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Honoring innovative insurance technology in 2023

Each day, technology brings the insurance industry exciting opportunities for growth and success. (Photo: Shutterstock) Each day, technology brings the insurance industry exciting opportunities for growth and success. (Photo: Shutterstock)

As insurance businesses evolve, technology advances and policyholder needs change, property and casualty insurance professionals must make tough decisions about how to best use the digital tools available to them: Should we embrace automated underwriting? Can we trust AI models with claims and underwriting tasks? How can digital connectivity continue to enhance the industry?

PropertyCasualty360 recently queried a cross-section of insurance business leaders to find out what they believe insurance technology innovation looks like in 2023.

Mark Rieder, head of innovation at NFP said, “The fact that we are talking about technology developments in the same breath as insurance is significant in and of itself.” He expects AI-powered personalization to be an impactful insurtech trend in 2023 and beyond.

Joseph D’Souza, founder and CEO of ProNavigator, predicted that in 2023, insurance professionals will increasingly turn to technology and software to help reduce repetitive tasks and enhance productivity. “In a nutshell, [we will find] ways to do more with fewer people while still delivering the expertise, service and customer experience that our customers expect.”

The bottom line: Technology has become a mission-critical tool in the P&C insurance sector. It follows that the 2023 PropertyCasualty360 Insurance Luminaries recognition program showcases technology innovation.

Celebrating innovation in insurance

Honorees in the 2023 PropertyCasualty360 Insurance Luminaries program will be those that shove off dated insurance-industry stereotypes and push for fresh thinking and practices around the most impactful issues of our time.

This recogntion is rooted squarely in the P&C insurance world. It honors companies, individuals, teams, programs, practices and products that are modernizing and humanizing P&C insurance.

There is no limit to the number of nominations each P&C insurance firm, company or vendor can submit. Nominations are now open in the following categories:

  1. Technology Innovation — Honorees in this category are pacesetters who push insurance carriers, organizations, vendors, agencies and brokerages forward in terms of digitalization, modernization, and client and customer experiences.
  2. Risk Management Innovation — Honorees in this category find fresh and inventive ways to address insurer and insured risks while fostering advanced thinking and action when it comes to risk-related communication and mitigation.
  3. Coverage Innovation — Insurance reflects the world. As societies shift, so too should insurance options. Honorees in this category are furthering fresh approaches to protecting today’s diverse policyholders.
  4. Claims Innovation — Honorees in this category thoroughly understand the impact that a single claim can have on policyholder satisfaction. They foster progressive tools and practices to manage claims, and further fraud and claims mitigation.
  5. Innovation in Workplace Culture — Honorees in this category know how to promote the insurance industry as a great place to build a career. They actively support current insurance professionals and are engaged in finding and training new insurance stars. They are vested in fostering satisfied employees through diversity and inclusion initiatives, health and wellness programming, Environmental Social and Governance (ESB) initiatives, community service and more.

How are honorees selected?

Honorees will be selected based on their scores in the following areas, with 0 being the lowest and 5 being the highest possible points in each area, for a total of 25 possible points:

  1. How well has the nominee stated and achieved goals with regards to the nomination category? (0-5 points)
  2. How impactful has the nominee been? (0-5 points)
  3. How measurable is this impact, either in quantitative or qualitative results? (0-5 points)
  4. How dedicated has the nominee been to furthering modernization and humanization in the P&C insurance business? (0-5 points)
  5. What level of commitment has the nominee shown to the highest ethical standards as well as dedication to service and excellence? (0-5 points)

Nominations will be accepted through May 31, 2023.

Honorees will receive…

  1. Recognition in the October 2023 issue of NU Property & Casualty magazine as well as online at PropertyCasualty360.com.
  2. A formal press release along with social media and public relations guidance around promoting this honor.
  3. The opportunity to purchase a badge for their website and business communications as well as more visible print and digital recognition within our publications.

Submit your nominations today!

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