Voted by The Judging Panel
Sponsored by NIG and Finsure
AA Insurance Services
The AA is one of Britain's most respected brands - and this is the result of continuous innovation to meet customer needs. But in the increasingly commoditised motor insurance market, finding a differentiating factor that is of genuine benefit to customers is a real challenge.
Research by the AA during 2002 showed that the area of greatest impact to customers is claims which, if handled well, helps to forge long-term relationships. The AA identified a customer need not covered by the existing motor offering: the provision of a courtesy car in the event of a claim, regardless of whether for theft, total loss or accident. It is only when a customer's car is being repaired that a courtesy car is normally provided - and then, often for a limited period or with additional charges.
The AA launched its own unique, comprehensive courtesy car service, called Mobility, in March 2003. All insurers on the AA's panel supported the concept and customer response has been extremely positive.
The AA is delighted to have won this prestigious award and that the judges have recognised it delivers real benefit to customers - and this is the mark of a genuine innovation.
In the 1990s, insurers regarded food risks as highly desirable and insurers aggressively sought this business. Aon's solution for securing cost effective and stable cover was a positive marketing process fused with a risk mitigation strategy. This was tailored to the individualities of each client's risk.
Working in partnership with our clients, we increased their bargaining power by ensuring that they were presented in the most attractive light to insurers. We delivered bespoke and innovative insurance programmes that met the requirements of each individual food company at terms that were acceptable.
We are delighted to have been highly commended at this year's Insurance Times Awards for the development of exposure evaluation and control tool (Expect).
Launched by the ReMetrics team at Benfield in March 2003, Expect is an innovative new software product that enables insurers to monitor concentrations of terrorism risk in their property and casualty portfolios.
As a result, underwriters will now be able to determine how much they can lose and how much new business they can write in a particular region far more accurately.
Expect calculates the location and extent of the peak accumulations, allowing insurers to make better estimates of the maximum amounts that could be lost in an area by a single terrorist event. Underwriting judgement on the results of such accumulations can then be judiciously applied.
Medi Travelcover is a specialist intermediary providing travel insurance for holidaymakers with life threatening or life limiting medical conditions.
With a special focus on cancer, the company is uniquely able to offer cover to those currently undergoing treatment such as chemotherapy.
With the support of hospital-based consultant specialists, the company has researched and developed an innovative underwriting methodology using a range of key clinical diagnostic indicators, each of which has been risk rated from an underwriter's perspective.
Welcomed as a key service in its niche market, the company enjoys the support of key medical centres such as the Royal Marsden and Great Ormond Street hospitals.