PARIS–(BUSINESS WIRING) – Efma, an alliance of over 2,550 retail financial services companies in 133 countries, and Accenture (NYSE: ACN) today announced the winners of the 6th Annual Insurance Innovation Awards in a virtual ceremony.
The awards competition, which celebrates the best innovations in insurance technology, drew 460 applications from nearly 300 organizations in 55 countries – an increase of 100 applications since 2020. This year’s filings reflect insurers’ intense drive to innovate to address emerging risks and meet changing customer needs amid the ongoing COVID-19 disruption.
The winners were selected in seven categories by a panel of 25 judges, including insurance executives from around the world. Each entry was assessed according to three criteria: originality; strategic potential to create long-term competitive advantages and return on investment; and adaptability for use in other markets and in other countries.
Ursuline Foley, Provident Financial Services Board Member and Award Judge, said: “The Efma-Accenture Insurance Innovation Award highlights an impressive array of innovative insurance initiatives around the world. They reflect an industry preparing for major changes. ”
The winners of the Efma-Accenture Innovation in Insurance Awards 2021 are:
- AXA XL (USA) – received Connected Insurance & Ecosystems 2021 award for the AXA XL Construction Ecosystem, a digital network of innovative products and services aimed at driving technology adoption among construction customers to help them reduce business risks, solve customer problems and improve business results.
- Opening (South Africa) – won Basic insurance transformation 2021 award for AI Quote. Using AI Quote, brokers and clients can download PDFs or images of competitors’ insurance and investment documents over the phone or desktop and receive an equivalent Discovery offer in seconds.
- Generali Welion (Italy)– received Customer Experience 2021 award for his WelionAPP. As COVID-19 puts a strain on the health care system in Italy, WelionAPP helps its users to more easily access health services for daily and specialized needs and to book appointments.
- HITS, a Generali Group company (Switzerland) – won Insurtech 2021 award for bAIby, an artificial intelligence-powered crying translator that recognizes the five basic needs of a baby, developed in collaboration with Zoundream.
- Baloise (Luxembourg) – was named the winner Product and service innovation 2021 an award for its Drive Electric insurance, which insures electric vehicles and provides key value-added services to help customers switch to electricity, including helping to set up a charging station at home and providing access to 180,000 charging stations across Europe.
- Assicurazioni Generali (Italy)– won Human resources transformation 2021 award for the We SHARE app, the first app created by an insurer at the group level to reach employees around the world. It provides an update on the distribution plan for group employees, offers a financial literacy program, and provides company news.
- Assicurazioni Generali (Italy)– named Global innovator 2021 g. for pioneering the presentation of several products, including the Smart Automation Center of Excellence, digital vehicle ownership lifecycle management, and the use of artificial intelligence-powered underwriting that leverages geospatial data.
“With the pandemic, 2020 and 2021 will undoubtedly go down in history as extraordinary years,” said John Berry, CEO of Efma. “Insurers faced many challenges that required them to adapt their offerings and distribution models. In this context, I was impressed by both the quality and relevance of the projects presented this year. Congratulations to the winners and everyone who submitted applications for demonstrating their dexterity in finding customer-centric solutions in a fast-paced world. ”
Daniele Prestutti, who leads Accenture’s insurance industry group in Europe, said: “The insurance industry has quickly adapted to the huge changes caused by the pandemic. The industry is accelerating the pace of transformation by leveraging the cloud, data, and ecosystems to bring innovative services and offerings such as risk advice and prevention techniques to market. We had another great round of applications this year – these companies are spearheading change, and not just in this sector – they are bringing new value to customers and the ecosystem. ”
To learn more about our award-winning innovation, visit www.efma.com/innovationininsurance or follow us on Twitter at # InsAwards21.
A non-profit organization founded in 1971 by leading banks and insurance companies, Efma celebrates its 50th anniversary this year. Efma currently has a network of 120 financial groups in 133 countries around the world and facilitates networking between decision makers. It provides quality insights to help banks and insurers make the right decisions to drive innovation and drive transformation. The headquarters is located in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing, Tokyo and Singapore. Learn more: www.efma.com…
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