Disruptive Tech Dominates 2nd Annual Efma-Accenture Innovation Awards

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Emerging technologies such as artificial intelligence, the internet of things (IoT) and blockchain were prominently featured among the winners of the second annual Efma-Accenture Innovation in Insurance awards.

Aimed at showcasing the best examples of insurance technology innovations in multiple categories, the awards this year attracted nearly 220 entries from nearly 150 institutions in 38 countries.

“This year’s entries truly set a new benchmark for innovation in insurance. It was clear from the diverse range of submissions that insurers around the world are acting with urgency to innovate for their customers and capitalize on emerging new technologies like artificial intelligence, the internet of things and blockchain,” said Piercarlo Gera, senior managing director, Financial Services, Accenture Distribution & Marketing.

Assicurazioni Generali S.p.A. / Generali Italy received the 2017 Global Innovator of the Year award. The company was recognized by a panel of independent judges for its strong focus on innovation in all submissions, including its work on crowd sourcing, incubation initiatives, collaboration with startups and partnerships with global organizations.

Moshe Tamir, global head of Digital Transformation, Generali, said, “We’re delighted that our commitment to innovation around the world has been recognized. The insurance landscape is changing fast and digital transformation is at the center of this change. At Generali, we see new technology as instrumental in creating an even stronger relationship with our clients and distributors, and further shaping our business for the future.”

Second place in the Global Innovator of the Year category went to Tokio Marine & Nichido Fire (Japan), while AXA Group (Italy) completed the top three.

Four other category winners were announced at the awards show in London:

Connected Insurance & Ecosystems.Tokio Marine & Nichido Fire (Japan) won in this category for its “Sharing Medical Information on Blockchain” offering. By sharing patients’ medical information between relevant parties using a blockchain platform, the submission noted that the number of unnecessary medical examinations fell, administrative costs declined and the quality of service improved. Europ Assistance Group in Italy and Belgium-based Qover were runners-up.
Customer Experience & Engagement.“AXA Sure” from AXA Group (France) won this category with an app that allows information on household contents to be digitized and stored. Users benefit from policy transparency and faster processing in the event of a claim. Second place went to “MyAngel” from Italy-based Groupama Assicurazioni, and third place went to “Consultation through Telemedicine” from Bradesco Seguros in Brazil.
Intelligent Automation.The winning submission in this category was “Allianz AI Sales Smart Mentoring” from Allianz (France) – a smart mentoring solution that provides real-time analysis and diagnosis for salesforces to harness the full potential of their commercial relationship skills. “Artificial Intelligence-Assisted Claim Document Recognition System” from Tokio Marine & Nichido Fire (Japan) came in second place, with U.S.-based Safeco, a Liberty Mutual company, placing third.
Best Disruptive Product or Service.This category went to Médis (Portugal) for its “Enhancing Omni Channel by Adding Interactive TV Commerce” initiative, which was chosen at the evening awards ceremony, with Slice (USA) and InsureApp (Netherlands) completing the top three.

Vincent Bastid, CEO of Efma, said, “Not only are these awards the perfect way to showcase the industry’s spirit of innovation, they provide an opportunity for insurers to come together and learn about new best practices.”

Additional information about the second annual Efma-Accenture awards can be viewed on the Efma website.

Topics InsurTech Tech

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