September 23, 2022: Morgen & Morgen and Versicherungsmagazin have just presented their annual awards. Alte Leipziger, DEVK, Volkswohl Bund and Bayerische were awarded in at least one category. The latter was the only provider to receive gold in all three categories.
Morgen & Morgen GmbH (M&M) and the co-initiator Versicherungsmagazin have now awarded the “Insurance Innovation Award” for the ninth time. According to the software and analytics company, the goal of the contest is to further underline and promote the already high level of creativity in the insurance industry towards brokers and clients, as well as within the industry.
In addition to insurance companies, placement agents in the technology or processing areas were allowed to participate with fees. Awards were given in gold, silver or bronze in the three categories of insurance product/technology design, customer benefit and digitization.
A five-member jury made the verdicts
A five-person jury decided on the award according to an undisclosed procedure.
It consisted of:
A total of 17 (2021: 39) applications were submitted. Five products from five suppliers received an award. The previous year, this applied to ten offers from eight providers (VersicherungsJournal September 23, 2021).
Three times gold for the Bavarian
The juries currently awarded a total of eight (previous year: nine) gold and two (six) silver prizes, but none (two) bronze. BA die Bayerische Allgemeine Versicherung AG received gold in all three categories for its residential building insurance in combination with Suru and the “Grohe Sense” water security system (08/01/2022).
“In particular, the jury recognized the great benefit of the product, which prevents water damage to existing customers before it occurs,” says Morgen & Morgen.
Two gold medals each for DEVK and Alte Leipziger
Two offerings received gold twice, each in the product design and insurance technology and customer benefit categories. This duo includes DEVK Deutsche Eisenbahn Versicherung Lebensversicherungs-Verein aG for the “L GF Basic Capacity Insurance” in connection with the “Vital Plus” application and the “Medical Home Service” (June 15, 2022).
The second in the group is the residential buildings insurance “S WO.2 selbstmacher” of Alte Leipziger Versicherung AG (December 22, 2021). Also, Alte Leipziger Lebensversicherung aG received silver in the same two segments for “Basic Skill Protection GF 10” (February 7, 2022).
Volkswohl Bund Lebensversicherung aG was awarded gold in the category of product design and insurance technology for “Fondsmodern” (January 18, 2022).
New products and business models “more important than ever”
The initiators of the award are convinced that the development of new products or business models is more important than ever in view of the current market phase. M&M CEO Pascal Schiffels:
“The reduced number of submissions this year shows that the industry is currently obviously heavily constrained to primarily implement regulatory requirements.” He and the other members of the jury “hope that other companies will again find more room for real innovations and that we, as a jury, will have our hands full again next year.”