The role of technology in insurance has expanded exponentially as insurers apply it in areas such as damages, operations and customer contact. Until recently, however, few had used it to help customers manage proactive reputation.
As we can see, the winner of our February award for insurance innovation – the global insurance company Beazley – has done just that: leverage solutions such as artificial intelligence (AI) and machine learning to help customers better manage reputation for reputation.
But before we look at Beazley's contribution, we'll describe why your company should consider participating in the annual Efma-Accenture Innovation in Insurance Awards, which recognize the world's most innovative projects and ideas that change the industry and offer insurance companies and insurance companies a forums to share best practices.
The award ceremony program is a truly global competition ̵
To begin with, the participating insurance world shows that these are internationally recognized innovators – companies that push the boundaries of what is possible in the insurance space – and it only arouses recognition and interest from colleagues and industry peers.
In addition, participants get to meet other industry innovators at networking events (currently they are mainly online), where they can inspire creativity and boldness in others – and where they can be inspired. And finally, to participate is that they can compare their innovations with other insurers.
There are seven categories where companies can compete, and you can read more about these on the online submission page. Each item will be judged on three criteria: originality; its strategic ability to create a long-term competitive advantage and return on investment; and its adaptability for use in other markets and countries. Submissions can be made until April 2, with the winners announced at a virtual ceremony on June 3.
Using Reputation Technology
Beazley's innovation particularly impressed us because it looks at one aspect of the business that so many companies are exposed to, but the potential negative impact that is rarely fully acknowledged. As Beazley puts it, rumors of risks are particularly acute for companies that target the public, with bad news that can reach a wide audience in just minutes.
Reducing the risk of reputation – which it describes as "the intangible assets that companies can not afford to lose" – Beazley developed its offering on liability risks for companies facing consumers. In the event of a reputational crisis, its all-risk product offers insurance for profit loss and crisis consultation. In this way, companies are covered for so-called unknown and unknown unknown.
George Beattie, Beazley's head of incubation insurance, highlights two important aspects that distinguish the company's reputable product.
First, it combines reputation signal information through the company's partner, Polecat Intelligence, using AI and machine learning to generate information about new reputation threats for companies and their brands in real time, with policyholders who can access that information via an online portal.  "This means that the solution can be seen as a proactive risk management solution as opposed to a purely reactive insurance product," he says.
A formula-driven strategy
The second is that it provides business break pay outs in a streamlined manner. A simple formula calculates the loss using historical revenue multiplied by an estimated growth rate, with a predetermined profit margin applied to the revenue delta to determine the loss to be paid. This ensures that Beazley can pay losses faster and gives policyholders liquidity in a crisis.
Combining a formal method of determining revenue losses with other predetermined measures ensures "a quick, mutual understanding of how and when the policy will pay for loss of profit due to a rumored crisis event," Beattie says.
Winning The February award further cements the company's position as market leader for innovation, says Beattie, and is a great recognition for the teams that worked to improve and develop the product. It also makes its Reputational Risk product more visible, which means "we get more opportunities to settle for reputable companies. "
We congratulate Beazley for winning the February competition. Keep an eye out for our next blog where we highlight the March winners.
Coverage is drawn by Beazley Syndicate at Lloyd & # 39; ; s and will vary depending on individual legal requirements and may be unavailable in some countries.The descriptions in this notice are for preliminary information only information purposes and coverage is available in the United States only on a surplus basis through licensed surplus brokers signed by Beazley Syndicate at Lloyd & # 39 ;s. The exact coverage provided by the products described herein is subject to and governed by the terms of each insurance policy issued. Disclosure and delivery of the information here is not intended as a solicitation for the purchase of insurance at any US risk. Beazley USA Services, Inc. is licensed and regulated by insurance authorities in each state of the United States and operates in the state of California as Beazley Insurance Services (license number: 0G55497).
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