Home Insurance How sustainability and workforce transformation encourage innovation | Insurance coverage Weblog

How sustainability and workforce transformation encourage innovation | Insurance coverage Weblog

How sustainability and workforce transformation encourage innovation | Insurance coverage Weblog


The current 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 must embed sustainability into their technique and worth proposition, they usually should embrace workforce transformation within the gentle of things comparable to a decent labour market, ability shortages, rising human-machine interactions and hybrid work preparations. Each are additionally turning into key issues for folks when deciding on their insurance coverage provider of selection and/or a spot the place to forge a profession. 

Social, sustainable and accountable  

Accenture’s 2021 Insurance coverage World Client Research illustrated that sustainability in all varieties has develop into more and more vital for customers, with 67 % 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 identical time demonstrating to youthful customers that sustainability is a shared worth.  

In a earlier collection on sustainability, I mentioned how we now have interaction with a wider definition of sustainability inside insurance coverage. Sustainability not solely pertains to defending the planet, however defending our future by way of optimistic 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 Expertise and Sustainability discusses, expertise is a key enabler for creating holistically sustainable companies and for that sustainability and expertise methods must develop into tightly aligned. In truth, in Accenture’s Notion to Actuality: Closing Stakeholders Consensus Gaps to Form Sustainable Organizations we illustrated that 43% of executives point out accessing the proper expertise on the proper value as a key barrier to creating sustainability targets. 

On this yr’s awards, we noticed how insurers are overcoming these challenges by connecting sustainability to their goal and imaginative and prescient and utilizing applied sciences comparable to 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 surroundings.  

Class winner – PZU (Poland) 

This was actually the case with this yr’s winner of the Social, Sustainable & Accountable 2022. PZU received the class for its AI Pores and skin Most cancers Prevention device, which empowers clients to entry pores and skin most cancers pre-screening shortly and simply by way of an AI-enabled cell app. 

Marcin Kurczab – Head of Innovation Lab at PZU explains how the device got here to be: “When implementing the undertaking, we recognized the problem of low consciousness of pores and skin most cancers threat among the many staff of our company shoppers. For that reason, we provided 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 optimistic suggestions from customers, who shared that the device made pores and skin most cancers prevention simpler and extra accessible.  

Kurczab provides, “Two folks advised us about their medical consultations, throughout which medical doctors had been impressed by the effectiveness of the app, which proves its reliability. That’s our mission as an insurer – now we have the distinctive functionality to guard and assist folks in dwelling higher and longer. It takes solely takes a minute for PZU clients to test their pores and skin situation at dwelling 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 on account of the device, noticing a statistically important 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 and marketing 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 therapy. New applied sciences comparable to AI have an enormous potential for revolutionizing healthcare by addressing its primary ache factors. AI-based instruments can handle a variety of challenges by checking signs, optimizing healthcare processes, conducting triage but additionally predicting threat of a given illness (like cancers) or enabling early detection of such sicknesses which can lead to decrease mortality charges. Fashionable AI instruments can act as a assist of medical doctors throughout examination (there are already functions with medical certification which are prescribed by medical doctors similar to drugs or different types of rehabilitation) or allow self-examination choices as a part of prevention – similar to our undertaking. AI doesn’t really feel fatigue, it’s higher in avoiding biases, and might see what isn’t at all times observed by people. These options might make AI an inseparable factor of medical prognosis sooner or later.”  

Workforce transformation  

Expertise is the lifeblood of the insurance coverage trade. It’s only with the proper sources and data that insurance coverage carriers will be capable of rework and realise their imaginative and prescient.  

Nevertheless, expertise and abilities shortages are a rising concern inside 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 concern 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 Expertise Imaginative and prescient for Insurance coverage 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 sources that guarantee a wholesome and productive workforce, no matter bodily location, will be difficult. Working remotely additionally makes a cohesive and collaborative office tradition tougher.  

Class winner – Zurich Insurance coverage Firm 

Zurich addressed the actual challenges which have come about by way of the hybrid workforce, with an all-in-one cell utility for Zurich staff that simplifies the day-to-day expertise whether or not they’re at dwelling 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 staff globally they usually deserve the most effective and best instruments to assist navigate their work life. We initially launched the app in a number of Zurich enterprise items with a give attention to workspace reserving however have come very far since and are going international this yr. With One Zurich, we’re turning our previous 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 staff have it multi functional place.”  

Liz Oswald, Head of Expertise Transformation, Zurich Insurance coverage Firm provides, “One Zurich goals to offer our staff with a holistic digital expertise. We frequently have interaction our staff by way of a number of channels comparable to focus teams, interviews, polls and in-app suggestions varieties to know 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 observe up with staff to know what’s working nicely for them or what they wish to see improved – after which we take these adjustments and enhancements into our backlog.”  

This method aligns to a hybrid means of working. Escudero Sanchez explains, “Zurich has embraced the brand new post-pandemic means of working, together with providing expanded flex and distant working choices to staff. This mannequin creates many alternatives for each the corporate and staff on how one can keep related in a hybrid working world. At a tactical stage, the One Zurich app helps staff in managing their on-site days with user-friendly, visible instruments that permit to see when their colleagues are planning to return into the workplace, e-book close by workspaces and handle their reservations. Extra broadly, One Zurich serves as a channel for participating staff 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 crucial accountable and impactful companies on this planet. We all know {that a} key factor of reaching this shall be offering our clients, brokers, and brokers with trendy, streamlined and intuitive instruments and person flows that have interaction and delight them, and which are tailor-made to their particular person wants. However it’s not sufficient to give attention to innovating for our exterior audiences – all of it has to begin on the core! Our staff make Zurich. With One Zurich, we’re offering an instance for our staff by reworking 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 total 2022 Qorus Accenture Innovation in Insurance coverage record

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Disclaimer: This content material is offered for common info functions and isn’t meant for use rather than session with our skilled advisors.



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