Time for insurance coverage innovators to showcase their successes

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Entries open for the 2019 Efma-Accenture Innovation in Insurance coverage Awards.

The annual Efma-Accenture Innovation in Insurance coverage Awards have proved to be a helpful catalyst for innovation within the insurance coverage business.

The 2019 awards are prone to showcase a number of inspiring improvements from lots of the most progressive firms within the insurance coverage business. Entries for the awards are actually open and can shut in April. I’m wanting ahead to seeing how far-sighted insurers and good insurtech corporations are making use of digital applied sciences to ship new services, break into untapped markets and enhance enterprise efficiency.

Greater than 230 organizations from 45 international locations submitted their insurance coverage improvements for judging on this 12 months’s competitors. Japan’s Tokio Marine & Nichido Hearth Insurance coverage received the highest accolade and was declared the 2018 International Innovator.

Because the awards started in 2016, near 700 improvements have been submitted for evaluate by the competitors’s judges. Contributors within the awards vary from outstanding multinational carriers, equivalent to 2018 class finalists Allianz, AXA and Manulife , to a number of regional and native insurers in addition to up-and-coming insurtech start-ups.

Reviewing the entries to the awards over the previous few years, it’s clear that insurance coverage suppliers are more and more making use of digital expertise to rework their core companies. They’re pivoting from many conventional practices and methods in the direction of an array of progressive enterprise fashions. Many progressive insurers are transferring nearer to turning into what we name “residing companies”. They’re weaving themselves into their clients’ day-to-day lives, offering on-demand companies, creating new markets and growing their concentrate on real-time danger administration. Highly effective applied sciences equivalent to synthetic intelligence and knowledge analytics, along with expansive digital ecosystems, are on the coronary heart of a lot of their improvements.

To higher replicate the most important shifts going down throughout the international insurance coverage business, we’ve modified the classes for the 2019 Efma-Accenture Innovation in Insurance coverage Awards. These are the seven classes:

International Innovator:

Probably the most progressive insurer. The winner is the group whose company imaginative and prescient commits it efficiently to steady innovation and transformation, to the event and management of a broad ecosystem of companions extending past insurance coverage, and to the exploitation of rising applied sciences that enhance the expertise of its clients and the efficiency of its enterprise.

Core Insurance coverage Transformation:

Vital enhancement of the underwriting, claims or different processes, by means of improved automation, predictive/behavioral fashions, synthetic intelligence or different advances, to assist value optimization, fraud prevention, effectivity, personalization or enhanced agility.

Buyer Expertise:

Improvements that considerably improve the best way firms have interaction with clients. These new approaches create worth by means of, for instance, seamless and personalised experiences throughout bodily and/or digital channels, new buyer administration fashions, artificial-intelligence-driven recommendation, and progressive administration of buyer loyalty and satisfaction.

Related Insurance coverage & Ecosystems:

Progressive practices that give rise to new enterprise fashions and scalable end-to-end worth propositions that capitalize on the ability of partnerships, platforms and the Web of Issues. Improvements, diversification alternatives and ecosystems could attain past the standard boundaries of insurance coverage, and could also be submitted by incumbents, specialised gamers and different new opponents.

Insurtech:

The creation and/or utility of progressive expertise that considerably enhances the shopper expertise and/or develops new sources of worth for insurers. This class is reserved for insurance coverage start-ups and spin-offs, and expertise corporations concentrating on the insurance coverage business. Improvements should be stage-one funded, have a market launch proposition, and/or have accomplished a profitable market proof of idea.

Product & Service innovation:

Improvements that considerably improve, prolong or change the standard provide, creating new revenue swimming pools by serving new buyer segments or current segments in new methods, and coming into or creating new markets sometimes past the attain of insurance coverage gamers.

Workforce Transformation:

Improvements that efficiently deliver collectively folks, tradition, management, group and expertise, enabling the insurer to understand the total potential of the human and machine office.

The winners of the 2019 Efma-Accenture Innovation in Insurance coverage Awards will probably be introduced at a perform in Amsterdam on 24 June subsequent 12 months.

The awards present firms within the insurance coverage business with an ideal alternative to advertise their improvements and place themselves on the forefront the digital transformation. I like to recommend that you just contemplate coming into the 2019 Efma-Accenture Innovation in Insurance coverage Awards and I stay up for seeing the inventive new merchandise, options and initiatives which are set to form our business sooner or later.

To seek out out extra in regards to the Efma–Accenture Innovation in Insurance coverage Awards, or to submit your innovation, go to https://www.efma.com/innovationininsurance/.

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