The virtual award ceremony this year celebrates the new technologies that transform the insurance sector
Efma, an association of over 3,300 retail financial services companies in 130 countries, and Accenture (NYSE: ACN) have announced the winners of the fifth annual Innovation in Insurance award during a virtual award ceremony.
The awards competition, which recognizes the best innovations in insurance technology, attracted nearly 360 entries from 240 institutions in 45 countries – even amid the uncertainty caused by the COVID-19 pandemic, which prompted the awards ceremony to keep practically this year rather than in person.
The winners were selected by a jury made up of insurer executives from around the world. Each item was assessed using three criteria: originality; strategic ability to generate long-term competitive advantage and return on investment; and adaptability for use in other markets and countries.
The winners of the Efma-Accenture Innovation in Insurance Awards 2020 are:
Bajaj Allianz General Insurance Company (India) —which received the Connected Insurance & Ecosystems award for “Farmitra-Caringly Yours, and CloseCurlyDoubleQuote; an Android-based mobile app that provides farmers with information about their cultivation and crop insurance.
Munich Re Group (Germany) – which won the Core Insurance Transformation award for “MIRApply Physician, & CloseCurlyDoubleQuote; a digitalization of the life insurance application process, with particular attention to the reduction of follow-up applications and the reduction of application times.
Assicurazioni Generali (Italy) – which won the Customer Experience award for “Digital Hub, & CloseCurlyDoubleQuote; an omnichannel experience for customers, agents and potential customers in all digital contact points, with a common user experience and a unique visual identity in all countries.
Upcover (Australia) – which won the Insurtech award for “Upcover, & CloseCurlyDoubleQuote; a mobile app that offers simple pay-as-you-go insurance and health benefits for workers in the gigantic economy. Workers can purchase coverage suited to their type and duration of work, providing an economic solution for those who need it most.
Assicurazioni Generali (Italy) – which won the workforce transformation award for “We LEARN: A New Way to the Future, & CloseCurlyDoubleQuote; a re-ignition initiative that helps employees develop new skills necessary to grow in the digital age and support the strategic priorities of the company and CloseCurlyQuote;
Baloise Insurance (Belgium) – which won the Innovation Product & Service award for "Cyber Safe Family: digital when possible, always human and CloseCurlyDoubleQuote; a direct cyber insurance product for the customer that guarantees safe Internet browsing, online shopping safe and secure social media activities.
Discovery (South Africa) – which has been named Global Innovator for several products, including: “Vitality Active Rewards 2020 and CloseCurlyDoubleQuote; a personalized digital behavior change platform to guide healthy habits; “Automatic subscription and CloseCurlyDoubleQuote; which uses information about pathology and wellness tests to automatically meet the subscription requirements; “Premium Discovery Life and CloseCurlyDoubleQuote survey option; a response to COVID-19 which allows customers to draw on their personally accumulated healthcare resources and maintain their full life coverage without any premium; and "AI Listing, & CloseCurlyDoubleQuote; which allows brokers to take photos, upload or enter the details of a new business quote or an existing CloseCurlyQuote policy and then automatically generate an equivalent Discovery quote in less than two minutes.
“We have been delighted to see great progress this year to transform the insurance industry into customer service, personalization and mobile applications through artificial intelligence and big data, & CloseCurlyDoubleQuote; said John Berry, CEO of Efma & CloseCurlyQuote; “This level of innovation is encouraging and more relevant than ever in these unprecedented times. I'd like to congratulate the winners, and everyone who sent in the submissions, for this remarkable progress. & CloseCurlyDoubleQuote;
Daniele Presutti, who leads Accenture & CloseCurlyQuote's insurance practice in Europe, said: “Now more than ever, it is important to celebrate innovations that allow the insurance industry to overcome disruptions. In a year in which customers have been driven in droves towards digital services, insurers around the world are adopting new technologies to position their businesses in renewed growth. Seeing so many voices during this period of uncertainty shows the moves that insurers are making to become more resilient and competitive. Congratulations to the worthy winners. & CloseCurlyDoubleQuote;
For more information on award-winning innovations, visit www.efma.com/innovationininsurance or follow the conversation on Twitter on # InsAwards20.
A global non-profit organization founded in 1971 by banks and insurance companies, Efma facilitates networking among decision makers. It provides quality insights to help banks and insurance companies make the right decisions to encourage innovation and drive its transformation. Over 3,300 brands in 130 countries are members of the Efma. Based in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing, Tokyo and Singapore. Further information www.efma.com
Accenture is one of the world's leading professional services companies, offering a wide range of strategy and consulting services, interaction, technology and operations, with digital functionality in all these services. We combine unmatched experience and specialized capabilities in over 40 industries, thanks to CloseCurlyQuote's largest network of advanced technology centers and intelligent operations. With 509,000 people serving customers in over 120 countries, Accenture offers continuous innovation to help customers improve their performance and create lasting value in their businesses. Visit us on www.accenture.com.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20200617005749/en/
Copyright Business Wire 2020