The winners were announced at the annual awards ceremony, held in Amsterdam. This year attracted 395 submissions from 287 institutions in 54 countries. Each entry was evaluated on the base of three criteria: originality, strategic capacity to create a long-term competitive edge and return on investment, and adaptability for use in other markets.
The winners were selected through a combination of votes by a panel of judges, comprising senior insurers from around the world, and online, by Efma members and non-members from insurance institutions.
Here are the winners' awards and their inventions, illustrated by Accenture:
- AXA Germany (Germany) won the Connected Insurance & Ecosystems award for "LightGuard Connect," the first bicycle eCall in Germany combining a smart bicycle light with a certified crash sensor, a safety app called WayGuard and a casualty micro-insurance product.
- CCS (Netherlands) won the Insurtech award for "Marketplace," a cloud-based ecosystem with best-in-class apps that enables a one-to-many approach, instead of point-to-point, with apps that can be quickly activated and paid for based on usage (e.g., per quotation, policy, claim, etc.).
- NISSAY (Japan) won the Customer Experience award for its new "TASKALL" tablet for sales representatives, equipped with cutting-edge technology, including artificial intelligence, to supplement and enhance the quality of sales activities and customer service.
- PZU (Poland) won two awards: the Core Insurance Transformation award for "moje.pzu.pl," a self-service portal offering customers a wide range of insurance, investment and medical care products in one place, in cooperation with banks, other intermediaries and its affiliate networks; and the Workforce Transformation award for its "Robotic Process Automation for PZU Group Employees & Customers," a tool that allows the company to effectively use employee time for the benefit of customers (i.e., the management of workloads and efficiency).
- Zurich (Switzerland) won two awards: the Global Innovator of the Year for several innovations including: the "Zurich Innovation World Championship," its first global insurtech competition that seeks the best startups to collaborate with its business units; the "Make the Difference" program, which empowers employees to make Zurich a better place for colleagues and customers by focusing on simplification, innovation and trust; and a platform powered by CoverWallet that enables businesses to assess their insurance requirements, quote and buy online, seek advice of professionals if needed, as well as store their policies and background data online in a hassle-free way. Zurich also won the Product & Service Innovation award for "Klinc by Zurich," on-demand insurance for millennials in Spain that lets them control their insurance policies and directly manage them through their mobile phones.
"The number of entries in this year's competition has once again surpassed expectations. (...) The insurance industry is undergoing a transformation, as insurers seize opportunities to innovate and improve the customer experience, personalization, and go digital, through a combination of AI and Big Data. Congratulations to all of this year's innovation winners."
Piercarlo GERA, Accenture's Financial Services Customer Insights & Growth lead, commented:
"Insurance remains extremely susceptible to future disruption. Innovation - and the ability to do so in a sustained manner and at scale - holds the key to future survival. These awards confirm that insurers across the globe are embracing new technologies to develop innovations around the customer experience, transform their operations and create new efficiencies. This is very encouraging indeed, and we applaud this great work."
Source: Accenture, Efma