Efma and Accenture Announce the Winners of Innovation in Insurance Awards 2021
Virtual awards ceremony recognizes insurance innovations and innovators leading industry change for an uncertain future
PARIS; J- Efma, an association of more than 2,550 retail financial services companies in 133 countries, and Accenture (NYSE: ACN) today announced the winners of the sixth annual Innovation in Insurance Awards during a virtual ceremony.
The awards competition, which recognizes the best insurance technology innovations, attracted 460 entries from nearly 300 institutions in 55 countries - 100 more submissions than received in 2020. This year's entries reflect the intense drive among insurers to innovate to address new risks and meet changing customer needs amid continued COVID-19-related disruption.
The winners were selected across seven categories by a panel of 25 judges, including senior executives from insurers worldwide. Each entry was assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.
Ursuline Foley, a member of the Board of Directors for Provident Financial Services and a judge of the awards, said: "The Efma-Accenture Innovation in Insurance Awards highlight the impressive range of innovative insurance initiatives underway globally. They reflect an industry that is preparing for major change."
The winners of the Efma-Accenture Innovation in Insurance Awards 2021 are:
- AXA XL (USA) - received the Connected Insurance & Ecosystems 2021 award for the AXA XL Construction Ecosystem, a digital network of innovative products and services focused on advancing technology adoption among construction customers to help them reduce business risk, solve customer issues and improve business results.
- Discovery (South Africa) - won the Core Insurance Transformation 2021 award for AI Quote. Using AI Quote, brokers and clients can upload a PDF or pictures of competitor insurance and investment documents via phone or desktop and receive an equivalent Discovery quote in seconds.
- Generali Welion (Italy) - received the Customer Experience 2021 award for its WelionAPP. With COVID-19 putting a strain on the healthcare system in Italy, the WelionAPP helps its users more easily access health services for daily and specialized needs and book a consultation.
- HITS, a Generali Group company (Switzerland) - won the Insurtech 2021 award for bAIby, an AI-based baby cry translator that recognizes a baby's five basic needs, co-developed with Zoundream.
- Baloise (Luxembourg) - was named the winner of the Product & Service Innovation 2021 award for its Drive Electric insurance, which insures electric vehicles and also provides key value-add services to help customers make the switch to electric, including assistance to set up a charging station at home, and granting access to 180,000 recharging stations across Europe.
- Assicurazioni Generali (Italy) - won the Workforce Transformation 2021 award for the We SHARE App, the first app the insurer has created at the group level to reach employees worldwide. It provides updates on a share plan for group employees, offers a financial literacy program, and provides company news.
- Assicurazioni Generali (Italy) - named Global Innovator 2021 for its innovation in introducing several products, including its Smart Automation Centre of Excellence, the Vehicle Ownership Lifecycle Digital Management, and its use of AI-augmented underwriting, which uses geospatial data.
"With the pandemic, 2020 and 2021 will no doubt stand out in history as being out-of-the-ordinary years," said John Berry, Efma CEO. "Insurance players have had to face many challenges, requiring them to adapt their offerings and distribution models. In this context, I was impressed by both the quality and the relevance of the projects submitted this year. I congratulate the winners and all those who made submissions, demonstrating their agility in finding customer-focused solutions in a fast-evolving world."
Daniele Presutti, who leads Accenture's Insurance industry group in Europe, said, "The insurance industry has moved fast to accommodate the massive changes caused by the pandemic. The industry is accelerating the pace of transformation, leveraging cloud, data, and ecosystems to bring innovative services and offerings to market, like risk advice and prevention methods. We had another great round of submissions this year-these companies are leading change, and not just for this sector - they bring new value to customers and the ecosystem."
To find out more about the award-winning innovations, visit www.efma.com/innovationininsurance or follow the conversation on Twitter at #InsAwards21.
A non-profit organization created in 1971 by leading banks and insurance companies, Efma is celebrating this year its 50th anniversary. Counting now a network of 120 financial groups in 133 countries all around the world, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Headquartered in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing, Tokyo and Singapore. Learn more: www.efma.com.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services - all powered by the world's largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
Accenture's Insurance practice helps P&C insurers, life carriers and reinsurers to redefine their business and operating models, enhance the digital experience for customers, and position themselves for growth in a digital economy. To learn more, visit: www.accenture.com/us-en/industries/insurance-index.
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