Other parts of this series:
More than 80 start-ups contested in this year’s Efma-Accenture Innovation in Insurance Awards.
The decision to highlight innovative insurtech firms at this year’s Efma-Accenture Innovation in Insurance Awards has been a huge success. More than 80 start-ups submitted entries. Many of these entries displayed considerable ingenuity and creativity. This was the first time an insurtech category has been included in the Efma-Accenture Innovation in Insurance Awards.
Nexar of Israel came out tops. Its Automated Accident Reconstruction smartphone app was judged the best insurtech innovation. The app applies artificial intelligence (AI) and advanced mapping technology to data drawn to smartphone sensors to assess information about motor vehicle collisions. The data is automatically retrieved once a collision occurs and a report quickly generated for the insurer. This accelerates the processing of claims, curbs fraud, reduces costs and strengthens the insurer’s relations with policyholders. The product shows how intelligent services are starting to transform insurance, particularly claims processing.
The runner-up in the insurtech category was the Gavin start-up to the Netherlands. A peer-to-peer insurance service, Gavin aims to reduce the cost of cover and improve customer service by sharing risk among its members. When one of its members lodges a claim, Gavin’s AI systems assess the risk profiles of the other policyholders and determine how much they should each contribute to cover this loss. These policyholders are then charged this amount, together with a small administrative fee, for their monthly insurance cover. The lower the claims, the lower the insurance costs. Gavin currently offers cover for phones, bicycles and travel.
Allianz partner Monuma of France was third in the insurtech category. Its Patrimonia service uses blockchain technology to certify the authenticity and value of luxury goods and art works. The Patrimonia app allows owners of expensive assets to send photographs of their goods to Monuma to be verified and valued, by a panel of specialists, and then insured by the company. The information used in this process is encrypted and recorded using blockchain technology to safeguard the identity of the owner of the asset and to protect the integrity of the assessment and the insurance contract. Monuma’s Patrimonia service is yet another example of how the combination of digital technologies and human expertise can create new insurance offerings that address untapped customer needs.
Take some time to browse the EFMA – Accenture Innovations in Insurance database to see some more interesting submissions to smart insurtech firms. I was particularly impressed by the cyber-insurance solutions developed by Cyberwrite and Kovrr as well as the big data offerings to Digital Fineprint and Amodo.
In my next blog post, I’ll discuss some of the claims management and underwriting applications that won accolades at this year’s Efma-Accenture Innovation in Insurance Awards. For further information about the awards click onto the link below.