SMA Announces Winners of 2015 Innovation in Action Awards
Staff Writer | September 21, 2015
Strategy Meets Action announces the winners of the SMA Innovation in Action Awards during its annual SMA Summit in Boston. The 2015 winners in the insurer category are USAA, John Hancock, and Haven Life Insurance Agency. The winners in the solution provider category are Livegenic, Social Intelligence Corp, and Wallflower Labs, Inc.
"Our annual awards program gives SMA the opportunity to recognize truly innovative projects, solutions, and initiatives within the insurance industry. This year we received a remarkable number of impressive submissions from both insurers and solution providers—clear evidence of the significant and pervasive innovation happening throughout our industry," says Karen Furtado, SMA partner.
The SMA Innovation in Action Awards are presented each year to celebrate innovation in the insurance industry. SMA launched this award program to inspire, share, and recognize solutions that enable an insurance company to move beyond modernizing and optimizing to differentiate themselves through real innovation and transformation. The program spotlights both insurers and solution providers, recognizing completed transformational projects or services completed in the past year that deliver game-changing business capabilities and successful solutions that best leverage maturing and emerging technologies.
The insurer winners of 2015 SMA Innovation in Action Awards are:
- Haven Life Insurance Agency, which offers a solution for purchasing medically underwritten term life insurance online. Haven Life users can calculate their needs, then apply for and start coverage on the Haven Term policy in about 20 minutes. Its sophisticated underwriting algorithms leverage external data sources to render an instant decision on applications. By reinventing the traditional, four-to-six-week process of buying life insurance into an entirely online, 20-minute process, Haven Life has successfully changed and streamlined how life insurance policies are sold, underwritten, and administered.
- The John Hancock Vitality Program, which offers a new approach to life insurance that rewards policyholders for the steps they take to promote their health and well-being. The program fosters a bond between policyholder and life insurer using interactive technologies like wearables and gamification. Activities including exercise and annual health screenings can be tracked via a mobile app, a dedicated website, or a free Fitbit to earn Vitality Points, which determine a member’s status for a broad range of rewards and premium savings.
- USAA, which is a pioneer in the use of drones in the insurance industry, particularly in P&C claims following natural disasters. In collaboration with the nonprofit Roboticists Without Borders, USAA deployed drones after the Oso, Wash. mudslides in 2014 to provide data and imagery to county officials to assist in rebuilding. USAA was also the first insurer to file a request with the FAA for permission to utilize fixed-wing drones for research and development.
SMA also released a compendium of case studies detailing the success stories of the winners and the other insurers that participated in the SMA Innovation in Action Awards program. This comprehensive report is available here.
The solution provider winners of 2015 SMA Innovation in Action Awards are:
- Livegenic, which offers a patented, mobile, real-time video platform to help insurance organizations reduce claims handling costs and improve customer satisfaction. Livegenic connects a policyholder with a claims customer service representative through live video without disconnecting the ongoing phone call. Claims professionals can see what the customer sees while on the phone, enhancing first notice of loss, underwriting, field operations, and supplemental claims.
- Social Intelligence Corp, which offers a sophisticated scoring platform that leverages publicly available social media data and the Internet of Things for improved risk assessment. The solution helps insurers by aggregating data and offering access to new predictive, reliable, and less expensive data sources. Social Intelligence’s Social Media Risk Scoring provides another layer of risk assessment that insurers can utilize in real time across life and personal and commercial P&C lines of business at critical stages in the policy lifecycle, including point of sale, claims filing, first notice of loss, and renewals.
- Wallflower Labs, Inc., which offers a patent-pending solution to reduce the number of unattended cooking fires and associated claims. Wallflower’s Electric Range Smart Cord and Gas Range Smart Valve enable ranges and cooktops to remind homeowners that they are operating through smartphone push notifications and to allow for remote or automatic shutoff. Wallflower solutions can also provide insights into cooking behavior and trends by capturing information about household range/cooktop use to improve how insurers price their homeowners’ insurance products.
A collection of case studies of the solution providers' winning submissions as well as those from the other solution providers that participated in the SMA Awards program will be released next week.
Insurance company award winners were selected by the partners at SMA. Members of the SMA Innovation Advisory Board selected the solution provider award winners.
Awards were presented at the annual SMA Summit, where attendees have the opportunity to examine how insurers are capitalizing on maturing and emerging technologies across all aspects of the insurance business.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- 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
- Hippo Insurance Secures $70M Series C Investment Led by Felicis Ventures and Lennar Corporation
- Cloverleaf Analytics Announces Version 2.0 Release
- AmWINS selects ClarionDoor’s Digital Distribution Suite to Power Underwriting Platform
- Ask Kodiak Connects TrustedChoice.com Carrier Appetite to TechCanary Agency Management System
- Seth Bostock Joins Lucens Group as CTO with Vision to Simplify the Disability Insurance Experience
- Life Insurers Enhancing Claims Systems, Novarica Profiles Six Prominent Providers
- HazardHub Releases Frozen Pipe Score, Ice Dam Score and enhanced Weather Variables
- Big Gains & Big Bets in the Independent Insurance Channel
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 LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
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