The Efma-Accenture Innovation in Insurance Awards are fast becoming a litmus test for the state of innovation – not just within the industry at large, but at a regional level. This 2021 winner and Accenture client illustrate the powerful impact of customer-centric AI within the Asian region, and the impact an award win can have on business.
China Life won the bronze Efma-Accenture Global innovator award in 2021 for an ongoing culture of innovation. The award was a first for the company, and for China. MS&AD – also a highly innovative business – had almost never entered any external awards, despite applying innovation across their projects, services and systems. The win enabled them to illustrate to key customers and stakeholders that they held authority on a global scale and were endorsed by a credible third-party entity. Let’s take a look at the innovations that set them apart, and why they were recognized as best in class at the awards.
China Life – decades of innovation rewarded
Being a first-time applicant, China Life Insurance Company Limited (China Life) stands out as the first Chinese player to win the award since its inception. The insurer applied with six programs, 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 categories. A common feature in leading insurance innovators is a long-term, strategic focus on innovation. The winning of the Global Innovator award reflected China Life’s decades-long focus on innovation which, in 2020, culminated in a holistic digital transformation encompassing insurtech, cloud computing and infrastructure, cyber security, and blockchain.
China Life’s Innovation is predominately customer-centric. It has therefore focused on intelligent upgrades of its online services, resulting in contactless services based on digital video and intelligent identification for customers to enjoy around-the-clock exclusive services at home. AI is a leading technology for insurance transformation, and the case of China Life is no different. AI technology has been applied in multiple processes, with the insurance process subject to intelligent review systems, helping to speed up the timeliness of order issuance by 40% year-on-year. Intelligent ecosystems also play a role in their success. The company has provided direct claims settlement services for over 5 million person-times throughout the year, dealing with the service in a way not only quicker but also warmer.
Rui – Li, Accenture Client Account Lead for China Life says, “In 2020, 99.9% of China Life’s personal long-term insurance applications were paperless, with more than 100 million paperless insurance policies provided for the clients, saving approximately 800 tons of paper, a considerable contribution to green development.
“We have observed their digital transformation journey. They actively seek for improvement and innovative solutions in every aspect of their business, from business growth, to operation efficiency and customer experience.”
Mitsui Sumitomo Insurance (MS&AD Insurance Group) – redefining insurance agent support
Mitsui Sumitomo Insurance (a member of the MS&AD Insurance Group) has developed MS1 Brain, the industry’s first AI system for proposing the best insurance plan, in collaboration with Accenture. The system implements AI to run an agent sales support system for approximately 34,000 of the company’s insurance agents and 1 million insurance solicitors throughout Japan. The front end of the system combines SFA and CRM functions, and the back end has multiple big data analysis platforms for predicting customer needs and a personalized video platform. The system is informed by 22 million customer data points, accidents, claims, and contact center information gathered over the past 7 years. Powered by this vast amount of data, the AI can visualise the potential needs of customers and personalize customer service can be provided based on this knowledge. Although this system did not win an award at Efma, it was featured at the award ceremony as an innovation use case of AI that year.
Award entries are a great opportunity to achieve recognition, benchmark your company within the industry and share your innovation with the world. Preparing an entry doesn’t need to be time-consuming.
Start preparing your entry and visit our Ultimate Entry Guide for the Efma-Accenture Innovation in Insurance Awards 2022.