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Insurers speed up innovation drive.

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Discovery was named Global Innovator of 2020 as carriers around the world quickly adapt to big changes in the insurance industry.

Insurance pioneer discovery won the highest award this year Efma-Accenture innovation in insurance prices. The airline was named Global Innovator of the Year. This is a great achievement for the South African company that has a long history of innovation and creativity in the insurance industry. Its flagship vitality The shared value platform launched in 1997 now serves more than 10 million people in 23 markets worldwide. Prudential, John Hancock, Manulife, General, Mitsui Sumitomo and Ping an are among the many large insurers that offer their customers the vitality service.

Insurance Innovation Trends 2020 Click / tap to register for the report

The winners of 2020 Efma-Accenture Innovation in Insurance Awards have been announced at the A virtual ceremony attended by members of the insurance industry around the world. The COVID-19 pandemic has forced insurers in almost every country to increase their innovation and to face new challenges. It was wonderful to see how insurers react to these test times. They find new ways to better serve their customers, empower their employees, and nurture the communities in which they do business.

My colleague Daniele Presutti hit the bull’s eye when he realized at the award ceremony that now, more than ever, we must celebrate the innovations that enable the insurance industry to overcome disruptions. With almost 360 entries from 240 companies in 45 countries, it is clear that even in these uncertain times, insurers are investing in innovation and striving to become more resilient and competitive.

discovery has evolved a number of impressive Innovations

Discovery has earned this year’s Global Innovator of the Year title for a range of impressive products and services launched over the past 12 months. They include:

  • Vitality Active Rewards 2020: A personalized digital service that leverages the analysis of behavioral and clinical data on the Vitality platform as well as the multi-partner ecosystem to encourage customers to adopt healthier lifestyles.
  • Auto underwriting: An automated drawing system that leverages Discovery’s extensive repository of clinical and wellness information to process policy applications quickly and accurately. It speeds up the issuing of policies and significantly reduces the number of applications that are canceled.
  • Discovery Life Premium Relief Option: A thoughtful response to the COVID-19 pandemic that customers are part of with repayment Loans they earned by meeting lifestyle incentives to offset their insurance premiums. This initiative enables customers suffering economic difficulties due to the pandemic to maintain their full life insurance coverage without paying premiums for three months.
  • AI quote: An intelligent analysis system with a front-end for optical character recognition, with which brokers can upload customer offers and quickly receive comparable offers from Discovery Life. The system, which reads PDFs or photos of documents, captures around 46 different information fields with more than 600 million possible combinations and quickly assigns them to 32 Discovery Life fields in order to create a comparable offer.

Submissions to the Efma-Accenture Innovation in Insurance Awards were judged on their originality; their ability to achieve competitive advantage and good returns on investment; and for their applicability to other markets and countries. Zurich Insurance finished second in the Global Innovator of the Year Category followed by Aflac in Japan. Zurich was the global innovator of the year in 2019.

Fierce competition in all six categories

The other six categories of awards were also highly competitive. Here are the winners:

  • Core insurance transformation:: Munich Re of Germany for its “MIRApply doctorApplication process for digital life insurance. Finished second Westfield Insurance in the USA. Discovery came in third with his Vitality Active Rewards 2020 Offer.
  • Customer experience:: insurance General in Italy for its extensive Digital hub Omnichannel facility for customers, agents and prospects. Ping an in Hong Kong was runner-up and AXA partner in France came third.
  • Insurtech: Australian start-up covered for his covered Mobile app that offers pay-as-you-go insurance and health insurance to workers in the gig economy. Second was Safekeeping in the US while Spanish company Medic was third.
  • Transformation of the workforce:: insurance Generali of Italy for his “We are learning: A new way into the future” Reskilling initiative that equips employees with the entrepreneurial skills, digital literacy, and behavioral intelligence they need to support the company’s new strategic priorities. The runner-up was Mitsui Sumitomo Insurance in Japan, followed by Australia OnePath.
  • Product and service innovation:: Baloise Insurance from Belgium for his Cyber ​​Safe digital security solution for consumers. Cyber ​​Safe protects subscribers and their families from cyber threats while they browse the web, shop online, and engage in social media. Second was loyalty world from Portugal and finished third insurance General.

In my next blog post, I’ll be discussing some of the key trends I’ve seen while studying this year’s posts Efma-Accenture innovation in insurance prices. Exciting things are certainly happened in our industry. For more information on the awards, click the link below. Prepare your innovations for next year’s awards.

Efma-Accenture innovation in insurance prices

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