle a variety of challenges by checking signs, optimizing healthcare processes, conducting triage but in addition predicting threat of a given illness (like cancers) or enabling early detection of such diseases which is able to end in decrease mortality charges. Trendy AI instruments can act as a assist of docs throughout examination (there are already purposes with medical certification which can be prescribed by docs similar to medicines or different types of rehabilitation) or allow self-examination choices as a part of prevention – similar to our challenge. AI doesn’t really feel fatigue, it’s higher in avoiding biases, and might see what isn’t all the time seen by people. These options might make AI an inseparable ingredient of medical analysis sooner or later.”  

Workforce transformation  

Expertise is the lifeblood of the insurance coverage trade. It’s only with the proper assets and data that insurance coverage carriers will have the ability to remodel and realise their imaginative and prescient.  

Nevertheless, expertise and abilities shortages are a rising concern throughout the insurance coverage trade. Ability gaps ensuing from the introduction of latest applied sciences and rising digitization of operations, coupled with an ageing workforce and large retirement looming are notably worrying. For instance, expertise administration (succession, planning, recruiting, retention, and coaching) was highlighted as rising challenge by underwriters in The Institutes-Accenture’s 2021 underwriting survey. 

A key rising problem and alternative for insurers is the rise of the distant workforce. On the one hand, the distant workforce opens up new alternatives for efficiencies. In Accenture’s 2021 Technology Vision for Insurance 88% of insurance coverage executives shared the assumption that the distant workforce opens up the marketplace for difficult-to-find expertise and expands the competitors for expertise amongst organizations. Alternatively, optimizing the assets that guarantee a wholesome and productive workforce, no matter bodily location, might be difficult. Working remotely additionally makes a cohesive and collaborative office tradition harder.  

Class winner – Zurich Insurance coverage Firm 

Zurich addressed the actual challenges which have come about by means of the hybrid workforce, with an all-in-one cell utility for Zurich workers that simplifies the day-to-day expertise whether or not they’re at house or within the workplace. 

Oscar Escudero Sanchez, Head of Digital Supply, Zurich Insurance coverage Firm discusses how the crew approached the creation of the app, “Zurich has about 56,000 workers globally and so they deserve the perfect and best instruments to assist navigate their work life. We initially launched the app in a number of Zurich enterprise items with a concentrate on workspace reserving however have come very far since and are going world this 12 months. With One Zurich, we’re turning our outdated mannequin of functional-based digital experiences on its head. The place we beforehand had completely different platforms for, let’s say, HR or IT assist, now our workers have it multi function place.”  

Liz Oswald, Head of Expertise Transformation, Zurich Insurance coverage Firm provides, “One Zurich goals to offer our workers with a holistic digital expertise. We commonly interact our workers by means of a number of channels resembling focus teams, interviews, polls and in-app suggestions varieties to grasp their needs, wants and preferences, and use these inputs to outline and prioritize a backlog of app options and user-experience flows. As soon as these are in manufacturing, we observe their utilization and comply with up with workers to grasp what’s working properly for them or what they wish to see improved – after which we take these modifications and enhancements into our backlog.”  

This method aligns to a hybrid manner of working. Escudero Sanchez explains, “Zurich has embraced the brand new post-pandemic manner of working, together with providing expanded flex and distant working choices to workers. This mannequin creates many alternatives for each the corporate and workers on the best way to keep related in a hybrid working world. At a tactical degree, the One Zurich app helps workers in managing their on-site days with user-friendly, visible instruments that enable to see when their colleagues are planning to come back into the workplace, e-book close by workspaces and handle their reservations. Extra broadly, One Zurich serves as a channel for participating workers with related updates and actions once they matter most and to assist them really feel related irrespective of which office mannequin they select.”  

Workforce transformation doesn’t occur in a vacuum, however as a part of a deeper strategic dedication. Oswald concludes, “At Zurich, our ambition is to be one of the accountable and impactful companies on this planet. We all know {that a} key ingredient of attaining this will probably be offering our clients, brokers, and brokers with trendy, streamlined and intuitive instruments and person flows that interact and delight them, and which can be tailor-made to their particular person wants. But it surely’s not sufficient to concentrate on innovating for our exterior audiences – all of it has to begin on the core! Our workers make Zurich. With One Zurich, we’re offering an instance for our workers by remodeling their very own expertise and sharing our findings to tell our group’s broader digitalization journey.”  

As these two winners present, a holistic dedication to sustainability and workforce transformation from the within can have a widespread, highly effective affect.  

See the complete 2022 Qorus Accenture Innovation in Insurance list

Get the most recent insurance coverage trade insights, information, and analysis delivered straight to your inbox.

Disclaimer: This content material is supplied for common data functions and isn’t supposed for use rather than session with our skilled advisors.