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People-centered innovation in insurance: award winner 2021

How do leaders and their people react with agility when priorities change frequently? How do you promote authentic human contacts at a distance? How do you build work with good mental, physical and relationship health when the future of work looks increasingly hybrid and digital? When labor was sent home all over the world, insurance companies had to renew themselves quickly. As the petitions for Efma-Accenture Innovation in Insurance show that leading insurance companies used digital to connect, collaborate and transform in new and exciting ways.

Nine Outstanding Nominees

The nine nominees for the workforce transformation all used digital in a groundbreaking way — either to streamline productivity and data, or to promote a cohesive corporate culture. These were:

  • AXA-BlockCo -Blockchain for financial reconciliation between companies
  • Allianz Turkey -Business Agility Transformation
  • ASR Netherlands -Employee Mood Monitor | eMood® | proven contribution to more job satisfaction, lower absenteeism, higher productivity and customer satisfaction
  • Liberty Seguros Brasil ̵
    1; Gamificação para Força de Vendas (Gamification for the Sales Team)
  • Bradesco Seguros – Innovation Week Project 2020 [19659005] IndiaFirst Life Insurance – Utilizing labor conversion technology to adapt quickly during pandemic times
  • Zurich Insurance Group Brazil – Zuricher Song, an innovation analyst shared a corporate song that brought employees from all corners of the world [19659005] VidaCaixa, Spain – Vidatathon changed culture to embrace the power of data
  • Generali – We SHARE App

These nominees all stood apart with their technical know-how and employee focus and were all worthy of praise. Finally, Assicurazioni Generali (Italy) won the Workforce Transformation 2021 award for the We SHARE app, where AXA won silver for its innovation and Vida Caixa won a bronze. Let's take a closer look at the winners and what their innovations say about insurance work in 2021.

Gold: Generali for the "We SHARE App"

The We SHARE app was a key result of the Generalis 2021 People Strategy, which celebrates people's ownership and participation in sustainable value creation, while promoting the group's ambitions for innovation and digital transformation.

Giovanni Lanati, Head of Group Reward & Institutional HR Governance explains:

“The We SHARE App is the first app created by Generali at the overall group level to reach employees worldwide. Its purpose is to improve the digital employee experience through a user-friendly interface and an "all-in" inclusive source of information with dedicated content. This makes it easy to keep our employees up to date on what is happening in the Group, our business strategy and our shareholding plan, we share.

With more than 21,000 employees and a share of 35.3%, the We SHARE plan was a resounding success. And the dedicated app is currently the most downloaded employee app in the group.

The We SHARE app is developed with a customizable and flexible strategy that maximizes the strong collaboration between HR, communication, IT and other internal functions and suppliers. The team worked to launch the app in July 2020 to provide an effective and secure channel for connecting Generali colleagues in 35 countries, bringing them together and promoting the value of adaptation and engagement that is even more important in this context.

The app is a real information hub and a destination for updates on the group's strategy, course development and the result of We SHARE donations to the group & # 39; s Human Safety Net & # 39; (THSN). It also gives "The Owners & # 39; Club" members access to a world of valuable information from the Generali world. Special features include a financial training program, previews of group news and additional benefits dedicated to participants that will be launched throughout the plan.

Lanati adds: “There are many content and features that we are proud of and attract the attention of We SHARE participants. If I had to choose, I would mention two:

  • The first is the We SHARE calculator, which gives participants an updated picture of how the plan is going and their potential profit.
  • The second is about the Financial Education program that we have launched from 2020. It is a tailored and simple explanation of how the financial world relates to our group, the We SHARE plan and our daily lives. The main features of the initiative are "Word of the Week" ("WoW"): a common column developed in collaboration with the research and investment team in Generali Group Asset & Wealth Management.

The financial education program in the We SHARE App has resonated throughout the group and sponsored Generalis' initial participation in Italian Financial Education Month. This was a dedicated week of webinars hosted by expert colleagues from Alleanza Assicurazioni and Generali Investment on insurance, pension funds and finance, focusing on the effects of the current global crisis on financial savings.

