Tokio Marine & Nichido Fire Insurance named Global Innovator for 2018.

This year’s Efma-Accenture Innovation in Insurance Awards showed that insurers throughout the world are recognizing the enormous opportunities that are being created by advances in digital technology.

It was a huge success showing insurers increasing focus on innovation to better serve their clients leveraging an ever-increasing array of technologies and partnership opportunities. We received 320 submissions almost 50% more than for last year’s awards from more than 230 organizations from 47 countries. Not only did we have more innovation submitted but the depth and nature of innovations were really impressive, showing a clear trend of applying technologies to launch meaningful living insurance solutions to address real client needs.  The customer experience, underwriting, connected insurance and claims management were among the main applications addressed by these innovators. Favored technologies included artificial intelligence (AI), machine learning, data analytics and the internet of things (IoT).

Tokio Marine & Nichido Fire Insurance was named the Global Innovator for 2018. The Japanese company, runner-up for the insurance industry’s premier award last year, presents an impressive innovation track-record over the last few years. The new products and services it recently launched include:

  • Connected Safety Drive Support and Rescue System: This service combines AI and the IoT to provide automotive insurance customers with swift assistance should they be involved in an accident. The system uses on-board video and tracking technology to monitor drivers’ performance and map the location of their vehicles. It also coaches drivers and warns them of potential hazards. If an accident occurs, information recorded by the system is transmitted to the insurance company to help it determine the cause of the event. Should the driver be unable to use the system to summon help, a call center operator will contact the emergency services.
  • Insurance Hero Marine education app: This smartphone app uses gaming technology and augmented reality to teach children about insurance. It incorporates role-playing games, quizzes and interaction with cartoon characters to promote the value of insurance.
  • “New society” insurance: A collection of new and revised insurance products designed to meet the changing needs of modern society. Innovations include crowd-funding insurance, cover for level 3 autonomous vehicles and policies for people working from home. Some conventional products have been updated to recognize same-sex partners as spouses and to provide cover for the caregivers of aged family members.

The runner-up in the Global Innovator category this year was Allianz France. The company submitted a broad range of highly-innovative products and services.  Furthermore, Monuma, one of the start-ups backed by Allianz, secured third place in the Insurtech category. Monuma’s Patrimonia service uses blockchain technology to certify the authenticity and value of luxury goods and art works.

Other innovations to emerge from Allianz France include:

  • Digital signatures: Developed with Docapost, this secure, verifiable service allows customers to sign policy documents using an electronic touch-pad.
  • Cyber recovery: Allianz has teamed up with risk management firm Phonesec to provide its customers with quick access to specialist support should they experience a cyber-attack.
  • Money Pitch: This customer relations solution, developed by Harvest, uses AI to aggregate current and savings accounts and provides Allianz with valuable marketing information.
  • SOS Journey in the pocket: An app-based emergency and assistance service for automotive insurance customers.
  • Digitom: A robotic process automation (RPA) solution that enables Allianz to manage spikes in claims requests that occur after big natural disasters.
  • Monixo: Using the IoT and machine learning, this preventative maintenance solution monitors industrial assets in real time and advises customers when to service and repair equipment.
  • Customer satisfaction tracking: This AI system monitors customer calls and identifies the causes of satisfaction and displeasure expressed in these conversations.

Third-placed in the Global Innovator category was USAA. This carrier serving the US Military in a direct model with a strong and long-standing innovation track record launched several impressive products and services this year, all designed to enhance the customer experience and strengthen engagement with policyholders. They included:

  • Text Saving: This product automatically transfers small amounts of money from members’ current accounts into savings products and encourages financial awareness through daily text messages.
  • Hurricane Harvey Aerial Imagery Tool: Developed to help homeowners in the aftermath of Hurricane Harvey, this service uses images taken before and after the disaster to show the extent of damage inflicted on properties.
  • Digitized Life Insurance Claims Process: A digital workflow has greatly simplified the claims process and reduced the administrative burden on members that have to cope with bereavement.

In my next blog post, I’ll discuss some of the impressive disruptive products and services highlighted at the Efma-Accenture Innovation in Insurance Awards. For further information about the awards click onto the link below.

Efma-Accenture Innovation in Insurance Awards.

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