PUTTING YOUR INNOVATION IN THE SPOTLIGHT

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1 PUTTING YOUR INNOVATION IN THE SPOTLIGHT EFMA ACCENTURE INNOVATION IN INSURANCE AWARDS An Insurance Innovation Executive Board Meeting Update

2 AWARDS AT A GLANCE Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry and serve to spark further innovation. In 2018, there will be seven awards categories: BEST DISRUPTIVE PRODUCT OR SERVICE CLAIMS MANAGEMEN T CONNECTED INSURANCE & ECOSYSTEMS CUSTOMER EXPERIENCE & ENGAGEMENT DATA- ENABLED UNDERWRITIN G INSURTECH INTELLIGENT AUTOMATION The Global Innovator is a special by invitation-only category where the winner is selected by a dedicated jury of insurance professionals. There is a rigorous judging and voting process: - An Efma innovation committee shortlists the best innovations in each category. - Efma members vote online to determine the final result. The winners will be announced at a dedicated awards ceremony to be held in Paris on 15 June In 2018, we will launch an awards ceremony in North America, to complement this. North American insurers will be among the global winners, but this event will shine the spotlight on the best submissions from US and Canadian insurers. GLOBAL INNOVATOR 2 Copyright 2017 Accenture. All rights reserved.

3 2017 IN NUMBERS 219 Innovations 144 Institutions 4 Categories + Global Innovator 38 Countries 32 nominees in 5 categories BEST DISRUPTIVE PRODUCT OR SERVICE CONNECTED INSURANCE & ECOSYSTEMS CUSTOMER EXPERIENCE & ENGAGEMENT INTELLIGENT AUTOMATION GLOBAL INNOVATOR 2000 online votes + 19 judges 5 WINNERS Copyright 2017 Accenture. All rights reserved. 3

4 THANK YOU! 2017 Judges 2017 Participants 3 Insurance Advisor (Intelligent Automation bronze award winner) Charles Brooks SVP & Chief Information Officer Kemper Corporation Jane Tutoki Global CEO Cunningham Lindsey Unmanned Aerial Systems Program (Intelligent Automation) Digital Virtual Assistant (Intelligent Automation) Biometric Login for Mobile App (Customer Experience & Engagement) Digitizing the Life Insurance Claims Process (Connected Insurance & Ecosystems) Ride Sharing Gap Protection Coverage (Best Disruptive Product or Service) Bitcoin Integration (Customer Experience & Engagement) Copyright 2017 Accenture. All rights reserved. 4 4

5 7 EMERGING INSURANCE MARKET TRENDS VIRTUAL ADVISOR AI IS THE NEW UI EVERYDAY COACH SHARING IS CARING REAL-TIME PROTECTION PLUG & PLAY INSURER EMPOWERING THE WORKFORCE Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 5

6 AI IS THE NEW UI AI is coming of age to become the new user interface of every digital insurer LIBERTY MUTUAL Insurance Advisor In-home voice assistant helps customers find agents and understand common insurance terms. EUROP ASSISTANCE Multichannel Roadside Assistance Chatbot and AI enable natural language conversations that facilitate interactions and reduce waiting time. USAA Digital Virtual Assistant Provides guided assistance for queries and helps complete transactions. Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 6

7 VIRTUAL ADVISOR Transforming the customer and sales force experiences with data-driven virtual advisors MUNICH RE Digital Doctor Users get a pre diagnosis on their symptoms using an AIbased questionnaire. TOKIO MARINE Virtual Assistant Auto Chat New smartphone Apps Chat: communication, scheduler and information enhanced with AI virtual agent. SURAVENIR & YOMONI Robot advice for financial advisors A new life insurance product managed by the Yomoni robot advisor Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 7

8 EVERYDAY COACH Helping customers manage & reduce their risk by providing frequent, personalised advice & incentives AXA HONG KONG Xtra Free personal coaching with a wellness motivator mobile app that rewards customers for healthy lifestyles. GENERALI Real-time Coaching An innovative car insurance product featuring an in-car device providing the driver with real-time coaching. ADITYA Activ Health Health insurance offering customers proactive care and rewards for staying healthy. Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 8

