RGA, Skopenow, Trupanion and Metlife win innovation awards

RGA, Skopenow, Trupanion and Metlife have been crowned winners in the Innovation in Insurance Awards in North America organised by Efma, an association of more than 3,300 retail financial services companies in 130 countries, and global professional services company Accenture.

The awards, presented yesterday at a ceremony in Chicago, celebrate the best of innovation and aim to act as a benchmark for excellence across the insurance industry.

Reinsurer RGA won the Business & Operating Model Transformation category for APEXA, an innovative digital platform that has transformed life advisor screening, contracting, and compliance in the Canadian life insurance industry. Through automated screening and ongoing monitoring of advisors, APEXA is a simplified risk mitigation tool that drives cost savings through operational efficiencies.

Fraud detection and risk evaluation specialist Skopenow won the Insurtech category for its data analytics platform developed for fraud detection in both the underwriting and claims processes. Skopenow’s automated platform combines mass aggregation, identity resolution, and computer vision analytics to enable users to search through unstructured data.

Pet insurer Trupanion won the Offering & Experience Innovation category for automating claims in pet insurance. Trupanion uses artificial intelligence-driven automation to pay claims directly to the veterinary practice in less than 30 seconds. Customers pay only their share of the bill, reducing out-of-pocket costs.

Insurer Metlife won the NA Innovator of the Year award for several innovations, including Enroll Hero Partnership, which identifies and mentors startups developing technologies in the insurance space; Vitana, the world’s first automated insurance solution using blockchain technology to offer pregnant women financial protection against gestational diabetes; Pilot Onboard Process, which reduces the process for onboarding proof of concept and pilot project suppliers from nine months to four weeks; and Claims Value Chain Transformation, a multi-year program to transform the claims value chain.

The winners were selected by a panel of judges comprising senior executives from insurers in North America. Each entry was assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.

“Once again we are excited to highlight the innovative insurance projects rolled out in the past year in North America,” said Vincent Bastid, Efma’s CEO. “We received even more submissions than last year, demonstrating this market’s focus on innovation in the current environment. Congratulations to this year’s winners on their achievements.”

Jim Bramblet, who leads Accenture’s Insurance practice in North America, added: “Insurers are capturing the opportunity to innovate and transform their business models to compete in a new digital economy and maintain relevance with their customers. It’s very encouraging to see an increasing number of US and Canadian insurers embracing new technologies to develop innovations around the customer experience, transform their operations and create new efficiencies. We applaud the great work of this year’s winners.”

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