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October 06 2016 | Karen Furtado

SMA has announced the winners of the 2016 SMA Innovation in Action Awards for Solution Providers. The awards were presented to four solution providers for offering innovative solutions or services that enable insurers to make real progress in their transformation journeys toward becoming Next-Gen Insurers.

Innovation is an indispensable element of every insurer’s vision of their future state as a Next-Gen Insurer. It enables new approaches in the five key areas of SMA’s Next-Gen Insurer Model: business model, customer, innovative culture, products and services, and technology and data. Together, they power the cultural shifts necessary for the advancement and sustainability of our industry.Next Gen

  • Business Model: Adopting nimble and fluid organizational structures, adaptable business processes, flexible operational models, and new revenue models that leverage actionable insights from data and analytics.
  • Customer: Understanding and capitalizing on customer demographic shifts, improving the customer experience, addressing new needs, serving new segments, and supporting all customer channels.
  • Innovative Culture: Fostering cultural shifts across the organization to support innovative thinking, practices, and problem-solving. 
  • Products and Services: Promoting product innovation, adapting to the changing risk landscape, bundling offerings to augment value and loyalty, enhancing dynamic rating, and capitalizing on data.
  • Technology and Data: Leveraging maturing and emerging technologies, modernizing technology environments, and developing robust data/analytics across the enterprise.

Winners of the SMA Innovation in Action Solution Provider Awards offer innovative software and services that enable insurers to make significant progress in one or more of these foundational areas. The insurance ecosystem is vital to the holistic spread of innovation, as insurers and solution providers work together to create new capabilities and adopt new technologies with the potential to ripple outward into the industry at large.

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.

These four companies demonstrate how solution providers can help insurance companies seeking to become Next-Gen Insurers in all of the five foundational Next-Gen Insurer areas, not just technology and data.

The telematics offerings from Baseline Telematics and Octo Telematics give insurers the tools they need to successfully launch a usage-based insurance program, transforming not only how insurers price their products and services but how to change the business models at their core. Like Life.io’s Policyholder Health Engagement Plan, their solutions change the very nature of an insurer’s relationship with their customers by prioritizing the sharing of information and incentivizing healthy, safe behaviors. These shifts fuel an increasingly innovative culture across the organization as insurers begin to adapt to these new methods of doing business and embrace emerging technologies in order to solve other business problems. Pristine’s video communication platform for smart glasses gives insurers a novel way of dealing with an old issue, that of limited staff resources. All of these award-winning solutions and services are founded on advanced technology and data.

SMA has published a collection of case studies detailing the success stories of these four winners and summarizing this year’s 27 other award submissions.

The 2017 SMA Innovation in Action Awards will open for submissions in April, and it is certain that next year at this time we will have more new and outstanding examples of innovation within our industry to share. In the five years that SMA has given out these awards, 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.


furtado karen w

To learn more, please contact:
Karen Furtado
Partner
Strategy Meets Action, a ReSource Pro company
978.239.2741