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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.
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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.

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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.
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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.
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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.