Life Insurance International (LII) has revealed the prestigious winners of the inaugural Life Insurance International Innovation Awards 2016.
This year’s winners were commemorated during a gala dinner ceremony at the Tower Hotel in London on Thursday, 17th November 2016.
The awards celebrate the best in life and health insurance innovation from around the world and act as a benchmark for excellence.
There were 8 contested award categories alongside an Editor’s Choice award. Royal London scooped up one award – Most Innovative Life Insurer of the Year – UK.
Other winners included DreamQuark which won the Most Innovative Life / Health Insurance Start-Up Of The Year; while iPipeline was the winner of the category Digital Innovation Of The Year – Technology Firms.
MorganAsh, Aetna International and MetLife Innovation Centre’s LumenLab also claimed an award each.
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The Editor’s Choice Award went to LifeSearch, which also won the Most Innovative Protection Insurance Intermediary Of The Year.
Get set for a digital revolution
The awards were preceded by a half-day Life Insurance International Innovation forum themed – Get set for a digital revolution.
During the forum, industry experts analysed the dramatic change impacting the global life and health insurance industry with the growth of new technology, substantial regulatory change and rising consumer expectations.
To deal with the changing landscape, the LII Innovation Forum highlighted practical ways to use technology for life and health insurance innovation in underwriting, as well as innovative ways to grow the group risk market.
It also compared major international insurance reforms, heard insights from a market entrant driving change – and examined how InsurTech can shape the future of life and health insurance for an ever demanding market.
Ronan McCaughey, Editor of Life Insurance International, said: “Any laggards in the global life and health insurance market who fail to fully embrace the digital revolution will quickly find themselves left behind as the market leaders invest in new technology from wearables to Blockchain and Big Data.
“Technological disruption, the threat of new market entrants and significant regulatory change mean sticking with the status quo is not an option for life and health insurance players worldwide.”
He commented: “The calibre and quality of the submissions for the inaugural Life Insurance International Innovation Awards 2016 was extremely high.
“Our award winners have clearly demonstrated innovation in terms of improving their processes, improving the customer experience and embracing a culture that encourages new ideas, radical thinking and openness to change.”
McCaughey added: “The award winners are to be congratulated for accelerating innovation, and embedding the behavioural and cultural changes needed to sustain growth.”
The winners of the Life Insurance International Innovation Awards 2016 in full are:
Most Innovative Protection Insurance Intermediary of the Year
Highly commended in this category: John Lamb Insurance Broking
Most Innovative Actuarial / Risk Consultancy Services Provider of the Year
Most Innovative Life / Health Insurance Start-Up of the Year
Digital Innovation of the Year – Insurers
Prudential of Korea
Digital Innovation of the Year – Technology Firms
Highly commended in this category: UnderwriteMe
Most Innovative Health Insurer of the Year
Most Innovative Life Insurer of the Year – UK
Most Innovative Life Insurer of the Year – International
MetLife Innovation Centre’s LumenLab
Highly commended in this category: Great Eastern Life
Life Insurance International Editor’s Choice