Other parts of this series:
The Efma-Accenture Innovation in Insurance Awards are now over and the winners have been revealed after the April 26 awards ceremony held in London, England. This is my third post reviewing the final two categories, voted on by more than 2,000 members, and based on a detailed analysis by an Efma Innovation Committee and judging panel of 19 industry professionals. Please read the first two posts.
In total, 219 innovations were submitted from 38 countries around the world. We are immensely pleased to help celebrate and promote innovation in insurance!
Intelligent Automation: Allianz for ‘AI Sales Smart Mentoring’
In this category, jurors recognise innovations that are radically disrupting the artificial intelligence (AI) landscape, ushering in new management and business models to help insurers stay at the forefront of new technologies.
Allianz’s innovation is a smart mentoring solution that provides its sales force real-time analysis and diagnosis to harvest the full potential of their commercial relationship skills. It is the first training solution in the French insurance market that combines three innovative factors into one solution, it:
- grants completely personalized and objective skills reports
- offers a comprehensive and exhaustive analysis of every dimension (verbal / non-verbal) of a client interview
- is based on unique AI algorithms (Comscope®) and uses machine learning, patented in 20 countries in 20 languages.
Silver: Tokio Marine & Nichido Fire Insurance Co. for ‘AI assisted Claim Document Recognition System’, a very interesting example of combining Optical Character Recognition and AI-Natural Language Recognition to significantly improve claims servicing.
Bronze: Liberty Mutual Insurance for ‘Insurance Advisor’. Also highly interesting as it is the first real life implementation of Alexa voice assistant to offer an initial set of voice-enabled insurance services — certainly, more to come.
Connected Insurance & Ecosystems: Tokio Marine & Nichido Fire Insurance Co. for ‘Sharing Medical Information on Blockchain’.
In this category, jurors awarded innovations that enable companies to create strong internal ecosystems built on emerging technologies. These ecosystem connections facilitate a new wave of transparent information sharing across insurance institutions around the world, who are driving the future of customer accessibility and ease of use.
With its winning innovation, Tokio Marine & Nichido Fire Insurance Co. (Tokio Marine) is able to share patients’ medical information among healthcare institutions and related parties via a secure system. Sharing using blockchain yields several advantages, such as preventing redundant medical examinations, reducing administrative costs, and providing better and faster medical service. Beyond the technical dimension, this innovation wouldn’t have been possible without the formation of a real health care ecosystem combining local health authorities, healthcare providers and Tokio Marine.
Other winners in the Connected Insurance & Ecosystems category were:
Silver: Europ Assistance Group for ‘Bag-Track’. A very interesting new offering combining a baggage tracking device and an immediate credit on PayPal to cover essential expenses in case of a loss, providing a form of instant insurance.
Bronze: Qover for the first Insurance-as-a-Service solution.
Congratulations to all the entrants and winners. Innovation in insurance continues to bring new customer-centric business models to countries around the world, and we are excited to be part of insurers’ drive into the new digital world It is also my pleasure to confirm that we will continue in 2018 our collaboration with Efma of the Innovation in Insurance Awards and do our best to innovate on this, too.
In my next blog series we will continue looking at this year’s array of insurance innovation, looking at key trends.
For a full list of innovations, winners and nominees, register on the Efma site and go to the Innovations Library, Winners 2017 or Nominees pages.