Other parts of this series:
- 2018 insurance innovation leaders – Efma-Accenture Awards (and a $375 billion opportunity)
- Fast, simple, smart – my top picks from the 2018 Efma-Accenture Innovation in Insurance Awards
- IoT and connected insurance innovation – the best of the 2018 Efma-Accenture Awards
- 2018 Efma-Accenture Awards innovators – how they do it
- $375 billion in new insurance revenue up for grabs—if you are a ‘living’ business
KBC, Bank Millennium, Nexar – these are the 2018 Efma-Accenture Innovation in Insurance Awards winners that I believe represent the leaders in a new wave of insurance products.
Accenture’s Insurance as a Living Business report says that of the $375 billion in new insurance revenue up for grabs by innovation leaders over the next five years:
- $177 billion will be generated in five key areas: emerging risks, improved penetration of markets, value-added services, expanded business partnerships, and monetisation of assets such as data, platforms and algorithms.
- $198 billion in represents the potential shift in market share, favouring insurers that embrace transformation at the cost of less-responsive competitors.
This year’s Efma-Accenture Innovation in Insurance Awards winners KBC, Bank Millennium and Nexar are among those embracing and leading transformation. They are my picks for ‘fast’, ‘smart’ and ‘simple’.
The winners—fast, smart and simple
- Fast (and super simple): KBC (Belgium) – won Best Disruptive Product or Service for its Digitization of the KBC Home Policy. The data-driven platform simplifies the process for getting homeowners insurance by asking customers just three questions and providing them with an immediate quote.
- Simple (and very high-touch): Bank Millennium (Poland) – won the Claims Management award for its Travel Assistance button, which instantly connects customers with the institution’s insurance agents, even without an Internet connection. The button lets users make a direct phone call to the insurer, send an instant message requesting a call-back, and check policy details.
- Smart: Nexar (Israel) – won the Insurtech award for its Automated Accident Reconstruction via Mobile Phone Application, which uses AI and the onboard sensors in smartphones to capture collision footage and data. It then generates collision reports in minutes as opposed to days. This reduces the rate of opportunistic fraud and equips insurers to process claims faster, reduce operational costs, and build stronger relationships with policyholders.
Among the runners-up there was no shortage of stand-out solutions that are setting the pace in the sector. Join me next week as I take a closer look at how insurers are leveraging IoT and ‘connected’ capabilities to deliver new and optimised services.
To access more 2018 Efma-Accenture Innovation in Insurance Awards insights, register at efma.com (it’s free) and go explore the future of insurance.
For more on how innovation in insurance will drive revenues, click through to Accenture’s Insurance as a Living Business report.