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Every year, insurers impress judges and their industry peers with their inventive ideas at the Efma-Accenture Innovation in Insurance Awards. Three organizations have already earned monthly innovation awards, demonstrating customer-centric approaches to building technology solutions for the digital age.

Customer expectations are changing in the insurance industry. Customers expect more—more convenience, more personalized services, more solutions for the changing transportation, employment and other risk landscapes. The way insurers interact with their customers is changing as well, driven by big tech companies like Google and Amazon that use data-driven insights to elevate customer experiences.

The Efma-Accenture Innovation in Insurance Awards celebrates leading organizations that are adapting to these changes, finding new ways of working and new opportunities for growth. Here are three organizations to watch.

American International Group deploys telematics for safer roads

AIG‘s On the Go app analyzes driving behavior, such as acceleration, speed, braking and cornering, to produce a performance score. While telematics has existed in the insurance industry for a while, AIG noticed success stories were few and chose a different approach. Instead of determining cost by evaluating risks based on past events, they take a proactive approach, using data to detect risk and help customers improve their driving behavior. AIG also made the app available to the general public and integrated gamification and social contests to increase engagement.

AIG Singapore used On the Go to position its auto insurance offering towards safer drivers. After a year it saw unsafe driving behavior decrease by nearly 50 percent, as reported by the app. Additionally, it collaborated with Roads.sg to launch a video, which has been viewed more than 56,000 times, to educate people about good and bad driving habits.

The company is a candidate for the Connected Insurance & Ecosystems award at the Efma-Accenture Innovation in Insurance Awards 2019

Armour Insurance educates businesses about cybersecurity

Seventy-one percent of organizations Accenture surveyed admit they are still growing and expanding their knowledge of cyber attacks, hacktivist activities, cyber espionage and other cyber threats. This is critical, as cyber attacks are becoming both more frequent and more sophisticated.

Canadian insurer Armour Insurance launched an innovative service, Cyberscore.ca, to help small-to-medium businesses assess their vulnerability to cyber threats and become more proactive about cybersecurity. Business owners complete a short online questionnaire and receive a free assessment within minutes. The questions fall into four cyber vulnerability categories—people, policies, computers and planning—and are based on risk assessment indicators used when rating a cyber insurance policy. Business owners are educated on cybersecurity best practices during the questionnaire process and can request a quote for coverage at the end.

The company is a candidate for the Product & Service Innovation award at the Efma-Accenture Innovation in Insurance Awards 2019.

Shift Technology processes claims in minutes with artificial intelligence

French artificial intelligence (AI) company, Shift Technology, has been testing an end-to-end solution for insurance claims. The solution aims to automate claims processing by analyzing scanned documents and photographs, and comparing them with a policyholder’s contract to determine whether a claim should be paid out. So far, results are promising. On a test of more than one million documents, Shift Technology’s AI had a prediction rate of 81 percent with an accuracy rate of 97 percent. When the AI can’t make a prediction, the claim is sent through for manual processing by a person.

Shift Technology’s model could reduce claims errors, enable insurers to process claims in minutes rather than weeks, and reduce costs.

The company is a candidate for the Insurtech award at the Efma-Accenture Innovation in Insurance Awards 2019.

Ground-breaking ideas like these are celebrated at the Efma-Accenture Innovation in Insurance Awards. This year insurers, bancassurance and insurtech companies can enter six categories:

• Connected Insurance & Ecosystems
• Core Insurance Transformation
• Customer Experience
• Product & Service Innovation
• Workforce Transformation
• Insurtech

A Global Innovator award will also recognize the insurer that demonstrates exceptional innovation and creativity and that has submitted at least three entries into any of the six categories.

Prior to the voting phase for the awards, monthly winners will be announced that will be fast-tracked for the global awards ceremony on June 24, 2019. Submissions are open until April 24, 2019. Visit the Innovation in Insurance portal to learn more about the submission process and enter.