Connected, new customer experiences

The latest Qorus Accenture Innovation in Insurance Awards showcased the world’s leading innovators in insurance. The winners in each category stood up against tough competition with experiments that were not only innovative, but effective and measurable. In this series of blogs, I will delve deeper into each category, and show how each winner is at the forefront of innovation. Before we start, you can see a change – Efma has recently changed its name to Qorus to reflect its global financial importance and strengthen its social focus.

It is important to coordinate any discussions about innovation and the forces driving insurance. Emerging new risks and changes in risk bring new risks (natural, climate change) and opportunities (cyber, new digital economy, new infrastructure) for insurance. The convergence of industries and the rise of natural resources are driving new products, new distribution systems and players. Together, these factors combine to increase the value of insurers, from the return of fixed risk to the fixed and fixed protection and reduction of risk. Also, the new business environment we’re living in, which includes rising premiums and a potentially lower cost environment, will require new innovations to address cost/efficiency goals to benefit both policyholders and policyholders (Discovery article by good picture).

On top of that, we’ve seen healthcare become centralized. Accenture’s Insurance Revenue Landscape 2025: Create strong learning innovations expects more revenue opportunities for insurers from health/health and life products and services.

In a recent study, Redefining Quality: Global Research Sheds New Light on Insurance Opportunities, RGAa life and health insurance provider, found that the majority of insurers – 85% – said that they would make health a ‘priority’ and an important part of the solutions being developed to support the needs of customers, with almost 3/5 of the respondents including hygiene in the products. offerings, including insurance-related software, technologies, and tools.

Connected Environment & Markets – AIA (Thailand)

The transformation of health insurance is reflected in our Connected Ecosystems & Marketplaces 2022 category, which celebrates the new systems that lead to new businesses, the innovative ideas that come from the power of collaboration, platforms and the Internet of Things. . The winning category, AIA (Thailand) won an award for its ALive mobile app. This healthy and clean environment aims to put the community at the forefront of supporting young families and helping them live healthier, longer and better lives.

Prashant AgarwalHead of Digital Marketing, AIA Group, says “Life and health are two areas where the business objectives of the insurance company and the needs of the consumer are completely aligned. The healthier and longer you live, the more successful the insurance will be. Therefore, good life is customers seek, but it is also a better business. We accept the importance of sharing as a key principle of how we work, expanding beyond the role of the complainant, being a partner with our customers throughout their life and health journeys. This leads to a triple win: for the customer, AIA, and people, reducing public health problems.”

Product & Service Innovation – Discovery Health

In the Product & Service Innovation award, this year’s winners Discovery, a South African life and health insurance company, is demonstrating the power of innovation and customer service at its Discovery Hospital at Home facility. This product provides an alternative to the management of various medical and post-surgical treatments that may require hospitalization.

Dr Botho MhozyaThe topic of Health Professional Risk and Hospital at Home, Discovery Health says, “Globally, the COVID-19 pandemic has encouraged the adoption of medical technologies by patients and healthcare providers and is driving an increase in “home” management. Accenture’s 2020 Digital Health Consumer Survey found that patients received real care during the outbreak, and many received care as good or better than in-person care. About 60% of these patients would like to use technology and advanced care. At Discovery, the increasing use of digital healthcare has been shown by the strong increase in the use of telemedicine and the entry of Discovery Connected Care which has increased by 763% since 2019. burdened medical systems, showed the patient’s home as an important and appropriate place for providing medical care. This provided a unique technological opportunity to provide safe, efficient, and effective medical care at home. “

Discovery Health has launched the Discovery Clinic at Home to provide an alternative way to support members who have been diagnosed with COVID-19. More than 100 Discovery Health Medical Scheme members were treated for COVID-19 in their homes in 2021, all with similar or improved clinical outcomes and in good health. In January 2022, the program’s eligibility criteria were expanded to include all medical and post-surgical conditions that would require hospitalization for intensive care. The program was also expanded to ensure service availability in the country and increased capacity to accommodate more than 750 patients at any one time. This makes it the largest home care clinic in South Africa.

Mhozya added, “This epidemic also showed us that control systems lead not only to non-communicable diseases, but also to infectious diseases, with international studies showing that more than 50% of deaths due to COVID-19 are caused by three or more people. comorbidities. Business models that help people stay healthy, while lowering the cost of insurance, thus have the potential to significantly contribute to building resilience against non-communicable and communicable diseases and helping individuals and healthcare systems manage risks. The increased availability and adoption of digital health tools is also enabling insurers to collect more information, and provide better healthcare options, than ever before. “

Customers need seamless, remote experiences that extend beyond healthcare. The combination of demographic and social changes, along with modern technology is driving insurance companies to improve their insurance processes to be more transparent, personalized, seamless, and omni-channel services for the whole group. For example, the use of smart technologies is changing the way insurance companies handle claims. And this doesn’t just benefit young, digitally savvy customers. As mentioned recently Accenture Insurance Global Consumer Studyolder consumers are showing an increase in digital claims with 71% saying they want a chat/video insurance option to replace the traditional in-office experience.

Customer Experience – Allianz Partners

This change comes from the winner of Re-imagining the Customer Experience 2022 – Allianz Partners’ Visi’ Home. Jose Antonio MolledaGlobal Head of Product Management and Innovation Home Assistance at Allianz Partners says, “The epidemic has made homes become schools, offices, childcare centers, and everything in between. In this context, unexpected problems at home can be very worrying: electricity, gas damage, heat damage, etc. At Allianz Partners we act as guardian angels who protect what matters most, combining digital solutions with the human touch to create exceptional experiences. at all important moments in our clients’ lives. Based on this ethos, we created a product that, through remote home support, it connects customers with an expert who knows the complaints at any time, providing information on the complexity of the problem and technical guidance to repair it on the spot if possible, or to set up a direct conversation with the right technician.”

Visi’Home was launched in July 2021, and gave good results in the first three months. He added, “Initial interest rates increased by 18%, while selection time was significantly reduced, resulting in a better customer experience. Customers need better performance, immediate feedback and empathy from our service professionals. By fixing the problem on the spot through support remotely and without the help of an engineer, customers can have everything. Finally, Visi’Home allows a significant reduction in CO2 emissions through 15% of the preventive measures that have also been well received by our customers.”

As these three winners of Innovation in Insurance show, aligning the needs of customers with the use of technology can open up new ways of value. Look for the next article in the series where I will discuss the leaders of other groups.

See the full list of 2022 Qorus Accenture Innovation in Insurance.

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Disclaimer: This information is provided for informational purposes only and is not intended to be used as a substitute for contacting our professional advisors.