Efma, an association of more than 3,300 retail financial services companies in 130 countries, and Accenture announced the winners of the third annual Efma-Accenture Innovation in Insurance Awards.
Showcasing the best examples of insurance technology innovations in multiple categories, the awards competition this year attracted 320 entries from 237 institutions in 45 countries.
The winners of the Efma-Accenture Innovation in Insurance Awards 2018 are:
- Tokio Marine & Nichido Fire Insurance Co. (Japan) was named Global Innovator for several innovative products it brought to market in the last year, including: its “Connected Safety Drive Support and Rescue System,” an all-in-one internet of things device for auto insurance customers that includes accident prevention capabilities and drive-history reports; its “Insurance Hero Marine” edutainment smartphone app, designed to teach youngsters about insurance products via Otaku-Anime cartoons; and an entire series of innovative insurance products designed for supporting social movements, including work-from-home insurance and accepting same sex partners as a “spouse” on insurance contracts (a first among insurers in Japan).
- AXA Winterthur (Switzerland) – won two awards: the Artificial Intelligence (AI) award, for its “SIRI-Bution,” which uses natural language processing to provide quick answers to employee questions by unlocking complex business data and providing clear and comprehensive insights; and the Connected Insurance & Ecosystems award, for its FlexCash platform, which helps small and medium-sized enterprises overcome liquidity bottlenecks and manage their cash flow, enabling them to pre-finance their accounts receivable invoices via the FlexCash platform and receive payment immediately.
- KBC (Belgium) – won Best Disruptive Product or Service for its “Digitization of the KBC Home Policy.” The data-driven platform simplifies the process for getting homeowners insurance by asking customers just three questions and providing them with an immediate quote.
- Bank Millennium (Poland) – won the Claims Management award for its “Travel Assistance” button, which instantly connects customers with the institution’s insurance agents, even without an internet connection, so customers don’t bear the cost of international roaming. The “Travel Assistance” button lets users make a direct phone call to the insurer, send an instant message to the insurer requesting a call-back, and check policy details.
- PZU (Poland) – won the Customer Experience & Engagement award for its Speech and Language Translator (S.A.L.T.) contact-center service for the deaf. S.A.L.T. is the first solution in Poland that enables the deaf – through a mobile device or computer with webcam and Internet access – to have standalone contact with their insurance provider through a tripartite video connection between the customer, a sign language translator, and a PZU consultant.
- Nexar (Israel) – won the Insurtech award for its Automated Accident Reconstruction via Mobile Phone Application, which uses AI and the onboard sensors in smartphones to capture collision footage and data and then generates collision reports in minutes as opposed to days. This reduces the rate of opportunistic fraud and enables Nexar to process claims faster, reduce operational costs, and build stronger relationships with policyholders.
- Victor (USA) – won the Underwriting award for Alternus, the first-ever retail property insurance solution backed by alternative capital. Alternus provides risk managers with greater capital diversification by offering a price discount from alternative capacity providers, which is then passed directly on to the insured.
“It’s exciting to see so much innovation from companies around the world,” said Vincent Bastid, CEO of Efma. The Paris-based Efma was established in 1971 by banks and insurers to facilitate networking between decision makers and help companies foster innovation and drive transformation.
“The number of submissions we’ve seen this year shows that insurers are facing disruption head-on, with advancements in customer service, personalization, and mobile applications through a combination of AI & Big Data. Congratulations to all of this year’s winners for their achievements,” he added.
“Innovation in insurance shouldn’t just be the domain of insurtechs and other startups. Insurers from around the world are embracing new technologies to develop innovations around the customer experience, transform their operations and create new efficiencies,” said Jean-Francois Gasc, Dublin-based Accenture’s insurance strategy lead for Europe, Africa and Latin America. “The winners highlight how the use of AI, machine learning and the internet of things are reinventing insurance.”
The winners were selected through a combination of votes by a panel of judges comprising senior insurers and from around the world and by Efma members and non-members from insurance institutions online. Each entry was assessed using three criteria: its originality; its strategic capacity to generate long-term competitive edge and return on investment; and its adaptability for use in other markets and countries.
To find out more about the award-winning innovations, visit the Efma’s Innovation in Insurance web portal or follow Twitter at #InsAwards18.
Source: Efma and Accenture
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