TechnologyLloyd’s 2016 Innovation Awards winners unveiled

Lloyd’s 2016 Innovation Awards winners unveiled

The Lloyd’s of London insurance market has announced the winners of its 2016 Innovation Awards.

Beazley, Cromar, Hiscox and Tokio Marine Kiln each picked up trophies at Lloyd’s 2016 Innovation Awards for the insurance industry.

Aon won most innovative Lloyd’s broker, as voted for by Lloyd’s managing agents, while Beazley picked up its second award of the night in the most innovative managing agent category, as voted for by Lloyd’s brokers.

Commenting on only the second staging of its Awards, Lloyd’s CEO Inga Beale, said: “The 2016 winners provide fantastic examples of the innovation going on across the Lloyd’s market. As the world changes like never before, it is important to recognise the companies and people that are leading the way, creating innovative insurance products for this digitalised, globalised, interconnected world of new and emerging risks.”

One of the Innovation Awards judges, Professor Ralph Lewis from London Business School, explained the rationale behind the event when he said: “The ability of businesses to innovate is critical in these challenging economic and technology-driven times.”

Other judges included Neil Maidment, Chairman of the Lloyd’s Market Association; Justin Emrich, Chief Information Officer (CIO) at Atrium Underwriters and Chairman of the Innovation Council for the Lloyd’s Target Operating Model; and Gavin Steele, the Corporation of Lloyd’s Executive Sponsor for Innovation.

The 2016 Lloyd’s Innovation Award winners are:

  • Best product innovation Hiscox – FloodPlus:  Hiscox FloodPlus meets a shortfall in flood cover for US homeowners. Hiscox is working with wholesale brokers in the US to distribute the new product to their retail brokers.
  • Best non-product innovation  Beazley – bHive app: The app is a mobile approach to capturing employee ideas and was born from an appreciation that new ideas don’t always come to employees while they are at their desk and often need collaboration from a diverse audience to reach their full potential.
  • Best coverholder innovation  Cromar: An education engine focused on cyber risks CyberInsuranceQuote.gr, this is the first marketplace platform of its kind dedicated exclusively to cyber insurance. It is used as an education tool for cyber and data privacy risks for small companies in Greece.
  • Best innovation driven by a market practitioner under 35 years of age  Tokio Marine Kiln – Oliver Tozer: The Sports Analytics for A&H product uses the internet of things (IoT) to assist in assessing risk.
  • Most innovative firm of Lloyd’s managing agents  Beazley: Voted for by Lloyd’s brokers, who described Beazley as a forward-looking company focused not only on customers’ current needs but their future ones as well.
  • Most innovative firm of Lloyd’s brokers  AON: Voted for by Lloyd’s managing agents, who chose Aon as a “future-focused” firm and for leading the way in terms of analysing market trends and providing customer-solutions in a rapidly changing market.

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