A panel of judges, chaired by MarketScout CEO Richard Kerr, ranked the finalists based upon applicability to the insurance industry; impact on the broader marketplace; financial implications; unique features; and judges’ discretion of other relevant factors, says MarketScout.
MarketScout says the finalists were split into three categories as follows:
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The winners are as follows, says MarketScout:
Underwriting: ACE Private Risk Services – Water Damage Analysis and Prevention – for a new product to help mitigate water penetration and water claims in high-net worth properties.
Distribution: WAHVE – Work at Home Vintage Employees – for its network that provides agencies and carriers with the opportunity to hire skilled insurance retirees who want to supplement their retirement income by working part-time from home.
Technology: FirstBest Systems Inc. – AppReader – for it application that converts existing ACORD applications into XML compatible formats, enabling quoting, binding and issuing policies in a single transmittal.
MarketScout says it formed the Insurance Innovation Alliance to promote creativity in the insurance industry, and that progressive underwriting, technology and distribution companies participate in the Innovation Alliance to support creativity and innovation in the insurance industry.