To date, more than 5,000 participants and the account is active on the platform; and more than 300 articles with app-specific content have been published on various topics. The We SHARE app is a powerful illustration of how to keep employees both up to date and educated about core topics and news in an insurance company. For more information about the initiative, watch the presentation video here.

Silver: AXA Partners for BlockCo: Blockchain for Financial Reconciliation between Companies

AXA Partners used blockchain to not only increase efficiency, but to increase employee satisfaction and commitment. Every medium-sized and large company employee experiences repetitive tasks in their daily work, such as copying and pasting, manual control and juggling of telephone calls, messages and e-mails. For finance teams, the reconciliation between companies or & # 39; InterCo & # 39; an important financial process and involves many different stakeholders for approval, registration and reconciliation of invoices.

Inji Charkani, Chief Innovation Officer says, "The combination of Blockchain and RPA was the most effective way to respond to our pain points and goals. For RPA to generate invoices and connect to our internal systems and the Blockchain solution (provided by Stratumn ) to provide a workflow from start to finish, with time stamping, traceability and encryption. Financial processes involving multiple stakeholders, data structuring and the need for time stamping, immutability and traceability are considered integrated with this blockchain-powered platform. ”

AXA Partners realized this potential pain for employees and decided to respond by changing the way the united InterCos to ease their daily work routine.Using blockchain, they have created: BlockCo: Blockchain for financial reconciliation processes between companies.The initiative is an example of how the right technology, used in the right place, can dramatically change efficiency and satisfaction the provision of daily tasks. For more information, see the project video here.

Bronze: Vidatathon for Vida Caixa

When insurance companies enter a new, technology-driven working time, they must ensure that their employees are skilled enough. Vida Caixa has made this upbringing process inclusive and engaging with Vidatathon, a committed, gamified and competitive learning path to create a data-driven culture. Fran Morente, Innovation Program Manager at VidaCaixa, says: “Through rapid digitization, data crosses all market segments and connects companies that have never been in contact before. All innovative companies can disrupt your market segment and make you irrelevant. At the same time, customers are aware of this major change and have become much more demanding: hyper-adaptation, real-time, "wow" effect.

For VidaCaixa, data is a fuel for expanding our people's knowledge and is an opportunity to redefine the meaning of life insurance. It is the moment to transform data into high quality effect. Only by strengthening our people through data can we shape the new and the next in life insurance.

With Vidatathon, every employee at VidaCaixa discovers the hidden value of data and raises the level of each person to become a true data-driven company, ready to reshape the future.

Vidatathon applied gamification to intensify practical thinking through leadership, collaboration, and competition. This has led to over 100 people participating in the first edition. People are divided into cross-cutting teams with varied expertise and collaborate with their mixed skills to solve different quizzes. Each team is accompanied by a "Data Lover", or Great Data Expert, who follows and guides them in every step of this ambitious competition.

Cristina Bellido, Head of Data Analytics at VidaCaixa, says: "An organization's main asset is its people and its talent. In the same way, insurers, through their business, have a lot of fragmented or dead data that can become a source of transformation. For insurers who want to do the same, our best tips are:

  • Clear your data sets with toxic data,
  • Get a proven analytical technique and
  • Above all, put the data in the hands of your people. on their ability, will be able to squeeze in that information to find new patterns. ”LEARN MORE

Technology and human ingenuity

As the nominees and winners show, the insurance industry goes from a time of rapid reactions to disruptions, to actively build the foundation for a reworked workforce.We look forward to seeing how these initiatives, and others in the industry, continue to evolve.We would love to hear how you are changing the workforce n in your insurance company.

You can now submit your staff innovation to the Efma-Accenture Innovation in Insurance Awards for 2022.

See the full announcement of the Efma-Accenture Innovation in Insurance winners here.

Get inspired. See the library for insurance innovation 2021 here.

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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.
Disclaimer: This document applies to trademarks of third parties. All such trademarks of third parties belong to their respective owners. No sponsorship, endorsement or endorsement of this content by the owners of such brands is intended, expressed or implied.

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