Discovery named Global Innovator 2020 as carriers around the world adapting rapidly to major changes sweeping the insurance industry.
Insurance Pioneer Discovery Efma -Accenture Innovation in Insurance Awards . The carrier was named global innovator of the year. This is a great achievement for the South African company, which has a long history of innovation and creativity in insurance. Its flagship Vitality common value platform, launched in 1997, now serves more than 10 million people in 23 markets worldwide. Prudential John Hancock Manulife Generali Mitsui Sumitomo and Ping An are among the many large insurance companies that offer the Vitality service to their customers.
The Winners of 2020 Efma -Accenture Innovation in Insurance Awards were announced at a virtual ceremony that participated in the insurance industry worldwide. The COVID-19 pandemic has forced insurance companies in almost every country to increase their innovation and rise to new challenges. It was wonderful to see how insurers respond to these test times. They find new ways to better serve their customers, support their employees and promote communities where they operate.
My colleague Daniele Presutti struck the mark when he pointed out at the award ceremony that now, more than ever, we must celebrate the innovations that enable the insurance industry to overcome disruptions. With close to 360 items from 240 companies in 45 countries, it is clear that even in these uncertain times, insurance companies are investing in innovation and striving to become more resilient and more competitive.
Discovery has developed a number of impressive innovations
Discovery made this year's Global Innovator of the Year for a series of impressive products and services launched over the past 12 months. They include:
- Vitality Active Rewards 2020: A personal digital service, which uses the Vitality platform's analysis of behavioral and clinical data as well as its multi-partner ecosystem, to encourage customers to live a healthier lifestyle.
- Auto Underwriting: An automated underwriting system that utilizes Discovery's extensive archive of clinical data and wellness information to process policy applications quickly and accurately. It speeds up the issuance of policies and significantly reduces the number of abandoned applications.
- Discovery Life Premium Relief Option: A thoughtful response to the COVID-19 pandemic that enables customers to use some of the PayBack credits they have earned by meeting lifestyle incentives to compensate their insurance premiums. This initiative enables customers experiencing financial difficulties due to the pandemic to maintain their full life insurance cover without paying premiums for three months.
- AI Quotation: An intelligent analysis system with an optical character recognition front that enables brokers to upload customer quotes and quickly get comparable quotes from Discovery Life. The system, which reads PDF files or photographs of documents, captures approximately 46 different fields of information with more than 600 million possible combinations and quickly maps them to 32 Discovery Life fields to produce a comparable quote.
Submission to Efma -Accenture Innovation in Insurance Awards was judged for its originality; their ability to deliver competitive advantages and good return on investment; and for their applicability in other markets and countries. Zurich Insurance was named runner-up in the category Global Innovator of the Year followed by Aflac in Japan. Zurich was the global innovator of the year 2019.
Keen competition across all six categories
The other six categories in the awards were also heavily questioned. Here are the winners:
- Core Insurance Transformation : Munich Re of Germany for its " MIRApply Physician " digital life insurance application process. Ranked second was Westfield Insurance in the United States. Third was Discovery with its Vitality Active Rewards 2020 offer.
- Customer Experience : Assicurazioni Generali in Italy for its extensive Digital Hub omnichannel facility for customers, agents and prospects. Ping An in Hong Kong became the first and AXA Partners in France became the third.
- Insurtech: Australian startup discovered for its discovered mobile app that offers pay-as-you-go insurance and healthcare coverage to workers in the gig economy. Second was Safekeep in the United States while the Spanish company Mediktor was third.
- Workforce Transformation : Assicurazioni Generali of Italy for its “We Learn: A New Way to the Future” reskilling initiatives that equip employees with business skills, digital skills and behavioral insights that they will need to support the company's new strategic priorities. The runner was Mitsui Sumitomo Insurance in Japan, followed by Australia's OnePath .
- Product & Service Innovation : Baloise Insurance of Belgium for its Cyber Safe digital security solution for consumers. Cyber Safe protects subscribers and their families from cyber threats while browsing the internet, shopping online and collaborating with social media. Second was Fidelidade Mundial of Portugal and placed third was Assicurazioni Generali .
In my next blog post, I will discuss some of the most important trends that I identified when I studied this year's post for Efma -Accenture Innovation in Insurance Awards. Exciting things are really happening in our industry. For more information about the award, click on the link below. Start getting your innovations ready for next year's awards.
Efma -Accenture Innovation in Insurance Awards
Subscribe to more from Accenture Insurance
Disclaimer: This document is for general information purposes only and does not take into account the reader's specific circumstances and perhaps does not reflect recent developments. Accenture disclaims, to the extent permitted by applicable law, any responsibility for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, auditing or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.
This document may contain descriptive references to trademarks of others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the rightful owners of such trademarks.
Copyright © 2020 Accenture. All rights reserved. Accenture and its logo are registered trademarks.