SlideShare a Scribd company logo

Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance Industry

For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance. Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance

1 of 11
Download to read offline
UNLOCKING ECOSYSTEM
OPPORTUNITIES FOR
TOMORROW’S
INSURANCE INDUSTRY
OPENINSURANCE
WHAT IS OPEN INSURANCE?
GLOBAL
INNOVATOR
PRODUCT & SERVICE
INNOVATION
WORKFORCE
TRANSFORMATION
…the practice of insurers sharing and consuming
data and services to create more appealing
value propositions and new revenue streams.
These data and services are exchanged with third parties
within and beyond the insurance industry and are made
externally accessible by means of APIs. Where relevant,
customers authorize their service providers to make their
data accessible, in return for which they expect better,
more personalized services and experiences.
2Copyright 2018 Accenture. All rights reserved.
APIS AND
ECOSYSTEMS
Open insuranceAPIs are the
glue that binds together insurers’
ecosystem propositions.
They enable the exchange of data
and connection of applications
within the enterprise and with
partners or third parties.
Insurer
Consume:
Using external
data and services
for deeper insights
and innovative
propositions
Share:
Providing / exposing
data and services.
Potential to monetize
proprietary assets
and insights
Collaborate:
Integrating and
openly innovating with
ecosystem partners
for holistic added-value
services and propositions
Source: Accenture Research 3Copyright 2018 Accenture. All rights reserved.
Consume Share
Collaborate
are actively seeking
ecosystems and new
business models
will generate half of revenue
or more from ecosystems
in the next 5 years
agree that ecosystems allow
them to grow in ways that
are not otherwise possible
A KEY TO UNLOCKING
ECOSYSTEM STRATEGIES
Insurers are increasingly aware of the importance of ecosystems,
but most are not yet embracing open insurance.
Source: Accenture Strategy Ecosystem Survey 2018 4Copyright 2018 Accenture. All rights reserved.
TRANSFORMING
INDUSTRIES
APIs are already transforming
business models in other industries—
travel, telecoms, banking and more.
of European banks plan to
make major investments in
open banking initiatives
of the total banking revenue pool
in Europe will be associated with
activities enabled by open
banking by 2020
5Copyright 2018 Accenture. All rights reserved.
INSURANCE USE CASES
New forms of usage-based
cover e.g. short-term car
insurance, on-demand gadget
cover, cargo insurance
covering specific shipments.
Rolling SME contracts, with:
monthly premiums aligned to
risk and reflecting business
changes; dynamic limits and
excesses; regular
assessments to minimize
over/under insurance.
Harnessing open banking data
for greater customer insights
and personalized contact:
• Identifying new coverage
requirements (new family,
new cover limits following
purchase of high ticket items)
• Detecting renewals and
premiums with 3rd parties
• Suitable levels of
• excess based on affordability
Seamless digital distribution
partnerships with a wide
range of companies e.g.
PFMs, retailers, real estate,
automotive, affinity organizations.
Platforms aggregating
customer insurance holdings
and using a suite of insurance
and banking APIs to identify:
• Areas of over/under
insurance
• Appropriate excesses
and limits
• Cover better suited
to customer needs
• Better renewal quotes
Open data speeding up and
tailoring quotes e.g. land
registry, satellite imagery,
mobile phone number.
Transferable driver behavior
and usage data, combined with
e.g. roads travelled, associated
accident rates, typical weather
conditions, for tailored pricing.
Partner APIs to identify
company specific, real-time
cyber risks, improving cyber
pricing, underwriting and
risk mitigation.
Opening access to proprietary
risk and pricing models e.g.
mortality risk scoring.
Satellite / sensor technology
providing real-time risk
management alerts based on
e.g. flood / rainfall.
Policy service / administration
requests seamlessly
handled through 3rd
party digital channels.
Administration plug-in:
Reducing market inefficiency
and duplication of effort in
commercial insurance (e.g.
KYC/AML checks).
Parametric travel policies that
instantly pay compensation
when a flight is delayed for
more than two hours.
Telematics or OEM data
providing FNOL and instant
accident reconstruction data.
Automatic image-based
loss assessment and claims
payments with shared APIs
across ecosystem.
Monetizing proprietary
databases (e.g. car parts) and
labor costs (e.g. healthcare
treatment costs).
CUSTOMER ACQUISITION
AND DISTRIBUTION
PROPOSITION
DEVELOPMENT
UNDERWRITING
POLICY ADMINISTRATION
AND SERVICING
CLAIMS
6Copyright 2018 Accenture. All rights reserved.

Recommended

New Value in Sustainability
New Value in SustainabilityNew Value in Sustainability
New Value in Sustainabilityaccenture
 
Ever–ready for every opportunity
Ever–ready for every opportunityEver–ready for every opportunity
Ever–ready for every opportunityaccenture
 
Intelligent Operations for Future-Ready Businesses | Accenture
Intelligent Operations for Future-Ready Businesses | AccentureIntelligent Operations for Future-Ready Businesses | Accenture
Intelligent Operations for Future-Ready Businesses | Accentureaccenture
 
The Reinvention Reset | Accenture
The Reinvention Reset | AccentureThe Reinvention Reset | Accenture
The Reinvention Reset | Accentureaccenture
 
The Rise of Forerunners | Accenture
The Rise of Forerunners | AccentureThe Rise of Forerunners | Accenture
The Rise of Forerunners | Accentureaccenture
 
