SMA Announces 2016 Innovation in Action Award Winners
Staff Writer | September 19, 2016
Strategy Meets Action announces the winners of the SMA Innovation in Action Awards during the annual SMA Summit at the Mandarin Oriental Hotel in Boston. The 2016 insurer winners are Figo Pet Insurance, Meteo Protect, Motorists Insurance Group, and Texas Mutual Insurance Company. The solution provider winners are Baseline Telematics, Life.io, Octo Telematics, and Pristine.
"Our annual awards program gives SMA the opportunity to recognize truly innovative projects, solutions, and initiatives within the insurance industry. In the five years of the program, we have seen clear evidence of the incredible strides being made within our industry by insurers and solution providers alike. It’s a great time to be in insurance,” says Karen Furtado, SMA Partner. “We congratulate all of the winners and participants on their successes and creativity in reinventing insurance for the 21st century."
For the past five years, the SMA Innovation in Action Awards have celebrated innovation in the insurance industry. SMA launched this awards program to recognize projects and solutions that enable an insurance company to advance on their transformation journey toward becoming a Next-Gen Insurer.
The awards spotlight both insurers and solution providers who completed transformational projects or initiatives in the past year that have reshaped one or more of the Next-Gen Insurer foundational areas: business model, customer, innovative culture, and technology and data. Innovative approaches in these foundational areas give insurers an ideal opportunity to differentiate themselves in the market as Next-Gen Insurers—the market leaders of tomorrow.
The insurer winners of 2016 SMA Innovation in Action Awards, in alphabetical order, are:
- Figo Pet Insurance, for their unique approach to the pet insurance business model through the innovative use of emerging technologies. Their proprietary Pet Cloud platform offers policyholders real-time pet GPS tracking, cloud storage for medical records, mobile claims filing, social pet profiles, a pet-friendly business locator, texts and alerts for upcoming shots and appointments, and more. Figo’s reimagination of the pet insurance value proposition is focused on making life easier for people and their pets. Their holistic approach offers a meaningful example of how the insurance industry can reinvent its business models and customer engagement strategies for the digital world.
- Meteo Protect, for offering customized, data-driven agricultural insurance for weather-related risks. Customers can choose each parameter of their weather policies, including crop, period of coverage, specific weather event and intensity, and payment amount. Meteo Protect’s Vivaldi platform aggregates huge volumes of weather-related data from 40 years of climate history; current readings from satellites, sensors, gauges, and other global weather data sources; and commodity prices and crop yields. Meteo Protect’s focus on the changing nature of weather risks and emphasis on the uncertain future expands the possibilities for the personalization of insurance products and services.
- Motorists Insurance Group, for creating an innovation space as part of the cultural shift necessary for their 10-year vision of organizational transformation. This vision hinges on Motorists’ reinvention as an “85-year-old startup” designed for innovation and collaboration. The Intersection, their new collaboration space, represents a complete redesign of a 1940s space to prioritize natural light, bright colors, and transparency. It facilitates global collaboration through the use of cutting-edge technology, enabling work to shift seamlessly across time zones and continents. Motorists demonstrates how no company is ever too established to change, and that vast and intangible changes like developing an innovative culture can start small and still have a big impact.
- Texas Mutual Insurance Company, for “Safety in a Box,” their groundbreaking virtual-reality app designed to teach construction workers the value of following safety procedures. The app is available for download to a user’s phone, which can be inserted into a Google Cardboard virtual-reality viewer for an interactive, 360-degree viewing experience in English or Spanish. The user can experience the four most dangerous construction site accidents, like a collapsing trench, and see how their safety choices determine the outcome of each scenario. Texas Mutual is distributing the boxes for free at construction industry events to promote workplace safety and reinvent their role as a workers’ comp insurer.
SMA released a compendium of case studies detailing the success stories of the four winners and the 16 other insurers that participated in the SMA Innovation in Action Awards program. This comprehensive report is available here.
The solution provider winners of 2016 SMA Innovation in Action Awards, in alphabetical order, are:
- Baseline Telematics, for their BaseDrive telematics solution, which leverages a mobile app and in-car Bluetooth dongle to give insurers everything they need to create their own usage-based insurance (UBI) programs.
- Life.io, for their policyholder engagement platform for physical, emotional, and financial health, which uses behavioral economics, predictive analytics, and personalized content to drive high levels of sustained policyholder engagement and the achievement of personal goals.
- Octo Telematics, for their telematics offerings that deliver behavioral, contextual, and driving analytics, enabling insurers to provide value-added services for policyholders such as UBI pricing, loyalty programs, vehicle diagnostics, location-based services, mobile connections, and more.
- Pristine, for Pristine Eyesight, a video communication platform for smart glasses (e.g., Google Glass) and mobile devices that enables long-distance collaboration between field professionals via real-time audio and video connection.
A collection of case studies profiling the four solution provider winners, with details on the rest of the 27 solution provider awards submissions, will be released in early October.
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Sompo International Announces Exclusive Global Insurance Partnership with Leading Software Solution Provider, CropTrak™
- Jérôme Razniewski Joins Shift Technology as Chief Information Security Officer
- Messagepoint Receives Investment from NewSpring
- DXP and aPaaS Systems Enabling Alternative Approaches for Agent Portals, Says Novarica
- CoreLogic to Acquire Symbility Solutions
- NetVU Unveils Refreshed Brand Identity
- Sapiens Announces that Preferred Physicians Medical has Selected Sapiens North American P&C Platform on the Cloud
- Quadient Accelerates Insurance Claims Process with Launch of Quadient Correspondence
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
The Insurance Technology Association is pleased to announce that ITA Live 2019 is scheduled for May 5-7, 2019 at the Marriott Harbor Beach Resort and... READ MORE
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views