Yearly, insurers impress judges and their business friends with their creative concepts on the Efma-Accenture Innovation in Insurance coverage Awards. Three organizations have already earned month-to-month innovation awards, demonstrating customer-centric approaches to constructing expertise options for the digital age.
Buyer expectations are altering within the insurance coverage business. Prospects anticipate extra—extra comfort, extra customized providers, extra options for the altering transportation, employment and different danger landscapes. The way in which insurers work together with their clients is altering as effectively, pushed by huge tech corporations like Google and Amazon that use data-driven insights to raise buyer experiences.
The Efma-Accenture Innovation in Insurance coverage Awards celebrates main organizations which can be adapting to those adjustments, discovering new methods of working and new alternatives for progress. Listed below are three organizations to observe.
American Worldwide Group deploys telematics for safer roads
AIG‘s On the Go app analyzes driving habits, comparable to acceleration, velocity, braking and cornering, to supply a efficiency rating. Whereas telematics has existed within the insurance coverage business for some time, AIG observed success tales have been few and selected a distinct method. As a substitute of figuring out price by evaluating dangers primarily based on previous occasions, they take a proactive method, utilizing information to detect danger and assist clients enhance their driving habits. AIG additionally made the app obtainable to most people and built-in gamification and social contests to extend engagement.
AIG Singapore used On the Go to place its auto insurance coverage providing in the direction of safer drivers. After a yr it noticed unsafe driving habits lower by practically 50 p.c, as reported by the app. Moreover, it collaborated with Roads.sg to launch a video, which has been considered greater than 56,000 instances, to coach folks about good and unhealthy driving habits.
The corporate is a candidate for the Related Insurance coverage & Ecosystems award on the Efma-Accenture Innovation in Insurance coverage Awards 2019
Armour Insurance coverage educates companies about cybersecurity
Seventy-one p.c of organizations Accenture surveyed admit they're nonetheless rising and increasing their information of cyber assaults, hacktivist actions, cyber espionage and different cyber threats. That is vital, as cyber assaults have gotten each extra frequent and extra subtle.
Canadian insurer Armour Insurance coverage launched an modern service, Cyberscore.ca, to assist small-to-medium companies assess their vulnerability to cyber threats and turn into extra proactive about cybersecurity. Enterprise house owners full a brief on-line questionnaire and obtain a free evaluation inside minutes. The questions fall into 4 cyber vulnerability classes—folks, insurance policies, computer systems and planning—and are primarily based on danger evaluation indicators used when ranking a cyber insurance coverage coverage. Enterprise house owners are educated on cybersecurity greatest practices in the course of the questionnaire course of and might request a quote for protection on the finish.
The corporate is a candidate for the Product & Service Innovation award on the Efma-Accenture Innovation in Insurance coverage Awards 2019.
Shift Know-how processes claims in minutes with synthetic intelligence
French synthetic intelligence (AI) firm, Shift Know-how, has been testing an end-to-end resolution for insurance coverage claims. The answer goals to automate claims processing by analyzing scanned paperwork and pictures, and evaluating them with a policyholder’s contract to find out whether or not a declare must be paid out. To date, outcomes are promising. On a check of multiple million paperwork, Shift Know-how’s AI had a prediction charge of 81 p.c with an accuracy charge of 97 p.c. When the AI can’t make a prediction, the declare is distributed by way of for guide processing by an individual.
Shift Know-how’s mannequin may scale back claims errors, allow insurers to course of claims in minutes fairly than weeks, and scale back prices.
The corporate is a candidate for the Insurtech award on the Efma-Accenture Innovation in Insurance coverage Awards 2019.
Floor-breaking concepts like these are celebrated on the Efma-Accenture Innovation in Insurance coverage Awards. This yr insurers, bancassurance and insurtech corporations can enter six classes:
Related Insurance coverage & Ecosystems
Core Insurance coverage Transformation
Buyer Expertise
Product & Service Innovation
Workforce Transformation
Insurtech
A World Innovator award will even acknowledge the insurer that demonstrates distinctive innovation and creativity and that has submitted at the very least three entries into any of the six classes.
Previous to the voting section for the awards, month-to-month winners can be introduced that can be fast-tracked for the worldwide awards ceremony on June 24, 2019. Submissions are open till April 24, 2019. Go to the Innovation in Insurance coverage portal to study extra concerning the submission course of and enter.
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