The Efma-Accenture Innovation in Insurance Awards is fast becoming a litmus test for the state of innovation – not only in the industry as a whole but at the regional level. This 2021 winner and Accenture client illustrates the powerful impact of customer-centric AI in the Asian region, and the impact a price win can have on companies.
China Life won the Efma-Accenture Global Innovator Award in Bronze 2021 for an ongoing innovation culture. The award was the first for the company and for China. MS&AD – also a very innovative company – had almost never participated in any external awards, even though they applied innovation in their projects, services and systems. The win enabled them to illustrate to key customers and stakeholders that they had authority on a global scale and were approved by a credible third-party entity. Let̵7;s take a look at the innovations that differentiate them and why they were recognized as the best in class at the awards.
China Life – Decades of Innovation Rewarded
As a first-time applicant, China Life Insurance Company Limited (China Life) stands out as the first Chinese player to win the award since its inception. The insurer applied with six programs, with the Intelligent Value Evaluation System for sales staff and direct payment of medical claims for poverty reduction nominated for the categories Core Insurance Transformation and Connected Insurance and Ecosystems. A common feature of leading insurance innovators is a long-term strategic focus on innovation. The award of the Global Innovator Award reflected China Life’s decades-long focus on innovation that culminated in 2020 in a holistic digital transformation that includes insurtech, cloud computing and infrastructure, cybersecurity and blockchain.
China Life’s innovation is predominantly customer-centric. It has therefore focused on intelligent upgrades of its online services, which has resulted in contactless services based on digital video and intelligent identification so that customers can enjoy exclusive services around the clock at home. AI is a leading technology for insurance transformation, and the case of China Life is no different. AI technology has been applied in several processes, where the insurance process is subject to intelligent review systems, which helps to speed up the timeliness of order issuance by 40% from year to year. Intelligent ecosystems also play a role in their success. The company has provided direct claims settlement services to over 5 million people during the year, and handled the service in a way not only faster but also hotter.
Rui-Li, Accenture Client Account Lead for China Life, says: “In 2020, 99.9% of China Life’s personal long-term insurance applications were undocumented, with more than 100 million undocumented insurances for customers, saving approximately 800 tonnes of paper, a significant contribution to green development. .
“We have observed their digital transformation journey. They are actively seeking improvements and innovative solutions in all aspects of their business, from business growth, to operational efficiency and customer experience.”
Mitsui Sumitomo Insurance (MS&AD Insurance Group) – redefines insurance agent support
Mitsui Sumitomo Insurance (member of MS&AD Insurance Group) has developed MS1 Brain, the industry’s first AI system to propose the best insurance plan, in collaboration with Accenture. The system implements AI to operate an agent sales system for approximately 34,000 of the company’s insurance agents and 1 million insurance attorneys throughout Japan. The front of the system combines SFA and CRM functions, and the back has several platforms for big data analysis to predict customer needs and a personal video platform. The system is informed of 22 million customer data points, accidents, claims and information from contact centers collected over the past 7 years. Driven by this huge amount of data, AI can visualize customers’ potential needs and personalize customer service can be provided based on this knowledge. Although this system did not win an award at Efma, it was presented at the award ceremony as a case of innovation use by AI that year.
Awarding is a fantastic opportunity to achieve recognition, benchmark your company in the industry and share your innovation with the world. Preparing a grant does not have to be time consuming.
Start preparing your contribution and visit our ultimate start guide for the Efma-Accenture Innovation in Insurance Awards 2022.
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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.