Every year, insurers impress their judges and their industry partners with their inventive ideas at the Efma-Accenture Innovation in Insurance Awards. Three organizations have already earned monthly innovation awards, which show customer-centered approaches to building technology solutions for digital time.
Customer expectations change in the insurance industry. Customers expect more and more convenience, more personalized services, more solutions to change transport, employment and other risk landscapes. The way in which insurers interact with their customers is also changing, driven by large-tech companies such as Google and Amazon who use data-driven insights to enhance customer experience.
Efma-Accenture Innovation in Insurance Awards celebrates leading organizations that adapt to these changes, find new ways of working and new opportunities for growth. Here are three organizations to look at.
American International Group Executes Safer Road Telematics
AIG's On the Go app analyzes driving behavior, such as acceleration, speed, braking and oscillation to produce performance points. While telematics has been in the insurance industry for a while, AIG noted that success stories were few and chose a different approach. Instead of determining the cost by evaluating risks based on past events, they take a proactive approach, using data to detect risks and helping customers improve their driving behavior. AIG also made the app available to the public and integrated gaming and social competitions to increase engagement.
AIG Singapore used On The Go's car insurance offering for safer drivers. After one year, it saw uncertain driving behavior decreased by almost 50 percent, which was reported by the app. In addition, it collaborated with Roads.sg to start a video that has been seen more than 56,000 times to educate people about good and bad driving habits.
The company is a candidate for the Connected Insurance & Ecosystems Prize at Efma-Accenture Innovation in Insurance Awards 2019
Armor Insurance trains companies on cyber security
Seventy percent of the organizations Accenture investigated acknowledges that they are still growing and expanding their knowledge of cyber attacks, hacktivist activities, cyber espionage and other cyberhots. This is crucial, as cyber attacks are becoming increasingly common and sophisticated.
The Canadian insurance company Armor Insurance launched an innovative service, Cyberscore.ca, to help SMEs assess their vulnerability to cyber threats and become more proactive about cyber security. Company owners complete a short online questionnaire and get a free assessment within minutes. The questions fall into four categories for cyber sensitivity – people, politics, computers and planning – and are based on risk assessment indicators used in the rating of an internet insurance policy. Business owners are educated on best practices in cyber security during the questionnaire process and can request a quote for coverage at the end.
The company is a candidate for the Product & Service Innovation prize at the Efma-Accenture Innovation in Insurance Awards 2019.  Shift Technology deals with claims in minutes with artificial intelligence
French artificial intelligence (AI), Shift Technology, has tested one end-to-end solution for insurance claims. The solution aims to automate damages by analyzing scanned documents and photographs and comparing them with the policyholder's contract to determine whether a claim is to be paid out. So far, the results are promising. At a test of more than one million documents, Shift Technology AI had a degree of prediction of 81 percent with an accuracy of 97 percent. When AI cannot make a forecast, the claim is sent for manual processing by a person.
Shift Technology model can reduce damage errors, allow insurers to process claims in minutes instead of weeks and reduce costs.  The company is a candidate for the Insurtech prize at Efma-Accenture Innovation in Insurance Awards 2019.
Groundbreaking ideas like these are celebrated at Efma-Accenture Innovation in Insurance Awards. Insurance companies, bancassurance and insurtech companies can this year be included in six categories:
- Connected Insurance & Ecosystems
- Nuclear Insurance Transformation
- Customer Experience
- Product and Service Innovation
- Labor Transformation