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Insurers pump up the shopper expertise


Innovative customer experiences in real time were the focus of this year’s Efma-Accenture Innovation in Insurance Awards.

One of the great features of this year Efma-Accenture innovation in insurance prices was the industry’s enthusiasm for real-time experiences. Many of the freight forwarders who want to provide their customers with a great experience also work with business partners from outside the insurance sector. They secure alliances that enable them to expand their real-time offerings far beyond their traditional activities.

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Some of the insurers that have participated in the awards are using their extensive digital ecosystems to work with new business partners and deliver enticing real-time experiences to their customers. They combine their innovation initiatives with strategic partnerships to open up new markets and offer customers additional offers.

There were a number of great real-time solutions at this year’s show Efma-Accenture innovation in insurance prices. I find it hard to mention just a few of them. However, the three solutions I found below were particularly good. You are not just innovative. They also cater to customers’ changing needs and provide exceptional user experiences.

  • Switch insurance:: Farmers Toggle Insurance has developed an app-based service that provides highly flexible real-time coverage to people renting accommodation. The digital “Open Peril Policy” allows users to customize their coverage. You can choose basic, standard or premium insurance, add objects and risks to cover them, and get real– –time Pricing when they customize their insurance. In addition, they can cover travel, pets, and high value items. take out insurance against losses related to gig employment; Get online identity protection; secure safe premiums without claims; and improve their creditworthiness through regular, on-time rental payments. By toggling between the options offered by the digital policy, users can identify fluctuations in price and coverage and choose an offer that best suits their needs.
  • FWD: The insurance business of the Hong Kong-based investment group Pacific centuryWith offices in 12 Asian countries, FWD has developed a digital onboarding system for authenticating new customers. The service overcomes one of the biggest obstacles blocking Consumers from using the insurers’ web-based services. Most consumers know the passwords they need to log into their banking services, but very few can remember the passwords they need to access their insurer. The JoChek electronic “Know-Your-Customer” (eKYC) System uses facial identification and optical character recognition technologies to solve this problem. In addition, the JoChek The system enables FWD to acquire new customers in real time and at a much lower cost than traditional manual processes. Other advantages of the biometric system are that it utilizes and uses pay-per-user cloud computing capabilities scalable. FWD plans to introduce the JoChek System in its operations in Vietnam, Indonesia, Thailand and the Philippines.
  • Aditya Birla Sun life insurance: Indian carrier Aditya Birla Sun life insurance (ABSI) has revamped its customer loyalty processes to improve the company’s competitive advantage and increase operational efficiency. It has migrated a number of processes and systems to an integrated collection of real-time digital solutions that the company calls “Client-for-Life” Initiatives (see figure below).

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ABSI now conducts multilingual customer screening and onboarding electronically, and uses advanced analytics to manage customer retention and drive risk modeling. The company has also switched to telephone and video communications for underwriting and claims processing, and remains in contact with its commercial customers via the WhatsApp Business service and an AI-enabled chatbot function.

I particularly noticed three companies that cross the boundaries of the insurance industry. Two of them are improving their digital ecosystems through innovative partnerships. The third has won a large partner to open up a specialized market that could grow significantly over the next few years.

  • Zurich Connect: A division of Zurich Italy, Zurich Connect has teamed up with local Insurtech Festivals Yolo Make a range of digital services available to homeowners and tenants. It is HomeFlix App-based service offers Zurich Connect customers a variety of insurance offers as well Additional concierge facilities such as laundry, sanitary, electrical and wine delivery service. The company expects to add grocery delivery, babysitting and cleaning services in the near future. Zurich Connect has improved that HomeFlix User experience through the integration of an intelligent virtual assistant, Flixwho guides customers through the service offerings. Various gamification and reward functions have also been introduced.
  • Alliance partner: As part of the transformation from a travel insurance company to a global travel insurance and assistance provider, Allianz Partners has its Travel wise App in an ecosystem platform. The digital platform gives Allianz customers access to a wide range of the company’s support services. In addition, you can use a variety of offers from third-party providers, e.g. B. Geographic Security Alerts. The alliance has built application programming interfaces (APIs) into the platform’s supporting technology to encourage partners to offer third-party services in their ecosystem.
  • Energy insurance: The US specialty insurer Energetic Insurance has teamed up with an international reinsurer SCOR Global P & C. Develop risk management products for the renewable energy industry. The firms EneRate Credit coverage Policies protect developers of commercial solar energy projects from default. This innovation overcomes a longstanding obstacle to growth in the commercial solar industry. It covers potential defaults by companies with no public credit rating that buy electricity through long-term purchase agreements. The lack of such coverage in the past has often hampered the financing of commercial solar energy projects.

Real-time solutions address the changing needs of insurance customers.

The COVID-19 pandemic has brought home to insurers who must stay close to their customers. In my next blog post, I’ll be discussing some of the noticeable solutions on this year’s website Efma-Accenture innovation in insurance prices. They use advanced technology to bridge the gap between insurers and their customers. For more information on the awards, click the link below. Don’t hesitate to prepare your insurance innovations for next year’s awards.

Efma-Accenture innovation in insurance prices

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