Accenture Regulatory Services
Accenture Regulatory ServicesAccenture Regulatory Services
Accenture Regulatory Servicesaccenture
 
The Changing Joule Dynamic | Accenture
The Changing Joule Dynamic | AccentureThe Changing Joule Dynamic | Accenture
The Changing Joule Dynamic | Accentureaccenture
 

More Related Content

What's hot

More deals, less money: the Black founder funding journey
More deals, less money: the Black founder funding journeyMore deals, less money: the Black founder funding journey
More deals, less money: the Black founder funding journeyaccenture
 
Reinventing Enterprise Operations
Reinventing Enterprise OperationsReinventing Enterprise Operations
Reinventing Enterprise Operationsaccenture
 
Biopharma's search for sustainable growth
Biopharma's search for sustainable growthBiopharma's search for sustainable growth
Biopharma's search for sustainable growthaccenture
 
Accenture Tech Vision 2020 - Trend 5
Accenture Tech Vision 2020 - Trend 5Accenture Tech Vision 2020 - Trend 5
Accenture Tech Vision 2020 - Trend 5accenture
 
Digitizing Business Services
Digitizing Business ServicesDigitizing Business Services
Digitizing Business Servicesaccenture
 
Accenture Communications Industry 2021 - Connected Consumer Platform
Accenture Communications Industry 2021 - Connected Consumer PlatformAccenture Communications Industry 2021 - Connected Consumer Platform
Accenture Communications Industry 2021 - Connected Consumer Platformaccenture
 
Transforming the Industry That Transformed the World
Transforming the Industry That Transformed the WorldTransforming the Industry That Transformed the World
Transforming the Industry That Transformed the Worldaccenture
 
How enterprise networks can boost Cloud Continuum experience
How enterprise networks can boost Cloud Continuum experienceHow enterprise networks can boost Cloud Continuum experience
How enterprise networks can boost Cloud Continuum experienceaccenture
 
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...PwC
 
Metaverse opportunities for the communications industry
 Metaverse opportunities for the communications industry Metaverse opportunities for the communications industry
Metaverse opportunities for the communications industryaccenture
 
Working the Modern Way
Working the Modern WayWorking the Modern Way
Working the Modern Wayaccenture
 
Accelerating Digital Process Automation
Accelerating Digital Process AutomationAccelerating Digital Process Automation
Accelerating Digital Process Automationaccenture
 
Media-Morphosis Transforming Media and Entertainment
Media-Morphosis Transforming Media and EntertainmentMedia-Morphosis Transforming Media and Entertainment
Media-Morphosis Transforming Media and Entertainmentaccenture
 
Ling Shou Tong: Alibaba’s Next Innovative Disruptor?
Ling Shou Tong: Alibaba’s Next Innovative Disruptor?Ling Shou Tong: Alibaba’s Next Innovative Disruptor?
Ling Shou Tong: Alibaba’s Next Innovative Disruptor?accenture
 
Fintech New York: Partnerships, Platforms and Open Innovation
Fintech New York: Partnerships, Platforms and Open InnovationFintech New York: Partnerships, Platforms and Open Innovation
Fintech New York: Partnerships, Platforms and Open Innovationaccenture
 
Cracking the Code on Consumer Fraud | Accenture
Cracking the Code on Consumer Fraud | AccentureCracking the Code on Consumer Fraud | Accenture
Cracking the Code on Consumer Fraud | Accentureaccenture
 
Turning big data into big revenue
Turning big data into big revenueTurning big data into big revenue
Turning big data into big revenuePwC
 
Capability Design & Data Sourcing
Capability Design & Data SourcingCapability Design & Data Sourcing
Capability Design & Data Sourcingaccenture
 
Unleashing Competitiveness on the Cloud Continuum | Accenture
Unleashing Competitiveness on the Cloud Continuum | AccentureUnleashing Competitiveness on the Cloud Continuum | Accenture
Unleashing Competitiveness on the Cloud Continuum | Accentureaccenture
 
2016 Strategic Hospital Priorities Study
2016 Strategic Hospital Priorities Study2016 Strategic Hospital Priorities Study
2016 Strategic Hospital Priorities StudyL.E.K. Consulting
 

What's hot (20)

More deals, less money: the Black founder funding journey
More deals, less money: the Black founder funding journeyMore deals, less money: the Black founder funding journey
More deals, less money: the Black founder funding journey
 
Reinventing Enterprise Operations
Reinventing Enterprise OperationsReinventing Enterprise Operations
Reinventing Enterprise Operations
 
Biopharma's search for sustainable growth
Biopharma's search for sustainable growthBiopharma's search for sustainable growth
Biopharma's search for sustainable growth
 
Accenture Tech Vision 2020 - Trend 5
Accenture Tech Vision 2020 - Trend 5Accenture Tech Vision 2020 - Trend 5
Accenture Tech Vision 2020 - Trend 5
 
Digitizing Business Services
Digitizing Business ServicesDigitizing Business Services
Digitizing Business Services
 
Accenture Communications Industry 2021 - Connected Consumer Platform
Accenture Communications Industry 2021 - Connected Consumer PlatformAccenture Communications Industry 2021 - Connected Consumer Platform
Accenture Communications Industry 2021 - Connected Consumer Platform
 
Transforming the Industry That Transformed the World
Transforming the Industry That Transformed the WorldTransforming the Industry That Transformed the World
Transforming the Industry That Transformed the World
 
How enterprise networks can boost Cloud Continuum experience
How enterprise networks can boost Cloud Continuum experienceHow enterprise networks can boost Cloud Continuum experience
How enterprise networks can boost Cloud Continuum experience
 
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...
 
