The Efma–Accenture Innovation in Insurance Awards were launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation.
This year, 320 submissions were received from 237 carriers in 45 countries across the globe. Winners were announced on June 12 at the global awards ceremony in Paris, and we will shine a spotlight on US and Canadian innovation at a second ceremony in North America, October 24.
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 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.
INNOVATION IN INSURANCE AWARDS 2018 HIGHLIGHTS
It was a record-setting year for the Efma-Accenture Innovation in Insurance Awards, with 320 submissions received from 237 carriers in 45 countries across the globe. Watch the highlights from the awards ceremony in Paris and learn more about the industry-leading innovations.
INNOVATION TRENDS IN INSURANCE
Jean Francois-Gasc, Insurance Managing Director for EALA responds to questions about what disruptive opportunities are gaining speed in the insurance industry.
INNOVATION IN INSURANCE AWARDS 2017 HIGHLIGHTS
Get a glimpse of some of the best moments from the 2nd annual awards.
Highlights from winners at Efma–Accenture Innovation In Insurance Awards Ceremony 2017
The Efma-Accenture Innovation in Insurance Awards Ceremony in London united 26 countries to celebrate innovation. Learn more about disruptive projects that won.