Nonprofit financial services organization EFMA and Accenture teamed up for the North American Insurance Innovation Awards in mid-October. Open to all insurance and bancassurance companies, nine innovations are shortlisted by the Awards Committee for four categories. Here are the winners.
USAA was named North America Innovator of the Year for fostering a collaborative and creative corporate culture in the last year, illustrated through new developments like its “Employee Innovation Program,” which includes hackathons, coding competitions and challenge-based innovation training; “USAA Labs,” a community that encourages members to provide feedback on new USAA innovations, concepts and pilots; and strategic investments in new talent and technologies.
MetLife won for Best Customer Experience, Product or Service Innovation thanks to a real-time customer-service coaching platform it developed with Cogito. The AI proram helps phone-based representatives be more confident and empathetic, with goals of improving customer satisfaction, Net Promoter Score, and operational efficiency.
Munich Reinsurance America won in the Best Claims, Underwriting, IoT or Ecosystem Innovation for “LossDetect, a customized risk management solution designed to mitigate clients’ auto losses and prepare for the future of mobility by utilizing text mining techniques on unstructured data from client loss portfolios.
Finally, an insurtech award was given to Traity. Its Trustbond product gathers customer-reputation information from various data sources, and replaces the traditional rental security deposit with a surety bond.