Metaverse opportunities for the communications industry
 Metaverse opportunities for the communications industry Metaverse opportunities for the communications industry
Metaverse opportunities for the communications industry
 
Working the Modern Way
Working the Modern WayWorking the Modern Way
Working the Modern Way
 
Accelerating Digital Process Automation
Accelerating Digital Process AutomationAccelerating Digital Process Automation
Accelerating Digital Process Automation
 
Media-Morphosis Transforming Media and Entertainment
Media-Morphosis Transforming Media and EntertainmentMedia-Morphosis Transforming Media and Entertainment
Media-Morphosis Transforming Media and Entertainment
 
Ling Shou Tong: Alibaba’s Next Innovative Disruptor?
Ling Shou Tong: Alibaba’s Next Innovative Disruptor?Ling Shou Tong: Alibaba’s Next Innovative Disruptor?
Ling Shou Tong: Alibaba’s Next Innovative Disruptor?
 
Fintech New York: Partnerships, Platforms and Open Innovation
Fintech New York: Partnerships, Platforms and Open InnovationFintech New York: Partnerships, Platforms and Open Innovation
Fintech New York: Partnerships, Platforms and Open Innovation
 
Cracking the Code on Consumer Fraud | Accenture
Cracking the Code on Consumer Fraud | AccentureCracking the Code on Consumer Fraud | Accenture
Cracking the Code on Consumer Fraud | Accenture
 
Turning big data into big revenue
Turning big data into big revenueTurning big data into big revenue
Turning big data into big revenue
 
Capability Design & Data Sourcing
Capability Design & Data SourcingCapability Design & Data Sourcing
Capability Design & Data Sourcing
 
Unleashing Competitiveness on the Cloud Continuum | Accenture
Unleashing Competitiveness on the Cloud Continuum | AccentureUnleashing Competitiveness on the Cloud Continuum | Accenture
Unleashing Competitiveness on the Cloud Continuum | Accenture
 
2016 Strategic Hospital Priorities Study
2016 Strategic Hospital Priorities Study2016 Strategic Hospital Priorities Study
2016 Strategic Hospital Priorities Study
 

Similar to Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance Industry

Catching the Consumer Data Wave: A New Opportunity in the Insurance Ecosystem
Catching the Consumer Data Wave: A New Opportunity in the Insurance EcosystemCatching the Consumer Data Wave: A New Opportunity in the Insurance Ecosystem
Catching the Consumer Data Wave: A New Opportunity in the Insurance EcosystemCognizant
 
Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
 
Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
 
Evolve To Thrive in the Emerging Insurance Ecosystem
Evolve To Thrive in the Emerging Insurance Ecosystem Evolve To Thrive in the Emerging Insurance Ecosystem
Evolve To Thrive in the Emerging Insurance Ecosystem Accenture Insurance
 
Evolve to Thrive in a Changing Insurance Ecosystem
Evolve to Thrive in a Changing Insurance EcosystemEvolve to Thrive in a Changing Insurance Ecosystem
Evolve to Thrive in a Changing Insurance EcosystemAccenture Insurance
 
The Insurance AI Imperative
The Insurance AI ImperativeThe Insurance AI Imperative
The Insurance AI ImperativeCognizant
 
Insurance Cloud: From Tactical to Strategic Investment for European Insurers
Insurance Cloud: From Tactical to Strategic Investment for European InsurersInsurance Cloud: From Tactical to Strategic Investment for European Insurers
Insurance Cloud: From Tactical to Strategic Investment for European InsurersAccenture Insurance
 
Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
 
Rental, HOA, Insurance, Consumer Loans Markets Overview
Rental, HOA, Insurance, Consumer Loans Markets OverviewRental, HOA, Insurance, Consumer Loans Markets Overview
Rental, HOA, Insurance, Consumer Loans Markets OverviewChristopher "Dain" Hall
 
Accenture Technology Vision for Insurance 2018
Accenture Technology Vision for Insurance 2018Accenture Technology Vision for Insurance 2018
Accenture Technology Vision for Insurance 2018Accenture Insurance
 
Technology Vision For Insurance 2018
Technology Vision For Insurance 2018Technology Vision For Insurance 2018
Technology Vision For Insurance 2018Accenture Insurance
 
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Matteo Carbone
 
everis 2016 InsurTech study - executive summary
everis 2016 InsurTech study - executive summaryeveris 2016 InsurTech study - executive summary
everis 2016 InsurTech study - executive summaryDirk Croenen
 
Optimizing the Internet of Things: Key Strategies for Commercial Insurers
Optimizing the Internet of Things: Key Strategies for Commercial InsurersOptimizing the Internet of Things: Key Strategies for Commercial Insurers
Optimizing the Internet of Things: Key Strategies for Commercial InsurersCognizant
 
The Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechThe Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
 
Technology and Innovation in Insurance– Present and Future Technology in Indi...
Technology and Innovation in Insurance– Present and Future Technology in Indi...Technology and Innovation in Insurance– Present and Future Technology in Indi...
Technology and Innovation in Insurance– Present and Future Technology in Indi...Dr. Amarjeet Singh
 

Similar to Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance Industry (20)

Catching the Consumer Data Wave: A New Opportunity in the Insurance Ecosystem
Catching the Consumer Data Wave: A New Opportunity in the Insurance EcosystemCatching the Consumer Data Wave: A New Opportunity in the Insurance Ecosystem
Catching the Consumer Data Wave: A New Opportunity in the Insurance Ecosystem
 
Insurance reimagined
Insurance reimagined  Insurance reimagined
Insurance reimagined
 
Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...
 
Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Harnessing the data exhaust stream: Changing the way the insurance game is pl...
Harnessing the data exhaust stream: Changing the way the insurance game is pl...
 
Evolve To Thrive in the Emerging Insurance Ecosystem
Evolve To Thrive in the Emerging Insurance Ecosystem Evolve To Thrive in the Emerging Insurance Ecosystem
Evolve To Thrive in the Emerging Insurance Ecosystem
 
Evolve to Thrive in a Changing Insurance Ecosystem
Evolve to Thrive in a Changing Insurance EcosystemEvolve to Thrive in a Changing Insurance Ecosystem
Evolve to Thrive in a Changing Insurance Ecosystem
 
The Insurance AI Imperative
The Insurance AI ImperativeThe Insurance AI Imperative
The Insurance AI Imperative
 
Insurance Cloud: From Tactical to Strategic Investment for European Insurers
Insurance Cloud: From Tactical to Strategic Investment for European InsurersInsurance Cloud: From Tactical to Strategic Investment for European Insurers
Insurance Cloud: From Tactical to Strategic Investment for European Insurers
 
Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...
 
Maximizing Digital Transformation in Insurance
Maximizing Digital Transformation in InsuranceMaximizing Digital Transformation in Insurance
Maximizing Digital Transformation in Insurance
 
Rental, HOA, Insurance, Consumer Loans Markets Overview
Rental, HOA, Insurance, Consumer Loans Markets OverviewRental, HOA, Insurance, Consumer Loans Markets Overview
Rental, HOA, Insurance, Consumer Loans Markets Overview
 
ALO2016-MV-Insurance
ALO2016-MV-InsuranceALO2016-MV-Insurance
ALO2016-MV-Insurance
 
Accenture Technology Vision for Insurance 2018
Accenture Technology Vision for Insurance 2018Accenture Technology Vision for Insurance 2018
Accenture Technology Vision for Insurance 2018
 
Technology Vision For Insurance 2018
Technology Vision For Insurance 2018Technology Vision For Insurance 2018
Technology Vision For Insurance 2018
 
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
 
everis 2016 InsurTech study - executive summary
everis 2016 InsurTech study - executive summaryeveris 2016 InsurTech study - executive summary
everis 2016 InsurTech study - executive summary
 
Optimizing the Internet of Things: Key Strategies for Commercial Insurers
Optimizing the Internet of Things: Key Strategies for Commercial InsurersOptimizing the Internet of Things: Key Strategies for Commercial Insurers
Optimizing the Internet of Things: Key Strategies for Commercial Insurers
 
The Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechThe Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTech
 
Digital Insurance
Digital InsuranceDigital Insurance
Digital Insurance
 
Technology and Innovation in Insurance– Present and Future Technology in Indi...
Technology and Innovation in Insurance– Present and Future Technology in Indi...Technology and Innovation in Insurance– Present and Future Technology in Indi...
Technology and Innovation in Insurance– Present and Future Technology in Indi...
 

More from Accenture Insurance

Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...Accenture Insurance
 
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
 
Technology Vision for Insurance 2020
Technology Vision for Insurance 2020Technology Vision for Insurance 2020
Technology Vision for Insurance 2020Accenture Insurance
 
Unlocking Value from Unstructured Data
Unlocking Value from Unstructured DataUnlocking Value from Unstructured Data
Unlocking Value from Unstructured DataAccenture Insurance
 
Accelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer ExperienceAccelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer ExperienceAccenture Insurance
 
Scale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future SystemsScale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future SystemsAccenture Insurance
 
Striking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain LeadershipStriking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain LeadershipAccenture Insurance
 
Workforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the FutureWorkforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the FutureAccenture Insurance
 
Workforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the FutureWorkforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the FutureAccenture Insurance
 
Workforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the FutureWorkforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the FutureAccenture Insurance
 
Workforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The FutureWorkforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The FutureAccenture Insurance
 
Three Preconditions To Pivoting Wisely
Three Preconditions To Pivoting WiselyThree Preconditions To Pivoting Wisely
Three Preconditions To Pivoting WiselyAccenture Insurance
 
Accelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer EngagementAccelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer EngagementAccenture Insurance
 
Breathe New Life into Life Insurance
Breathe New Life into Life InsuranceBreathe New Life into Life Insurance
Breathe New Life into Life InsuranceAccenture Insurance
 
Way Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOWay Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOAccenture Insurance
 

More from Accenture Insurance (20)

Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
 
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
 
Technology Vision for Insurance 2020
Technology Vision for Insurance 2020Technology Vision for Insurance 2020
Technology Vision for Insurance 2020
 
Unlocking Value from Unstructured Data
Unlocking Value from Unstructured DataUnlocking Value from Unstructured Data
Unlocking Value from Unstructured Data
 
Accelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer ExperienceAccelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer Experience
 
Scale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future SystemsScale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future Systems
 
AI: Built To Scale
AI: Built To ScaleAI: Built To Scale
AI: Built To Scale
 
Striking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain LeadershipStriking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain Leadership
 
Decoding Transformation
Decoding TransformationDecoding Transformation
Decoding Transformation
 
Workforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the FutureWorkforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the Future
 
Workforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the FutureWorkforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the Future
 
Workforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the FutureWorkforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the Future
 
Workforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The FutureWorkforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The Future
 
Make your Wise Pivot to the New
Make your Wise Pivot to the NewMake your Wise Pivot to the New
Make your Wise Pivot to the New
 
Three Preconditions To Pivoting Wisely
Three Preconditions To Pivoting WiselyThree Preconditions To Pivoting Wisely
Three Preconditions To Pivoting Wisely
 
Accelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer EngagementAccelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer Engagement
 
Breathe New Life into Life Insurance
Breathe New Life into Life InsuranceBreathe New Life into Life Insurance
Breathe New Life into Life Insurance
 
Experience the Power of More
Experience the Power of MoreExperience the Power of More
Experience the Power of More
 
Way Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOWay Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMO
 
Breaking Through Disruption
Breaking Through DisruptionBreaking Through Disruption
Breaking Through Disruption
 

Recently uploaded

Bloomerang Fundraising Week02.26.2024.pdf
Bloomerang Fundraising Week02.26.2024.pdfBloomerang Fundraising Week02.26.2024.pdf
Bloomerang Fundraising Week02.26.2024.pdfBloomerang
 
TriStar Gold Corporate Presentation February 2024
TriStar Gold Corporate Presentation February 2024TriStar Gold Corporate Presentation February 2024
TriStar Gold Corporate Presentation February 2024Adnet Communications
 
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...
Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...Precious Mvulane CA (SA),RA
 
ZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English PresentationZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English PresentationKings Reddys
 
Cracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxCracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxWorkforce Group
 
Serhii Herasymov: Boost sales through Accelerators (UA)
Serhii Herasymov: Boost sales through Accelerators (UA)Serhii Herasymov: Boost sales through Accelerators (UA)
Serhii Herasymov: Boost sales through Accelerators (UA)Lviv Startup Club
 
Let’s get moving! Setting some goals Optimizing your workflow
Let’s get moving! Setting some goals Optimizing your workflowLet’s get moving! Setting some goals Optimizing your workflow
Let’s get moving! Setting some goals Optimizing your workflowngothuyanct
 
Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024Neil Kimberley
 
FICCI Monthly Bulletin February 2024.pdf
FICCI  Monthly Bulletin February 2024.pdfFICCI  Monthly Bulletin February 2024.pdf
FICCI Monthly Bulletin February 2024.pdfsubarnamostafa1
 
Questions to Answer to Prepare for Zero Budget Marketing .docx
Questions to Answer to Prepare for Zero Budget Marketing .docxQuestions to Answer to Prepare for Zero Budget Marketing .docx
Questions to Answer to Prepare for Zero Budget Marketing .docxPrecious Mvulane CA (SA),RA
 
PUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdf
PUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdfPUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdf
PUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdfUniversity of Exeter MA Publishing
 
02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdf02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdfBloomerang
 
Clean/Renewable Energy Virtual Investor Conference
Clean/Renewable Energy Virtual Investor ConferenceClean/Renewable Energy Virtual Investor Conference
Clean/Renewable Energy Virtual Investor ConferenceMarketing847413
 
SARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company PresentationSARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company PresentationSalam Al-Karadaghi
 
Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...
Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...
Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...Bloomerang
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysAggregage
 
Executive Summary - Example by Loopio.docx
Executive Summary - Example by Loopio.docxExecutive Summary - Example by Loopio.docx
Executive Summary - Example by Loopio.docxKatieFlood9
 
IT Nation Evolve event 2024 - Quarter 1 - Event
IT Nation Evolve event 2024 - Quarter 1 - EventIT Nation Evolve event 2024 - Quarter 1 - Event
IT Nation Evolve event 2024 - Quarter 1 - EventInbay UK
 
flutter_bootcamp_MUGDSC_Presentation.pptx
flutter_bootcamp_MUGDSC_Presentation.pptxflutter_bootcamp_MUGDSC_Presentation.pptx
flutter_bootcamp_MUGDSC_Presentation.pptxRakshaAgrawal21
 
Kraft Heinz Presentation at the 2024 CAGNY.pdf
Kraft Heinz Presentation at the 2024 CAGNY.pdfKraft Heinz Presentation at the 2024 CAGNY.pdf
Kraft Heinz Presentation at the 2024 CAGNY.pdfNeil Kimberley
 

Recently uploaded (20)

Bloomerang Fundraising Week02.26.2024.pdf
Bloomerang Fundraising Week02.26.2024.pdfBloomerang Fundraising Week02.26.2024.pdf
Bloomerang Fundraising Week02.26.2024.pdf
 
TriStar Gold Corporate Presentation February 2024
TriStar Gold Corporate Presentation February 2024TriStar Gold Corporate Presentation February 2024
TriStar Gold Corporate Presentation February 2024
 
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...
Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...
 
ZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English PresentationZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English Presentation
 
Cracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxCracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptx
 
Serhii Herasymov: Boost sales through Accelerators (UA)
Serhii Herasymov: Boost sales through Accelerators (UA)Serhii Herasymov: Boost sales through Accelerators (UA)
Serhii Herasymov: Boost sales through Accelerators (UA)
 
Let’s get moving! Setting some goals Optimizing your workflow
Let’s get moving! Setting some goals Optimizing your workflowLet’s get moving! Setting some goals Optimizing your workflow
Let’s get moving! Setting some goals Optimizing your workflow
 
Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024
 
FICCI Monthly Bulletin February 2024.pdf
FICCI  Monthly Bulletin February 2024.pdfFICCI  Monthly Bulletin February 2024.pdf
FICCI Monthly Bulletin February 2024.pdf
 
Questions to Answer to Prepare for Zero Budget Marketing .docx
Questions to Answer to Prepare for Zero Budget Marketing .docxQuestions to Answer to Prepare for Zero Budget Marketing .docx
Questions to Answer to Prepare for Zero Budget Marketing .docx
 
PUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdf
PUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdfPUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdf
PUBLISHING AND LITERARY NETWORKS IN THE SOUTH WEST_EBOOK_WCOVER.pdf
 
02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdf02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdf
 
Clean/Renewable Energy Virtual Investor Conference
Clean/Renewable Energy Virtual Investor ConferenceClean/Renewable Energy Virtual Investor Conference
Clean/Renewable Energy Virtual Investor Conference
 
SARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company PresentationSARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company Presentation
 
Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...
Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...
Bloomerang Scaling New Heights_ Tailored Strategies for Securing Your Next-Le...
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
 
Executive Summary - Example by Loopio.docx
Executive Summary - Example by Loopio.docxExecutive Summary - Example by Loopio.docx
Executive Summary - Example by Loopio.docx
 
IT Nation Evolve event 2024 - Quarter 1 - Event
IT Nation Evolve event 2024 - Quarter 1 - EventIT Nation Evolve event 2024 - Quarter 1 - Event
IT Nation Evolve event 2024 - Quarter 1 - Event
 
flutter_bootcamp_MUGDSC_Presentation.pptx
flutter_bootcamp_MUGDSC_Presentation.pptxflutter_bootcamp_MUGDSC_Presentation.pptx
flutter_bootcamp_MUGDSC_Presentation.pptx
 
Kraft Heinz Presentation at the 2024 CAGNY.pdf
Kraft Heinz Presentation at the 2024 CAGNY.pdfKraft Heinz Presentation at the 2024 CAGNY.pdf
Kraft Heinz Presentation at the 2024 CAGNY.pdf
 

Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance Industry

  • 2. WHAT IS OPEN INSURANCE? GLOBAL INNOVATOR PRODUCT & SERVICE INNOVATION WORKFORCE TRANSFORMATION …the practice of insurers sharing and consuming data and services to create more appealing value propositions and new revenue streams. These data and services are exchanged with third parties within and beyond the insurance industry and are made externally accessible by means of APIs. Where relevant, customers authorize their service providers to make their data accessible, in return for which they expect better, more personalized services and experiences. 2Copyright 2018 Accenture. All rights reserved.
  • 3. APIS AND ECOSYSTEMS Open insuranceAPIs are the glue that binds together insurers’ ecosystem propositions. They enable the exchange of data and connection of applications within the enterprise and with partners or third parties. Insurer Consume: Using external data and services for deeper insights and innovative propositions Share: Providing / exposing data and services. Potential to monetize proprietary assets and insights Collaborate: Integrating and openly innovating with ecosystem partners for holistic added-value services and propositions Source: Accenture Research 3Copyright 2018 Accenture. All rights reserved. Consume Share Collaborate
  • 4. are actively seeking ecosystems and new business models will generate half of revenue or more from ecosystems in the next 5 years agree that ecosystems allow them to grow in ways that are not otherwise possible A KEY TO UNLOCKING ECOSYSTEM STRATEGIES Insurers are increasingly aware of the importance of ecosystems, but most are not yet embracing open insurance. Source: Accenture Strategy Ecosystem Survey 2018 4Copyright 2018 Accenture. All rights reserved.
  • 5. TRANSFORMING INDUSTRIES APIs are already transforming business models in other industries— travel, telecoms, banking and more. of European banks plan to make major investments in open banking initiatives of the total banking revenue pool in Europe will be associated with activities enabled by open banking by 2020 5Copyright 2018 Accenture. All rights reserved.
  • 6. INSURANCE USE CASES New forms of usage-based cover e.g. short-term car insurance, on-demand gadget cover, cargo insurance covering specific shipments. Rolling SME contracts, with: monthly premiums aligned to risk and reflecting business changes; dynamic limits and excesses; regular assessments to minimize over/under insurance. Harnessing open banking data for greater customer insights and personalized contact: • Identifying new coverage requirements (new family, new cover limits following purchase of high ticket items) • Detecting renewals and premiums with 3rd parties • Suitable levels of • excess based on affordability Seamless digital distribution partnerships with a wide range of companies e.g. PFMs, retailers, real estate, automotive, affinity organizations. Platforms aggregating customer insurance holdings and using a suite of insurance and banking APIs to identify: • Areas of over/under insurance • Appropriate excesses and limits • Cover better suited to customer needs • Better renewal quotes Open data speeding up and tailoring quotes e.g. land registry, satellite imagery, mobile phone number. Transferable driver behavior and usage data, combined with e.g. roads travelled, associated accident rates, typical weather conditions, for tailored pricing. Partner APIs to identify company specific, real-time cyber risks, improving cyber pricing, underwriting and risk mitigation. Opening access to proprietary risk and pricing models e.g. mortality risk scoring. Satellite / sensor technology providing real-time risk management alerts based on e.g. flood / rainfall. Policy service / administration requests seamlessly handled through 3rd party digital channels. Administration plug-in: Reducing market inefficiency and duplication of effort in commercial insurance (e.g. KYC/AML checks). Parametric travel policies that instantly pay compensation when a flight is delayed for more than two hours. Telematics or OEM data providing FNOL and instant accident reconstruction data. Automatic image-based loss assessment and claims payments with shared APIs across ecosystem. Monetizing proprietary databases (e.g. car parts) and labor costs (e.g. healthcare treatment costs). CUSTOMER ACQUISITION AND DISTRIBUTION PROPOSITION DEVELOPMENT UNDERWRITING POLICY ADMINISTRATION AND SERVICING CLAIMS 6Copyright 2018 Accenture. All rights reserved.
  • 7. OPEN INSURANCE: THE STATE OF PLAY Without the regulatory impetus driving banking to open up, insurance carriers are taking only tentative steps into open insurance. Source: Accenture Research Insurance API Watch Tower, Programmable web. Note: Cumulative number of APIs 7Copyright 2018 Accenture. All rights reserved. Insurance APIs are dwarfed by those in other FS sectors, but growth is picking up.
  • 8. Legacy systems are ill- equipped to handle multiple partnerships and ecosystems, let alone personalized interactions and flexible propositions. The insurance industry lags other sectors in Accenture’s Ecosystem Capability Index, especially in the areas of talent, culture, strategy and innovation. WHAT’S HOLDING OPENINSURANCE BACK? The realities of implementation and concerns around the implications of open architecture are hampering its development: Insurers and consumers are uneasy about sharing data. 1. 2. 3. 8Copyright 2018 Accenture. All rights reserved.
  • 9. HOW TO CAPTURE OPEN INSURANCE OPPORTUNITIES 3. 2. 1. TECHNOLOGY Build API-enabled, data-rich (open) architecture ORGANIZATION Assess and understand current capabilities and gaps to create agile and innovative organizations PARTNERSHIPS Develop new strategies, capabilities and models 9Copyright 2018 Accenture. All rights reserved.
  • 10. THE PROMISE OF A DIFFERENT FUTURE FOR INSURERS AND CUSTOMERS Open insurance could transform insurance value propositions and business models. 1 But for early adopters of open insurance, the potential rewards are great. It ensures new revenue streams, increased customer engagement, and continued market relevance Adoption laggards risk putting themselves at a steep competitive disadvantage. 2 3 4 10Copyright 2018 Accenture. All rights reserved.

