On April 26, winners were announced at the 2017 Efma-Accenture Innovation in Insurance Awards at an event celebrating the best innovation in global insurance.
I am immensely proud to have been part of the 2017 Efma-Accenture Innovation in Insurance Awards ceremony this week in London. It was an inspiring and successful event, thanks to the participation of 144 institutions from 38 countries who submitted a total of 219 entries for consideration in four categories, which were announced live at the ceremony in London.
The Awards celebrate and promote innovation across the insurance industry and this year’s entries truly set a new benchmark for innovation in insurance. It was clear from the diversity and quality of this year’s submission that insurers are prioritising innovation and taking bold, strategic steps to utilise emerging new technologies – such as blockchain, AI, and Internet of Things – to create new insurance value propositions and better serve their customers.
So let me take this opportunity to congratulate this year’s winners.
Winner: Global Innovator Award
Italy’s Assicurazioni Generali S.p.A. (“Generali”) took home this year’s Global Innovator Award, a special award selected from all submissions by the Awards jury. Generali was recognised for its strong overall focus on innovation; particularly its outstanding blend of outside-in and inside-out innovation model combining internally generated innovations and collaboration with InsurTech startups and partnerships. The presentation by Moshe Tamir, Generali global head of innovation, of their approach and new global digital agency project was especially impressive.
Second place in this highly competitive category was awarded to Japan’s Tokio Marine & Nichido Fire Insurance Company, while AXA Group won third place.
Four category winners were announced at the awards ceremony, with winners in the first three categories selected by a jury of senior industry executives from all over the world, whose collective vote accounted for 50% of the final scores. Efma members decided the remaining 50% of the vote, more than 2000 of whom voted online via the Efma-Accenture Innovation in Insurance Portal.
Winner: Connected Insurance & Ecosystems
Tokyo Marine and Nichido Fire Insurance Company (Japan) for ‘Sharing Medical Information on Blockchain’, which streamlines patient medical information sharing and reduces unnecessary medical exams and administrative costs, while improving the quality of patient care.
Winner: Customer Service & Engagement
AXA Group (France) for ‘AXA Sure’, an app that digitizes information on household contents and allows for greater policy transparency and increased processing time for claims.
Winner: Intelligent Automation
Allianz (France) for ‘Allianz AI Smart Mentoring’, which allows sales forces to improve their customer relationship skills by providing real-time analysis and diagnostics with a ‘smart mentoring’ solution.
Winner: Best Disruptive Product or Service
Médis (Portugal) for ‘Enhancing Omni Channel by Adding Interactive TV Commerce’, an innovation that allows consumers to use their TV remote control to search for health providers near their home and receive location, contact details, and a quote for a personalised health insurance plan on their mobile phone.
Médis was selected for the ‘Best Disruptive Product or Service’ award at the ceremony after all 6 finalists pitched their innovations to the audience, who then voted in real-time on the winner. I was impressed by the diversity and creativity represented during these pitches and enthusiastic response from the audience for disruptive technologies that seek to connect insurers with the people they serve.
In addition to celebrating the winners, we heard from my Accenture colleague Fabrice Gardette, who delivered the keynote address on the Everyday Insurer. I was pleased to present a talk on the Top Trends in Insurance for 2017, and the delegates participated in an informative and lively Q&A session and discussion.
This great event would not have been possible without the enthusiastic engagement of our colleagues at Efma. I am now looking forward to the 2018 awards, as Accenture and Efma have jointly confirmed their continued collaboration next year.
For more information about the Efma-Accenture Innovation in Insurance Awards, including a list of Top Contributors and this year’s judges, 2017 visit Efma. You can read highlights of Accenture’s Technology Vision for Insurance, including 5 Trends Shaping the Insurance Industry, and read Accenture’s full report.