Insurance does not exist in isolation. It is becoming more and more integrated into the partner organizations' business models, enabling new types of activities and new ways of working – a reality recognized by the Connected Insurance & Ecosystems category at this year's Efma-Accenture Innovation in Insurance Awards.
Build back better
Take construction, for example. It is a high-risk company where profit margins are narrow, sudden changes in the economic or physical climate can cause chaos, the physical safety of employees on site is a major concern, finding qualified workers is a challenge and the COVID-1
The gold winner in the affiliated insurance category, AXA XL & # 39 ;s Construction Ecosystem, works to accelerate technology adaptation in the industry through collaboration to mitigate these types of risks. The idea was built as an “intrapreneurial” start-up within AXA XL and was to create a concierge-technical consulting service that becomes a partner for construction companies.
"Our construction ecosystem focuses on the four pillars that are most important to construction companies: safety, cost, schedule and quality," said Rose Hall, Vice President and Head of Construction Innovation, North America Construction, for AXA XL. "Our customers want more from us than just paying their debts – they want us to be their risk partner."
AXA XL's ecosystem works to provide an understanding of the latest technological innovations to these partners. The ecosystem includes:
- A Tech Library consisting of a set of curated design solutions
- Technology Adoption Maturity Index which is a risk engineering benchmark that evaluates an entrepreneur's technology level against industry and their Comrades
- Highly Protected Projects – a tailor-made construction project insurance project worth more than $ 200 million, using risk mitigation technology  Thinktank focusing on promoting the adoption of technology through roundtable discussions , webinars, pilot projects and networks
- Ecosystems Tech Champions are specialists in special risks and technologies that can overcome them (as portable devices), while Ambassadors are specialists in AXA XL's ecosystem offerings and can help partners navigate which AXA XL services are right for their business
Construction companies that take advantage tjar new technology can gain a competitive advantage. They have a better chance of completing projects within the deadline and within the budget and can identify and fix problems before they become problems that require reworking – thus reducing waste and improving profit margins. Most importantly, new technology can help keep construction workers safe in place, which helps keep in an industry where competition for skilled craftsmen is intense.
”Innovate. Adopt. Ensure. It is one of our mantras in the building ecosystem, says Hall. “There is a lot to be gained for all parties by using technology and data to arrive at a risk assessment, rather than limited submission information and a retrospective look at claims and loss history … We strive to be the innovative insurer for the innovative entrepreneur by helping our customers protect their risk with more than just insurance. ”
Sharing is care
The Silver Award winner in the ecosystem category creates insurance solutions for the sharing economy. Whether it is by letting a family borrow someone's dog for an afternoon walk or staying in another family's beach cottage when they are not using it, waste is reduced and happiness increased. Because of this, the sharing economy is growing rapidly.
However, such sharing arrangements can pose challenges in compensating distributors for mishaps. This is where Baloise's Inshareance comes in. Developed in collaboration with the technology partner KASKO and Touring Club Suisse, it provides insurance directly at the point of sale. In the event of an accident, Baloise has an interface for settling claims in real time that minimizes disruption for both parties.
For example, MyCamper is an app that allows people who own motorhomes to rent them out on their platform. Motorhomes are usually large, valuable vehicles that can be difficult to maneuver for drivers who are not used to them, which increases the risk of accidents. Baloises Inshareance protects both the owner and the tenant of the motorhome throughout their motorhome holiday.
With a real-time API, Inshareance can be integrated with any platform-important, given that so many sharing economy platforms were born in a time that was only online.
This is also part of the bronze winner in the Ecosystem category, Chubb Studio, which the company describes as digital insurance in a box. Launched in September 2020, Studio allows non-insurance partners to integrate insurance offerings for consumers and small businesses into their own digital channels. They can then monitor their performance using Chubb's dashboards.
Insurance is a very relevant product for almost all B2C and B2B channels. The market is so fast that Chubb Studio has already made it possible for dozens of such partners to offer and service insurance products digitally in Europe, Southeast Asia and Latin America and offer consumers insurance for everything from personal accidents, complementary health and life, housing and content to mobile phones and travel. insurance for small businesses.
Like AXA XL's Construction Ecosystem and Baloise's Inshareance, Chubb Studio offers a glimpse into the future of insurance: a high-tech, ever-present source of assurance that, rather than being an afterthought, it is part of a mutually supportive ecosystem.
See the full announcement of Efma-Accenture Innovation in Insurance winners here.
Get inspired. See the library for innovation insurance 2021 here.
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