Lloyd’s announces 2016 Innovation Award winners
Today Lloyd’s announced the winners of its 2016 Innovation Awards. Beazley, Cromar, Hiscox and Tokio Marine Kiln each picked up awards for innovative products or new ways of working.
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.
Lloyd’s CEO Inga Beale said, “The 2016 Innovation Award 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 truly 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, said: “The ability of businesses to innovate is critical in these challenging economic and technology-driven times. So it was encouraging to see the high standard of submissions to the Lloyd’s Innovation Awards, which indicates that innovation is alive and kicking in the market.”
The independent judging panel comprised: Professor Ralph Lewis, London Business School; Neil Maidment, Chairman of the Lloyd’s Market Association; Justin Emrich, Chief Information Officer 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 Lloyd’s Innovation Awards were launched in 2015 to celebrate and recognise the unrivalled talent and expertise that exists across the Lloyd’s insurance market. This year saw the award categories double, as well as a significant increase in nominations.
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 bHive 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: Education engine around cyber risks
www.CyberInsuranceQuote.gr is the first marketplace platform of its kind dedicated exclusively to cyber insurance, and is used as an education tool around 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: Sports Analytics for A&H
Sports Analytics for A&H is a product which leverages the internet of things to assist in assessing risk.
- Most innovative firm of Lloyd’s managing agents, voted for by Lloyd’s brokers – Beazley
Brokers described Beazley as forward-looking and focused not only on customers’ current needs but their future ones as well.
- Most innovative firm of Lloyd’s brokers, voted for by Lloyd’s managing agents – AON
Managing agents who voted for Aon described it as future-focused and leading the way in terms of analysing market trends and providing customer-solutions in a rapidly changing market.