Insurance institutions showcase winning innovations transforming the industry
PARIS, 13-Jun-2018 — /EuropaWire/ — Efma, an association of more than 3,300 retail financial services companies in 130 countries, and Accenture (NYSE: ACN) today announced the winners of the third annual Efma-Accenture Innovation in Insurance Awards at the annual awards ceremony, held at the Elyseum in Paris. 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 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, Efma’s CEO. “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.”
Jean-Francois Gasc, Accenture’s insurance strategy lead for Europe, Africa and Latin America, said, “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. 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 www.efma.com/innovationininsurance or follow the conversation on Twitter at #InsAwards18.
A global non-profit organization, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Over 3,300 brands in 130 countries are Efma members. Headquarters in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing and Singapore. Learn more www.efma.com.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 442,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
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