The winners of the Efma-Accenture Innovation in Insurance Awards 2021 have been announced! I congratulate all participants, and especially those who made it to the finals and took out prizes – your innovations set the pace in the insurance industry. Category winner Product & Service Innovation Award, Bâloise Luxembourg for Drive Electric, and runners-up Plymouth and Moonshot-Insurance break new ground.
There has been an exciting rise in prices, with 460 entries from 289 organizations across 55 countries competing for recognition. In the Product & Service Innovation Award category, the contributions have been particularly interesting. Each item was assessed using three criteria: originality, strategic ability to generate long-term competitive advantage and return on investment, and adaptability for use in other markets and countries. The winning innovations illustrate the mindset and capabilities of insurers will need to create solutions for a new type of customer — one that demands more — in an exponentially more competitive, ecosystem-driven arena.
Bâloise really deserves applause for his win. Electric cars currently make up about 1
Bâloise calls his approach to being & # 39; client-obsessed & # 39; – go beyond insurance to find ways to simplify customers' lives. With Drive Electric, Bâloise not only expands its core offering to a new area, it sets out to "own" a larger part of the value chain in a growing area of opportunities.
Finding the right partner was a challenge. Cedric Rochet, Bâloise's Chief Innovation Officer, said in the pitch sessions: “Once we had identified pain points, we needed to find the right partner. We found a local partner with a strategy to renew and expand their services. It was a matter of synergy but also trust – these partners had proven solutions and legitimacy in the market. "
I believe that Bâloise will play a crucial role in facilitating the ownership of electric vehicles, designing & # 39; drive electric & # 39; insurance and provide services. Their transition to this segment illustrates the opportunity that arises for insurance companies to play a unifying role in creating new solutions that truly add value for the customer.
Home insurance like never before
Winning silver in the Awards segment is Plymouth Rock Assurance for its @Home product innovation. @Home is a quick and easy way to insure a home or rent. It eliminates what can be a complex, lengthy evaluation process based on subjective or inaccurate data, using advanced enabling technology. @ Home enabling technology is based on massive amounts of data from publicly available databases, cutting-edge predictive modeling technology and machine learning. This allows homeowners to get quotes in seconds and purchase policies quickly.
While many insurance companies have improved their products and efficiency by using data better, Plymouth takes it a step further and improves the customer experience. When we thought out-of-the-box about how someone who knows nothing about insurance "experiences" the purchase of our product, we could get the simplest possible experience and build everything-pricing, product design, service delivery, distribution, compensation – around that, says the company.
Since the launch of @Home, Plymouth Rock's new policy rates have increased tenfold and sales have increased by 65 percent. This is the type of innovation that leading insurance companies apply to older products as they transform, using advanced technology to add value to customers.
The Moonshot win
Bronze in this category went to Moonshot-Insurance for its "Any-cause flight cancellation" automated processing innovation, Moonshot is an insurtech launched five years ago to develop new products suitable for a digital world (for e-commerce platforms, online digital travel agencies and banks) with a special focus on customer experience.Its solution for cancellation for all reasons changes how travelers think about insurance.
The product gives a simple promise: We will refund the cancellation of Thanks to real-time updates on aircraft and disruptions, Moonshot Insurance can notify customers immediately when their flight is canceled. The insured is guaranteed to be notified and compensated when canceling their flight, for any reason. register – for coverage, the user simply goes into their bank app and registers their flight. setting fast – no proof required.
I believe that the pandemic and its impact on travel will drive the demand for travel insurance. Moonshot-Insurance provides a proactive solution in the market that sets new standards. They are pioneering new solutions with new technology that helps consumers manage risks easily and simply – and the high-quality customer experience provides significant differentiation.
Other highly regarded nominees in the category included Ping An for its Ping An One-click Auto Insurance Claims Solution, Beazley for its Reputational Risk Insurance and WAKAM for its embedded insurance "Theft of Valuables".
These innovations are indicative of what will come in the insurance sector. The change in how carriers think and design and roll out insurance products and services is significant. These are new products for a digital world and digital customers.
Please note that you must register to see these Efma-Accenture Innovation in Insurance Awards 2021 entries on the Efma website. Well worth it!
See the full announcement of Efma-Accenture Innovation in Insurance winners here.
Get inspired. See the library for insurance innovation 2021 here.
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