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 traits 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, and so they should embrace workforce transformation within the gentle of things akin to a good labour market, ability shortages, rising human-machine interactions and hybrid work preparations. Each are additionally turning into key concerns for individuals when choosing their insurance coverage service of selection and/or a spot the place to forge a profession. 

Social, sustainable and accountable  

Accenture’s 2021 Insurance coverage World Shopper Research illustrated that sustainability in all kinds has develop into more and more necessary for shoppers, 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 danger 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 have interaction with a wider definition of sustainability inside insurance coverage. Sustainability not solely pertains to defending the planet, however defending our future by constructive socio-economic practices, caring for underserved and weak communities.  

Built-in, proactive sustainability won’t be attainable with out implementing the proper know-how. As our newest analysis Uniting Expertise and Sustainability discusses, know-how is a key enabler for creating holistically sustainable companies and for that sustainability and know-how 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 know-how on the proper value as a key barrier to creating sustainability objectives. 

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

Class winner – PZU (Poland) 

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

Marcin Kurczab – Head of Innovation Lab at PZU explains how the software got here to be: “When implementing the venture, we recognized the problem of low consciousness of pores and skin most cancers danger among the many staff of our company purchasers. Because of this, we provided them a easy and fast resolution that mechanically reminds them to carry out common self-examinations.” 

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

Kurczab provides, “Two individuals advised us about their medical consultations, throughout which docs 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 individuals in residing higher and longer. It takes solely takes a minute for PZU clients to test their pores and skin situation at residence 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 software, 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 identified 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 akin to AI have an enormous potential for revolutionizing healthcare by addressing its essential ache factors. AI-based instruments can tackle a variety of challenges by checking signs, optimizing healthcare processes, conducting triage but in addition predicting danger of a given illness (like cancers) or enabling early detection of such diseases which is able to end in decrease mortality charges. Fashionable AI instruments can act as a assist of docs throughout examination (there are already functions with medical certification which can be prescribed by docs similar to drugs or different types of rehabilitation) or allow self-examination choices as a part of prevention – similar to our venture. AI doesn’t really feel fatigue, it’s higher in avoiding biases, and may see what just isn’t at all times seen by people. These options might make AI an inseparable ingredient 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 throughout the insurance coverage trade. Talent gaps ensuing from the introduction of latest applied sciences and growing digitization of operations, coupled with an ageing workforce and big retirement looming are significantly worrying. For instance, expertise administration (succession, planning, recruiting, retention, and coaching) was highlighted as rising subject 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. Then again, optimizing the sources that guarantee a wholesome and productive workforce, no matter bodily location, could 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 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 residence or within the workplace. 

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

Liz Oswald, Head of Expertise Transformation, Zurich Insurance coverage Firm provides, “One Zurich goals to supply our staff with a holistic digital expertise. We repeatedly have interaction our staff by a number of channels akin to focus teams, interviews, polls and in-app suggestions kinds 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 observe up with staff to grasp what’s working nicely 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 approach of working. Escudero Sanchez explains, “Zurich has embraced the brand new post-pandemic approach 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 degree, the One Zurich app helps staff in managing their on-site days with user-friendly, visible instruments that enable to see when their colleagues are planning to return into the workplace, guide close by workspaces and handle their reservations. Extra broadly, One Zurich serves as a channel for partaking staff with related updates and actions after 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 probably the most accountable and impactful companies on the 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 consumer flows that have interaction and delight them, and which can be tailor-made to their particular person wants. However it’s not sufficient to concentrate on innovating for our exterior audiences – all of it has to start out 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 basic data functions and isn’t meant for use instead of session with our skilled advisors.