The Efma-Accenture Innovation in Insurance Awards are quick turning into a litmus take a look at for the state of innovation – not simply inside the business at massive, however at a regional stage. This 2021 winner and Accenture consumer illustrate the highly effective influence of customer-centric AI inside the Asian area, and the influence an award win can have on enterprise.
China Life gained the bronze Efma-Accenture Global innovator award in 2021 for an ongoing tradition of innovation. The award was a primary for the corporate, and for China. MS&AD – additionally a extremely modern enterprise – had nearly by no means entered any exterior awards, regardless of making use of innovation throughout their tasks, companies and programs. The win enabled them as an example to key clients and stakeholders that they held authority on a worldwide scale and had been endorsed by a reputable third-party entity. Let’s check out the improvements that set them aside, and why they had been acknowledged as finest in school on the awards.
China Life – a long time of innovation rewarded
Being a first-time applicant, China Life Insurance Company Limited (China Life) stands out as the primary Chinese participant to win the award since its inception. The insurer utilized with six applications, with the Intelligent Value Evaluation System for Sales Personnel and the Direct Payment of Medical Claims for Poverty Alleviation nominated for the Core Insurance Transformation and the Connected Insurance and Ecosystems classes. A typical characteristic in main insurance coverage innovators is a long-term, strategic concentrate on innovation. The successful of the Global Innovator award mirrored China Life’s decades-long concentrate on innovation which, in 2020, culminated in a holistic digital transformation encompassing insurtech, cloud computing and infrastructure, cyber safety, and blockchain.
China Life’s Innovation is predominately customer-centric. It has due to this fact centered on clever upgrades of its on-line companies, leading to contactless companies based mostly on digital video and clever identification for patrons to get pleasure from around-the-clock unique companies at dwelling. AI is a number one expertise for insurance coverage transformation, and the case of China Life isn’t any completely different. AI expertise has been utilized in a number of processes, with the insurance coverage course of topic to clever overview programs, serving to to hurry up the timeliness of order issuance by 40% year-on-year. Intelligent ecosystems additionally play a task of their success. The firm has offered direct claims settlement companies for over 5 million person-times all year long, coping with the service in a means not solely faster but additionally hotter.
Rui – Li, Accenture Client Account Lead for China Life says, “In 2020, 99.9% of China Life’s private long-term insurance coverage purposes had been paperless, with greater than 100 million paperless insurance coverage insurance policies offered for the shoppers, saving roughly 800 tons of paper, a substantial contribution to inexperienced improvement.
“We have noticed their digital transformation journey. They actively search for enchancment and modern options in each facet of their enterprise, from enterprise development, to operation effectivity and buyer expertise.”
Mitsui Sumitomo Insurance (MS&AD Insurance Group) – redefining insurance coverage agent help
Mitsui Sumitomo Insurance (a member of the MS&AD Insurance Group) has developed MS1 Brain, the business’s first AI system for proposing one of the best insurance coverage plan, in collaboration with Accenture. The system implements AI to run an agent gross sales help system for about 34,000 of the corporate’s insurance coverage brokers and 1 million insurance coverage solicitors all through Japan. The entrance finish of the system combines SFA and CRM capabilities, and the again finish has a number of large information evaluation platforms for predicting buyer wants and a personalised video platform. The system is knowledgeable by 22 million buyer information factors, accidents, claims, and call heart data gathered over the previous 7 years. Powered by this huge quantity of knowledge, the AI can visualise the potential wants of consumers and personalize customer support will be offered based mostly on this information. Although this method didn’t win an award at Efma, it was featured on the award ceremony as an innovation use case of AI that yr.
Award entries are a fantastic alternative to attain recognition, benchmark your organization inside the business and share your innovation with the world. Preparing an entry doesn’t must be time-consuming.
Start getting ready your entry and go to our Ultimate Entry Guide for the Efma-Accenture Innovation in Insurance Awards 2022.
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