I reported last week on the six “Insurance Disruptor” finalists in the 2015 ACORD Insurance Innovation Challenge. Also remaining in the competition are the six “ACORD Innovator” finalists – those whose entries incorporate the insurance standards or reference architecture that ACORD has helped develop and promote. We’ll have to wait until November for the final judging.
As you can see from the information they provided, these finalists approached the changing needs of the industry from many different directions:
- Bolt solutions BEX would create a secure, cloud-based marketplace to facilitate the sale and transfer of books of business among carriers. Insurance companies selling a book of business would upload a set of policy information to a secure cloud, where buyers could analyze and select policies they want, bid on them and even download policies in batch or on renewal.
- EZLynx’s Retention Center analyzes XML differences between the current version of an insurance policy and the renewal version. It then uses predictive analytics to weigh whether the renewal will be competitive.
- Haven Life is stripping down the life sales process and bringing it entirely online to meet the expectations of a younger generation of customers willing to share information in exchange for a benefit. It uses a simple, plain-language application to deliver an immediate decision and fully underwritten term life coverage for up to $1 million in less than 20 minutes.
- Insurity’s Insurance Enterprise View (IEV) leverages ACORD standards to enable carriers to do both data & analytics and core insurance modernization projects simultaneously, eliminating the need to choose one over the other.
- ISIS Papyrus Software’s business platform can allow agents and carriers to define business processes on the fly by combining tasks in any order. Its architecture-based methodology can be used for processes to link people, information and applications across geographically dispersed organizations.
- Vertafore’s automated policy remarketing for customers can enable agents to get ahead of the renewal process, and promotes client retention.