Lloyd's Market Innovation Awards: 2016 winners
The Awards are a celebration of the unrivalled talent and expertise that exists in the Lloyd’s Insurance Market, showcasing the excellent work the market is doing every day to innovate in an ever-changing global risk landscape.
Here are the winners and runners-up for the six categories:
Best coverholder innovation (whether product or otherwise)
Winner: Cromar for their education engine around cyber risks
www.CyberInsuranceQuote.gr is the first marketplace platform of its kind dedicated exclusively to cyber insurance and an education tool around cyber and data privacy risks for small companies in Greece.
- Ascent Optio: Optio
Optio provides cyber and other professional risk insurances for SMEs. Producers gain access directly and securely, and bind with a click.
- PURE B.V.: New approach to Dutch SME customers
PURE B.V. is a fairly new Dutch company which operates in the general commercial insurance industry specialising in online casualty and commercial insurances for the SME and consumer market. Customers interests, simplified and clear application procedure and understandable language are the most important keywords.
- R&Q: Syndicate DTW 1991
DTW 1991 was established as a mixed capital syndicate in 2013, specialising in coverholder business largely through exclusive arrangements with targeted coverholders and MGAs internationally.
Best innovation (whether product or otherwise) driven by a market practitioner under 35 years of age
Winner: Oliver Tozer (Tokio Marine Kiln) for Sports analytics for A&H
Sports analytics for A&H is a product which leverages the internet of things to assist assessing risk and insurance.
- Prospect Brokers/Ark: James Gadbury for UAV/Drone Insurance
A market leading UAV / Drone Insurance product which covers the hull and liability of the UAV, a privacy and trespass coverage, A&H for the crew, professional indemnity and cyber liability.
- Beazley: Rachel Turk for Entity+
A US D&O product launched by Beazley and Hiscox which fits alongside the traditional D&O policy and offers investigatory coverage to the entity for investigations by a securities enforcement body.
Best non-product innovation (whether successful or otherwise)
Winner: Beazley for the bHive app
The bHive app is an elegant, mobile approach to capturing employee ideas and was born from an appreciation that new ideas don’t always come to you while at your desk.
- Chaucer: African Partnership Model
A partnership between Chaucer and AXA which enables African specialty insurance business to be underwritten through Lloyd’s.
- Tokio Marine Kiln: One TMK
One TMK is a digital exchange platform that allows brokers to quote and bind policies online in real time.
- XL Catlin: Seasonal Hurricane Predictions
Seasonal Hurricane Predictions is a website designed to promote a better understanding of the factors that contribute to hurricane formation.
Best product innovation
Winner: Hiscox for FloodPlus
Working with wholesale brokers in the US to distribute the new product to their retail brokers, Hiscox FloodPlus meets a shortfall in flood cover for homeowners.
- Aegis: Miner Rescue
A new product which pays for the costs of locating and rescuing miners and contractors trapped underground in the event of a future catastrophe.
- Brit: Pay or Explain
‘Pay or Explain’ is dedicated to improving the speed of managing claims, with a commitment to pay a claim, or provide a roadmap for managing the claim, within 30 days of loss notification.
- Pembroke: Specie Consortium
The formation of the new Lloyd’s Specie Consortium in 2016 as a response to client demand for a Lloyd’s risk solution that would provide substantial limits comparable to world’s largest insurers.
- XL Catlin: Product Recall - Consumer Durables
A product recall market offering for consumer durables sector; triggered by Defect, Malicious Contamination, Product Extortion, Government Recall, and Adverse Publicity.
Most innovative firm of Lloyd’s brokers, voted for by Lloyd’s managing agents
Most innovative firm of Lloyd’s managing agents, voted for by Lloyd’s brokers