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October 9, 2015

Innovation Awards for Solution Providers

Summary:

Solution provider winners include Livegenic, which uses video to cut claims costs while increasing customer satisfaction.

Photo Courtesy of Brad.K

Three solution providers have been recognized for truly ground-breaking projects and initiatives with demonstrable real-world impact, following the recognition of three insurers. SMA also published a collection of case studies on all the solution provider award submissions this year, showcasing the remarkable innovation taking place in the industry today.

The insurance ecosystem encourages the holistic spread of innovation, with insurers and solution providers working together to create new capabilities and adopt new technologies. Next-Gen Insurers that are reinventing the business of insurance for the 21st century depend on advances in four main areas: business models, infrastructure, products and services and customer engagement. The solution providers to watch understand and support these changes, helping insurers to actualize the value from the market’s shifts and ultimate evolution.

This year’s submissions for the SMA Innovation in Action Award for Solution Providers demonstrate the strides that solution providers are making in those areas. By developing creative solutions that are embracing new technologies and leveraging innovative approaches to solve important business challenges, the 2015 award winners show what kind of value insurers can gain from their solutions and their partnership.

This year’s solution provider winners 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 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, 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, 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.

By delivering new tools that help insurers to improve their businesses, the winners of this award are blazing a trail with innovative approaches and raising the bar for solution providers everywhere to provide creative offerings and help insurers achieve real-world value. This year’s submissions for the solution provider awards show the vital role that innovation plays within the industry and offer commendable examples of innovation in action.

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About the Author

Karen Furtado, a partner at SMA, is a recognized industry expert in the core systems space. Given her exceptional knowledge of policy administration, rating, billing and claims, insurers seek her unparalleled knowledge in mapping solutions to business requirements and IT needs.

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