To celebrate innovation in the insurance industry, Strategy Meets Action presented GuideOne Insurance and Great American Insurance Group in the insurer category and SAS in the IT solution provider category with 2012 SMA Innovation in Action Awards during its SMA Summit in Boston.
SMA launched this award program to inspire, share and recognize solutions that enable an insurance company to move beyond modernizing and optimizing to real innovation and transformation, ultimately creating differentiation and competitive advantage. The program spotlights both insurers and solution providers that have successfully implemented solutions that best leverage one or more of these five next-generation (next-gen) technologies: mobile, collaboration, analytics & big data, social media and cloud.
GuideOne Insurance was recognized for its success with analytics. Its efforts with data and analytics enable the standardization and socialization of information, reporting and metrics across the enterprise. Using the iPartners Insurance Scorecard business intelligence (BI) solution, GuideOne Insurance created an environment for effective decision-making, thereby empowering executives to guide the business by analysis.
Great American Insurance Group received recognition for a suite of mobile apps it developed to give equine and trucking customers instant access to claims and billing processes, lists of approved service providers and coverage verification. Great American was able to conjoin these mobile apps with a transformed, modern core system platform that includes in-house built solutions integrated with purchased packages including Guidewire BillingCenter and Guidewire ClaimsCenter.
And in the IT solution provider category, SAS was recognized for its Fraud Framework for Insurance. The solution combines advanced analytics and social media data, the fraud solution provides insurers with the ability to process large amounts of data from multiple sources (including external social media networks) through a single system, SMA said. The SAS Fraud Framework for Insurance is designed to support proactive approaches to fraud detection, prevention and management, and has successfully been implemented at leading insurers.
The insurance company award winners were selected by the partners at SMA. The SMA Insurer Forum, a community of more than 200 insurance decision makers and influencers, selected the IT solution provider award winner.
"The quantity and quality of submissions in both the insurer and solution provider categories were indeed remarkable." said Karen Furtado, SMA Partner. "This confirms that real innovation is occurring in the insurance industry, and much of that innovation is possible because insurers are actively leveraging next-generation technologies."
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