Editor's Notes

  1. Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation. In 2018 we introduced a stand-alone category for insurtech. Insurtechs can only enter the other awards categories by partnering with their clients who must make the submission. In 2018 we had 320 submissions – with 29% coming from Insurtech category Other 2018 edition highlights included: 46% increase in entries from 2017 131 delegates from 24 countries attended the awards ceremony including senior leaders from Allianz, AXA, Generali, Groupama, Intrasurance, Liberty Mutual & Tokio Marine. Tokio Marine was named the Global Innovator of the Year, joining the ranks of AXA and Generali in previous editions. NA Chapter launched to help create visibility for the awards in the US & Canada (where Efma does not have a significant presence with its roots in Europe): 55 submissions received: double on 2017’s 26 submissions Supporting digital campaign launched to drive visibility An awards ceremony that was aligned to the IIEB took place on 24 October in Boston (recognizing 4 winners in Best customer-experience, product or service <Metlife>, Best claims, underwriting, IoT or ecosystem innovation <Munich Re.>, Insurtech, NA Innovator of the Year <USAA>) 43 delegates attended from insurance leaders like USAA, John Hancock, Allianz USA, Aflac, Travelers and Nationwide 6 pitches in 2 categories
  2. Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation. In 2018 we introduced a stand-alone category for insurtech. Insurtechs can only enter the other awards categories by partnering with their clients who must make the submission. In 2018 we had 320 submissions – with 29% coming from Insurtech category Other 2018 edition highlights included: 46% increase in entries from 2017 131 delegates from 24 countries attended the awards ceremony including senior leaders from Allianz, AXA, Generali, Groupama, Intrasurance, Liberty Mutual & Tokio Marine. Tokio Marine was named the Global Innovator of the Year, joining the ranks of AXA and Generali in previous editions. NA Chapter launched to help create visibility for the awards in the US & Canada (where Efma does not have a significant presence with its roots in Europe): 55 submissions received: double on 2017’s 26 submissions Supporting digital campaign launched to drive visibility An awards ceremony that was aligned to the IIEB took place on 24 October in Boston (recognizing 4 winners in Best customer-experience, product or service <Metlife>, Best claims, underwriting, IoT or ecosystem innovation <Munich Re.>, Insurtech, NA Innovator of the Year <USAA>) 43 delegates attended from insurance leaders like USAA, John Hancock, Allianz USA, Aflac, Travelers and Nationwide 6 pitches in 2 categories
  3. Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation. In 2018 we introduced a stand-alone category for insurtech. Insurtechs can only enter the other awards categories by partnering with their clients who must make the submission. In 2018 we had 320 submissions – with 29% coming from Insurtech category Other 2018 edition highlights included: 46% increase in entries from 2017 131 delegates from 24 countries attended the awards ceremony including senior leaders from Allianz, AXA, Generali, Groupama, Intrasurance, Liberty Mutual & Tokio Marine. Tokio Marine was named the Global Innovator of the Year, joining the ranks of AXA and Generali in previous editions. NA Chapter launched to help create visibility for the awards in the US & Canada (where Efma does not have a significant presence with its roots in Europe): 55 submissions received: double on 2017’s 26 submissions Supporting digital campaign launched to drive visibility An awards ceremony that was aligned to the IIEB took place on 24 October in Boston (recognizing 4 winners in Best customer-experience, product or service <Metlife>, Best claims, underwriting, IoT or ecosystem innovation <Munich Re.>, Insurtech, NA Innovator of the Year <USAA>) 43 delegates attended from insurance leaders like USAA, John Hancock, Allianz USA, Aflac, Travelers and Nationwide 6 pitches in 2 categories
