The Innovation in Insurance Awards | Innovative Insurance Products and Services
Insurance companies are going through innovation efforts to adapt in the new digital era. As our previous infographics covered, many business processes such as claims strategies and underwriting are increasingly turning to cutting-edge technology. But for the insured, how is innovation changing their experience? What kind of innovative insurance products and services are out there to transform their life?
The infographic above lists the top three innovative insurance products that were awarded by a joint initiative by Efma and Accenture, the Innovation in Insurance Awards, for the category of Product and Service Innovation 2021.
Brace for EVs: Drive Electric by Bâloise Luxembourg Assurances
Drive Electric is a specific insurance for drivers of rechargeable hybrid and electric vehicles (EVs). Launched in 2021 by Bâloise Luxembourg Assurances, it is the first insurance of its kind.
Bâloise Luxembourg is a long-standing insurance company that has been offering services in the Grand Duchy of Luxembourg since 1890. Being a part of a Swiss insurance company Baloise Group, it takes a path of innovation ahead of others.
As EV competition mounts globally, there will be increasing need for an insurance policy designed for EVs. Drive Electric is just that: it gives solutions to EV drivers, focusing on the distinctive features of EVs such as recharging cables and batteries. Their policy includes battery cover in case of accident or fire, power failure assistance, and recharging cable theft.
Moreover, it provides more detailed services specialized for EV drivers in collaboration with the energy sector. The policy provides them with free charging cards at their partner’s charging stations across Luxembourg. It also offers assistance in installation of a home charging point through their partner. These EV-driver-friendly services will help make EVs a more accessible option for users.
Quoting and Buying Made Easy at Home: @Home™ by Plymouth Rock
For homeowners, buying a home insurance is usually a cumbersome process. They would have to answer too many questions to get a quote: “Where is your nearest fire hydrant to your house located?” “What type of roof does your house have?” “What type of exterior finish does your house have?” etc. @Home™ by Plymouth Rock made this process efficient with the use of data crunching.
Rolled out in 2019, it provides fast quotes to homeowners in its six operating states in the US just by asking applicants’ name, date of birth, and address. Through automation based on satellite imaginary, data points, real estate database, etc., @Home™ offers homeowners a quote in a few minutes.
In addition to @Home™, Text to Quote is one of their innovative insurance products. Text to Quote enables a prospective customer to receive a home insurance quote on their mobile device via a text message. The quote process couldn’t be easier—a prospective customer just needs to send a text and get a quote in 30 seconds.
Flying during the Pandemic: Any-Cause Flight Cancellation by Moonshot-Insurance
Travelling is tough stuff during the pandemic. Travelers are wary of not only new variant outbreaks but also losing money due to flight cancellations. Moreover, the increased number of cancellations has extremely delayed the refund process.
The Paris-based young insurtech, Moonshot, took the bronze for its timely product. Its Any-Cause Flight Cancellation automated the process of travel insurance, providing peace of mind to travellers. With the use of real-time flight information, the insured can be notified and compensated immediately when their flight gets cancelled.
The application process is also made simple through mobile devices. Users simply register their flight via their banking app. In case of flight cancellation, and whatever the cause, the insured will get compensation promptly after making claims. Thanks to the digital platform, they don’t have to provide any proof of cancellation.
The Bottomline: Disruption Can Drive Innovation
A radical change in society, inconvenience in processes, and global crisis—these can certainly be a disruption in business but can also be a driving force of innovation. Those three innovative insurance products are spot-on to offer customers better experience in today’s disrupted world. Solutions that are supported by user-friendly and powerful digital networks can be a game changer in the traditional insurance industry.
Check out Other Efma-Accenture Award Winners on InsightsArtist
The Innovation in Insurance Awards by Efma and Accenture evaluates innovation in insurance globally by different categories.