World Finance magazine has announced the winners of its Global Insurance Awards 2019, championing the work carried out by Nigeria’s Zenith Insurance, Spain’s Seguros RGA and a number of other industry heavyweights.
The awards recognise the businesses that have managed to adapt and evolve to keep pace with changing consumer demands. Many of the companies listed have adopted artificial intelligence (AI), Internet of Things solutions and several other new technologies in order to deliver faster, more reliable services.
In addition, these firms have used the large-scale collection of data to deliver additional benefits, with telematics and wearable devices giving them a clearer picture of customer needs and behaviours. Another of the winners, RBC Insurance, for example, has used statistical analysis across many years to identify cyclical trends among claimants.
Each year, World Finance takes a look at the challenges and opportunities emerging within the insurance sector and the companies that are driving the industry forward. Throughout 2019, it became evident that the best-performing insurers paid careful attention to the growth of disruptive “insurtech” firms and, rather than seeing them as a threat, embraced the new solutions that they were pioneering.
One notable example of this is embodied by the work currently being carried out by Standard Insurance of the Philippines. One of the largest non-life insurance providers in the country, Standard uses machine learning and AI to predict losses and prevent customer churn. Like the rest of the businesses honoured by the World Finance Global Insurance Awards 2019, Standard has shown that innovation remains key to the industry’s future.
To see a list detailing all of this year’s winners, pick up the latest issue of World Finance, available in print, online and on tablet now.
World News Media, which is the parent company of World Finance, is a leading publisher of quality financial and business magazines, which enjoys a global distribution network that includes subscriber lists of prominent decision-makers around the world.
