Insurtechs star at Efma-Accenture Innovation in Insurance Awards

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Different elements of this collection:

  1. Large carriers shine at Efma-Accenture Innovation in Insurance coverage Awards
  2. Disruptors in pressure at Efma-Accenture Innovation in Insurance coverage Awards
  3. Insurtechs star at Efma-Accenture Innovation in Insurance coverage Awards
  4. Efma-Accenture Innovation in Insurance coverage Awards laud back-office apps

Greater than 80 start-ups contested on this 12 months’s Efma-Accenture Innovation in Insurance coverage Awards.

The choice to spotlight revolutionary insurtech companies at this 12 months’s Efma-Accenture Innovation in Insurance coverage Awards has been an enormous success. Greater than 80 start-ups submitted entries. Many of those entries displayed appreciable ingenuity and creativity. This was the primary time an insurtech class has been included within the Efma-Accenture Innovation in Insurance coverage Awards.

Nexar of Israel got here out tops. Its Automated Reconstruction smartphone app Accident was judged one of the best insurtech innovation. The app applies synthetic intelligence (AI) and superior mapping expertise to information drawn from smartphone sensors to evaluate details about motor collision automobiles. The info is routinely retrieved as soon as a collision happens and a report rapidly generated for the insurer. This accelerates the processing of claims, curbs fraud, reduces prices and strengthens the insurer’s relations with policyholders. The product reveals how clever companies are beginning to remodel insurance coverage, significantly claims processing.

The runner-up within the insurtech class was the Gavin start-up from the Netherlands. A peer-to-peer insurance coverage service, Gavin goals to scale back the price of cowl and enhance customer support by sharing danger amongst its members. When one among its members lodges a declare, Gavin’s AI techniques assess the chance profiles of the opposite policyholders and decide how a lot they need to every contribute to cowl this loss. These policyholders are then charged this quantity, along with a small administrative charge, for his or her month-to-month insurance coverage cowl. The decrease the claims, the decrease the insurance coverage prices. Gavin at the moment presents cowl for telephones, bicycles and journey.

Allianz associate Monuma of France was third within the insurtech class. Its Patrimonia service makes use of blockchain expertise to certify the authenticity and worth of luxurious items and artwork works. The Patrimonia app permits homeowners of pricey property to ship pictures of their items to Monuma to be verified and valued, by a panel of specialists, after which insured by the corporate. The knowledge used on this course of is encrypted and recorded utilizing blockchain expertise to safeguard the identification of the proprietor of the asset and to guard the integrity of the evaluation and the insurance coverage contract. Monuma’s Patrimonia service is one more instance of how the mixture of digital applied sciences and human experience can create new insurance coverage choices that deal with untapped buyer wants.

Take a while to browse the EFMA – Accenture Improvements in Insurance coverage database to see some extra fascinating submissions from good insurtech companies. I used to be significantly impressed by the cyber-insurance options developed by Cyberwrite and Kovrr in addition to the large information choices from Digital Fineprint and Amodo.

In my subsequent weblog submit, I will focus on a few of the claims administration and underwriting functions that received accolades at this 12 months’s Efma-Accenture Innovation in Insurance coverage Awards. For additional details about the awards click on onto the hyperlink under.

Efma-Accenture Innovation in Insurance coverage Awards.

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