  4. Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation. In 2018 we introduced a stand-alone category for insurtech. Insurtechs can only enter the other awards categories by partnering with their clients who must make the submission. In 2018 we had 320 submissions – with 29% coming from Insurtech category Other 2018 edition highlights included: 46% increase in entries from 2017 131 delegates from 24 countries attended the awards ceremony including senior leaders from Allianz, AXA, Generali, Groupama, Intrasurance, Liberty Mutual & Tokio Marine. Tokio Marine was named the Global Innovator of the Year, joining the ranks of AXA and Generali in previous editions. NA Chapter launched to help create visibility for the awards in the US & Canada (where Efma does not have a significant presence with its roots in Europe): 55 submissions received: double on 2017’s 26 submissions Supporting digital campaign launched to drive visibility An awards ceremony that was aligned to the IIEB took place on 24 October in Boston (recognizing 4 winners in Best customer-experience, product or service <Metlife>, Best claims, underwriting, IoT or ecosystem innovation <Munich Re.>, Insurtech, NA Innovator of the Year <USAA>) 43 delegates attended from insurance leaders like USAA, John Hancock, Allianz USA, Aflac, Travelers and Nationwide 6 pitches in 2 categories
  5. Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation. In 2018 we introduced a stand-alone category for insurtech. Insurtechs can only enter the other awards categories by partnering with their clients who must make the submission. In 2018 we had 320 submissions – with 29% coming from Insurtech category Other 2018 edition highlights included: 46% increase in entries from 2017 131 delegates from 24 countries attended the awards ceremony including senior leaders from Allianz, AXA, Generali, Groupama, Intrasurance, Liberty Mutual & Tokio Marine. Tokio Marine was named the Global Innovator of the Year, joining the ranks of AXA and Generali in previous editions. NA Chapter launched to help create visibility for the awards in the US & Canada (where Efma does not have a significant presence with its roots in Europe): 55 submissions received: double on 2017’s 26 submissions Supporting digital campaign launched to drive visibility An awards ceremony that was aligned to the IIEB took place on 24 October in Boston (recognizing 4 winners in Best customer-experience, product or service <Metlife>, Best claims, underwriting, IoT or ecosystem innovation <Munich Re.>, Insurtech, NA Innovator of the Year <USAA>) 43 delegates attended from insurance leaders like USAA, John Hancock, Allianz USA, Aflac, Travelers and Nationwide 6 pitches in 2 categories
  6. Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation. In 2018 we introduced a stand-alone category for insurtech. Insurtechs can only enter the other awards categories by partnering with their clients who must make the submission. In 2018 we had 320 submissions – with 29% coming from Insurtech category Other 2018 edition highlights included: 46% increase in entries from 2017 131 delegates from 24 countries attended the awards ceremony including senior leaders from Allianz, AXA, Generali, Groupama, Intrasurance, Liberty Mutual & Tokio Marine. Tokio Marine was named the Global Innovator of the Year, joining the ranks of AXA and Generali in previous editions. NA Chapter launched to help create visibility for the awards in the US & Canada (where Efma does not have a significant presence with its roots in Europe): 55 submissions received: double on 2017’s 26 submissions Supporting digital campaign launched to drive visibility An awards ceremony that was aligned to the IIEB took place on 24 October in Boston (recognizing 4 winners in Best customer-experience, product or service <Metlife>, Best claims, underwriting, IoT or ecosystem innovation <Munich Re.>, Insurtech, NA Innovator of the Year <USAA>) 43 delegates attended from insurance leaders like USAA, John Hancock, Allianz USA, Aflac, Travelers and Nationwide 6 pitches in 2 categories
  7. Launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation. In 2018 we introduced a stand-alone category for insurtech. Insurtechs can only enter the other awards categories by partnering with their clients who must make the submission. In 2018 we had 320 submissions – with 29% coming from Insurtech category Other 2018 edition highlights included: 46% increase in entries from 2017 131 delegates from 24 countries attended the awards ceremony including senior leaders from Allianz, AXA, Generali, Groupama, Intrasurance, Liberty Mutual & Tokio Marine. Tokio Marine was named the Global Innovator of the Year, joining the ranks of AXA and Generali in previous editions. NA Chapter launched to help create visibility for the awards in the US & Canada (where Efma does not have a significant presence with its roots in Europe): 55 submissions received: double on 2017’s 26 submissions Supporting digital campaign launched to drive visibility An awards ceremony that was aligned to the IIEB took place on 24 October in Boston (recognizing 4 winners in Best customer-experience, product or service <Metlife>, Best claims, underwriting, IoT or ecosystem innovation <Munich Re.>, Insurtech, NA Innovator of the Year <USAA>) 43 delegates attended from insurance leaders like USAA, John Hancock, Allianz USA, Aflac, Travelers and Nationwide 6 pitches in 2 categories