9 REAL-TIME PROTECTION Leveraging applications & the IoT to help customers manage their risks ACHMEA Homies A simple, social and affordable IoT-based security concept that focuses on social housing. DESJARDINS ASSURANCES GÉNÉRALES IoT Product Mobile app connected to sensors, enabling simple and quick quoting, telematics, and home disaster prevention by identifying water leaks and freezing. THE GUARANTEE COMPANY OF NORTH AMERICA GOLD Watermark Insurance coupled with an intelligent sensor to prevent damage from water leaks. Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 9

10 EMPOWERING THE WORKFORCE Digital leaders are empowering their workforces through cultural change & new capabilities STANDARD BANK Insurance: The Genesis Project A repeatable innovation process to transform the firm s operating model, policies and culture. RSA CANADA Wise Up An online education platform giving brokers access to professional development content and tracking their mandatory education credits in a preferred format. KBC VERZEKERINGEN Digital Driving Licence Certifying a basic set of digital skills and knowledge to enhance lifelong employability in the organisation. Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 10

11 PLUG & PLAY INSURER Leveraging digital partnerships & ecosystems to offer embedded insurance products KASKO Insurance Distribution Platform Offers an insurance API to quickly digitise and integrate insurance products in websites and apps. BRADESCO SEGUROS API Playbook A set of definitions aligned to business goals to support the development of a digital ecosystem with API-integrated partners. MUNICH RE / TICTRAC Wellgage A SaaS plug & play platform between Munich Re and Tictrac to support the creation of their health insurance ecosystem and offerings. Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 11

12 SHARING IS CARING Peer-to-peer customer pools offer new opportunities for insurers to engage & care ALLIED INSURANCE Prince Insure Insurtech start-up innovating in peer-to-peer B2B liability insurance through a technology platform in affinity / professional lines. SURAMERICANA Wesura Brings people into a private risksharing community. This social insurance model changes behaviours toward risk, underwriting and claims. HDFC ERGO Community Portal Offers users a peer to peer channel to get advice, discuss experiences and share information on all aspects of general insurance. Copyright 2017 Accenture. All rights reserved. Accenture Confidential Information 12

13 WHAT S NEXT? 13

14 2018 AWARDS TIMELINE Submission of the month opens 6 Nov categories: Best Disruptive Product or Service, Claims Management, Connected Insurance & Ecosystems, Customer Experience & Engagement, Data-enabled Underwriting, Insurtech & Intelligent Automation (an innovation can only be submitted in 1 category) There is no limit on the number of innovations that can be submitted. Innovations must have been launched after 1 January 2016 and be in at least the pilot phase. No cost to enter Submissions close 13 April 2018 An innovation committee shortlists the best innovation in each category based on 3 criteria: Originality Impact Universality Nominees announced and voting begins 30 April 2018 Efma members vote online Voting ends 11 May 2018 The best innovation in each of the 7 categories will be recognized at a dedicated awards ceremony in Paris on 15 June One will also be recognised as the Global Innovator. A jury of industry heavy-weihts will select this winner from all the entrants in the other 7 categories. Awards ceremonies 15 Jun. & Oct 2018 The global awards ceremony takes place at Station F in Paris and runs from 10:00 until 16:00 CET. There will be key note speeches, live voting and winners will present on their innovation journey, their experiences and share the key success factors in the design, development and operational phases of their innovation. A complementary North American event will take place in October How to enter? The Efma Accenture Innovation in Insurance Awards 2018 will open for entries in November Register first on the Innovation in Insurance Portal and then click on submit your innovation. To get an understanding of what it takes to win, visit the Innovation Library and Winners 2017 sections. Copyright 2017 Accenture. All rights reserved. 14

15 WHY ENTER? Share your ideas, and get the credit they deserve from your colleagues and peers! Help promote a culture of innovation in insurance Achieve the recognition of your colleagues Be acknowledged by your industry peers Gain public acclaim for your organization as an innovation leader Network with other executives who are driving innovation Benchmark your innovation against those of other insurers Be inspired Copyright 2017 Accenture. All rights reserved. 15

16 LEARN MORE Useful links Efma-Accenture Innovation in Insurance Awards Portal Innovation Library (register here to access) Contact Erik Sandquist and John Cusano to discuss the awards and some of the emerging innovation trends in insurance. Copyright 2017 Accenture. All rights reserved. 16

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