Here are six interesting trends and focus areas that stood out to me: See also: COVID-19: Innovation, Your Time Has Come So, how are insurers innovating? In the submissions this year, there are leaders who understand the intersection of customer, technology and market boundary shifts and are blazing trails. This two-speed strategy aligns well to AM Best’s innovation ratings. Speed of operation focuses on optimizing the existing business model while speed of innovation looks at new business models that will disrupt the business. With customer demographics and expectations changing, with new channels and competitors appearing and with so many technological possibilities opening up, we see a two-speed strategy around innovation: speed of operation and speed of innovation. Congrats to all for carrying the commitment to innovation for our industry! Last year, I was honored to be selected as a judge, and the winners were just announced in a virtual award ceremony. Insurance innovation is alive and kicking, and gaining traction, as represented by the wide array of submissions for the 2020 Innovation in Insurance Awards, sponsored by Efma and Accenture. An abundance of startups shows the industry adopting a two-speed strategy, around speed of operation and speed of innovation.

Portal alive and kicking