Innovative real-time customer experiences captured the spotlight at this year's Efma-Accenture Innovation in Insurance Awards.
One of the great features of this year's Efma -Accenture Innovation in Insurance Awards was the enthusiasm across the industry for real-time experiences. Many of the airlines that want to give their customers unique experiences also work with business partners outside the insurance sector. They secure alliances that enable them to expand their offerings in real time far beyond their traditional activities.
Several of the insurers that participated in the awards use their extensive digital ecosystems to collaborate with new business partners and deliver enticing experiences in real time to their customers. They combine their innovation initiatives with strategic partnerships to drive into new markets and provide customers with additional offers.
There were a number of fantastic real-time solutions at this year's Efma -Accenture Innovation in Insurance Awards. It's hard for me to name just a few of them. But the three solutions below I thought were especially good. They are not just innovative. They also meet customers' changing needs and deliver exceptional user experiences.
- Toggle Insurance : Farmers Toggle Insurance has developed an app-based service that provides very flexible, real-time protection to people who rent accommodation. The digital "open risk policy" enables users to customize their cover. They can choose basic, standard or premium insurance, items and risks for their coverage, and get real – time pricing when adjusting their insurance policies. In addition, they can add protection for travel, pets and valuables; insure against losses related to "gig" employment; get identity protection online; secure rewards without claims; and improve their credit ratings through regular rental payments on time. By switching between the options offered by the digital policy, users can see variations in price and coverage and settle for an offer that best meets their needs.
- FWD : Insurance operations in Hong Kong-based investment group Pacific Century with offices in 12 Asian countries, FWD has developed a digital onboard system to authenticate new customers. The service overcomes one of the biggest obstacles preventing consumers from using insurance companies' web-based services. Most consumers know the passwords they need to log in to their banking services, but very few can remember the passwords they need to access their insurance provider. JoChek electronic "Know-Your-Customer" ( eKYC ) system uses face identification and optical character recognition technology to solve this problem. In addition, the JoChek system enables FWD to register new customers in real time and at a much lower cost than traditional manual processes. Other advantages of the biometric system are that it uses pay-per-user cloud computing facilities and is scalable . FWD plans to launch the JoChek system in its operations in Vietnam, Indonesia, Thailand and Philippines .
- Aditya Birla Sun Life Insurance : Indian carrier Aditya Birla Sun Life Insurance (ABSI) has revised its customer engagement processes to improve the company's competitive advantage and improve its operating efficiency. It has migrated a number of processes and systems to an integrated collection of digital real-time solutions that the company calls the "Client-for-Life" initiative (see illustration below).
ABSI now performs multilingual customer verification and onboarding electronically and uses advanced analytics to control its customer engagement and drive its risk modeling. The company has also switched to telephone and video communications for insurance warranty and claims settlement and keeps in touch with its commercial customers using the WhatsApp Business service and an AI-enabled chatbot facility.
Especially three companies that push the boundaries of the insurance industry caught my eye. Two of them are improving their digital ecosystems through innovative partnerships. The third has hired a large partner to help it unlock a specialized market that can grow strongly in the coming years.
- Zurich Connect : A division of Zurich Italy, Zurich Connect has partnered with the local insurtech company Yolo to provide homeowners and tenants with a set of digital services. It is HomeFlix app-based service that offers Zurich Connect customers a variety of insurance offers as well as complementary concierge facilities such as laundry, plumbing, electricity and wine delivery. The company expects to add food delivery, babysitting and cleaning services in the near future. Zurich Connect has enhanced the user experience HomeFlix by including an intelligent virtual assistant, Flix that guides customers through the service offerings. It has also introduced several gaming and reward features.
- Allianz Partners : As part of its transformation from a travel insurance company to a global travel protection and assistance provider, Allianz Partners has expanded its TravelSmart app into an ecosystem platform. The digital platform offers Allianz customers access to a variety of the company's support services. It also allows them to use a wide range of third-party offers, such as geographic security and safety warnings. Allianz has built-in application programming interface (API) in the platform's support technology to encourage partners to offer third-party services on their ecosystem.
- Energetic Insurance : The US specialized insurer, Energetic Insurance, has partnered with the international reinsurer SCOR Global P&C to develop risk management products for the renewable energy industry. The company's EneRate Credit Cover policy protects developers of commercial solar energy projects from payment settings. This innovation overcomes a long-standing obstacle to growth in the commercial solar energy industry. It covers potential payment settings for companies without public credit ratings that buy electricity through long-term purchase agreements. The lack of such coverage in the past often hindered the financing of commercial solar energy projects.
Real-time solutions meet the changing needs of insurance customers.
The COVID-19 pandemic has brought home ] to the insurance companies need to stay close to their customers. In my next blog post, I will discuss some of the eye-catching solutions at this year's Efma -Accenture Innovation in Insurance Awards. They use advanced technology to reduce the gap between insurers and their customers. For more information about the prices click on the link below. Do not delay in getting your insurance innovations ready for next year's awards.
Efma -Accenture Innovation in Insurance Awards
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