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Efma and Accenture have announced the winners of the second Efma-Accenture Innovation in Insurance Awards in North America.
The awards, presented yesterday at a ceremony held in Chicago, celebrate the best of innovation and act as a benchmark for excellence across the insurance industry.
This year’s winners are:
RGA – winner of the Business & Operating Model Transformation category for APEXA, an innovative digital platform that has transformed how life advisor screening, contracting, and compliance are conducted across the entire Canadian life insurance industry. Through automated screening and ongoing monitoring of advisors, APEXA is a simplified risk mitigation tool that drives cost savings through operational efficiencies.
Skopenow – winner of the Insurtech category for its data analytics platform developed for fraud detection in both the underwriting and claims processes. Skopenow’s automated platform combines mass aggregation, identity resolution, and computer vision analytics to enable users to search through unstructured data.
Trupanion – winner of the Offering & Experience Innovation category for automating claims in pet insurance. Trupanion uses artificial intelligence-driven automation to pay claims directly to the veterinary practice in less than 30 seconds. Customers pay only their share of the bill, reducing out-of-pocket costs.
Metlife – winner of the NA Innovator of the Year award for several innovations, including: “Enroll Hero Partnership,” a personalized recommendation tool that helps seniors pick the perfect Medicare plan in a second; “Vitana,” the world’s first automated insurance solution using blockchain technology to offer pregnant women financial protection against gestational diabetes; “Pilot Onboard Process,” which reduces the process for onboarding proof of concept and pilot project suppliers from nine months to four weeks; and “Claims Value Chain Transformation,” a multi-year program to transform the claims value chain.
The winners were selected by a panel of judges comprising senior executives from insurers in North America. 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.
“Once again we are excited to highlight the innovative insurance projects rolled out in the past year in North America,” said Vincent Bastid, Efma’s CEO. “We received even more submissions than last year, demonstrating this market’s focus on innovation in the current environment. Congratulations to this year’s winners on their achievements.”
Jim Bramblet, who leads Accenture’s Insurance practice in North America, said, “Insurers are capturing the opportunity to innovate and transform their business models to compete in a new digital economy and maintain relevance with their customers. It’s very encouraging to see an increasing number of U.S. and Canadian insurers embracing new technologies to develop innovations around the customer experience, transform their operations and create new efficiencies. We applaud the great work of this year’s winners.”