Insurer Innovation of the Year
This category is designed to recognise those projects or developments that have demonstrably delivered real change – in strategy, service delivery or operations.
Entrants may have developed a start-up accelerator that drives ideas back into the business, come up with an innovative response to an emerging risk, changed claims process in order to improve customer outcomes, or transformed the talent pipeline to boost diversity. The judges were looking for initiatives that can demonstrate tangible change through new ideas.
All the finalists are listed below. Use the links to find out more from the entrants who have answered our series of Q&As.
GOLD: Vetsure Pet Insurance
Avantia
Pen Underwriting
Uinsure
Sponsored by
Uinsure
What key achievement did your entry highlight?
Our breakthrough innovation is "Zero Questions" GI functionality, which has changed the way mortgage advisors generate GI quotes for the customer. Zero Questions provides binding home insurance quotes by removing data capture fields and giving advisors time to advise. By harnessing trusted data cubes, we have stripped out the need to ask customers for data already captured during the mortgage application, or that can be sourced from big data. By integrating with all the main industry sourcing systems through our open API, a binding, pre-populated quote is delivered at the right time, in the right place, by the right person.
Can you share data or testimonials to back up your bid to win?
During 2019, Uinsure experienced huge growth in adviser users, quotes and applications of over 37% versus 2018, thanks to our commitment to deliver high quality GI products in the quickest, easiest and securest way possible. We experienced numerous record sales months along the way. "Uinsure have released the handbrake on the intermediary GI sales process – no longer will advisers need to rekey information that's available from other sources. As an industry, we can now spend more time advising a greater number of clients, ensuring that homeowners are fully protected with comprehensive, five star-rated cover." Donna Brenchley, Commercial Director, MAB.
What sets your firm apart from the other shortlisted contenders?
Uinsure are on a mission to ensure every mortgage and remortgage application is supported by a home insurance quote. In 2019, we focussed on making the journey of generating a home insurance quote easier and faster – achieved in under 10 seconds with our Zero Questions proposition. 2019 has proved yet another exemplary year of growth for us, with an enviable range of exclusive partnerships with industry leaders and disrupters alike. We haven't stopped developing our proposition this year, with innovation launched throughout the year and more to come before the end of the year.
How will you celebrate if you are the victor?
We are not shy about celebrating success and our victory will be all over social media in less time than it takes to get a Uinsure home insurance quote. On the night, the champagne will be flowing and everyone is invited to our party. We are planning a special stage entrance should we get the chance. We will of course commiserate with our fellow shortlisters, who are welcome to join us as we celebrate the quality of innovation across the whole of our great industry.
GOLD: Vetsure Pet Insurance
What key achievement did your entry highlight?
Vetsure Pet Insurance was founded by a vet who has always strived for enhancements to pet healthcare provision – and yet this is commonly at odds with the needs of the insurer and understandable concerns over veterinary treatment inflation. By working with pharmaceutical suppliers, Vetsure has been able to help provide savings for vets undertaking treatments, the insurer and, ultimately, the pet owning customer. Uniquely, during periods of high veterinary treatment claims, Vetsure increasingly benefits from commissions related to the buying deals in place – this provides a unique source of sustainability to the insurer.
Can you share data or testimonials to back up your bid to win?
At the end of 2018 Vetsure was partnered with just over 550 vet clinics across the country – 6 months later and this figure is over 600. In the past 12 months, Vetsure processed over £7.5m in pharmaceutical discounts to these vets. By providing buying benefits, partnered vets have been able to reduce their costs. Likewise, Vetsure was able to reduce administrative service charges by 7% at the beginning of 2019. Already this has enabled the insurer to pass on cost savings to the customer and provides an invaluable method for supporting product sustainability in the long-term.
What sets your firm apart from the other shortlisted contenders?
The Vetsure culture is one that greatly values continued innovation. Through this novel model, Vetsure has not only been able to reduce costs for all parties in the supply chain – including our end customers – but has also been able to over-invest in customer service. Vetsure enjoys market leading customer retention rates with over 96% of policyholders renewing in the last year. Currently, Vetsure is the highest performing pet insurer (in terms of pure customer service and endorsement scores) on sites like petinsurancereview.co.uk (4.8 out of 5), trustpilot.com (4.9 out of 5, Excellent) and reviewcentre.com (4.8 out of 5).
How will you celebrate if you are the victor?
Vetsure is a relatively small fish in a very big pond – so being recognized by the Insurance Times Awards would be very special for the whole team. We would, no doubt, reflect, think about why we have been successful and share our success with our customers and their pets via social media. There's also a chance, however, that we'd hit the nearest bar and turn it into a Vetsure party zone with our award trophy being paraded victoriously (Insurance Times judges would, of course, be invited).