Efma and Accenture announced the winners of the first Innovation in Insurance Awards, North America chapter, held at the Boston Public Library. The awards ceremony celebrated the best of innovation in North America and acts as a benchmark for excellence across the insurance industry.
The winners of the Efma-Accenture Innovation in Insurance Awards in North America are:
· USAA ‒ named North America Innovator for fostering a collaborative and creative corporate culture in the last year, illustrated through new developments like its “Employee Innovation Program,” which includes hackathons, coding competitions and challenge-based innovation training; “USAA Labs,” a community that encourages members to provide feedback on new USAA innovations, concepts and pilots; and strategic investments in new talent and technologies.
· Traity ‒ won the Insurtech category for “Trustbond,” insurance underwriting that helps gather the customer’s reputation from various data sources. It replaces the traditional rental deposit with a surety bond.
· MetLife US ‒ won for Best Customer Experience, Product or Service Innovation with “Cogito – Real Time Customer Service Coaching,” an Artificial Intelligence software program that helps phone-based representatives be more confident and empathetic, thereby improving customer satisfaction, Net Promoter Score, and operational efficiency — all without a complicated, expensive IT overhaul.
· Munich Reinsurance America ‒ won for Best Claims, Underwriting, IoT or Ecosystem Innovation for “LossDetect™.” Loss Detect is a customized technology-driven risk management solution to mitigate clients’ auto losses and prepare for the future of mobility.
“We received a higher number of submissions from North America than expected during this year’s Innovation in Insurance Awards,” said Vincent Bastid, Efma’s CEO. “We are excited to put their innovative projects under the spotlight during our first North American edition in Boston. Congratulations to this year’s winners for their achievements.”
The winners were selected through a panel of judges, comprising senior executives from leading insurers in North America. Each entry was assessed using three criteria: its originality; its strategic capacity to generate long-term competitive edge and return on investment; and its adaptability for use in other markets and countries.
“We are pleased to see North American insurers embracing innovation to enable a whole new level of personalization and convenience for the customer,” said Jim Bramblet, North America insurance practice lead at Accenture. "By embedding intelligent solutions such as AI, machine learning and analytics into every business process, insurers could reap material financial improvements in annual profitability while building longer-term loyalty with their customers.”
To find out more about the award-winning innovations, visit www.efma.com/innovationinsurance or follow the conversation on Twitter at #InsAwards18.