DIGITAL CAPABILITY

DIGITAL CAPABILITY

This pillar reveals the strength of Wealth Protection providers who offer top-notch digital capabilities to address the diverse needs of affluent individuals and their families.

Available Categories for 2018 are:

DIGITAL INNOVATION

This category is different from the “Digital Project of the Year” because we are looking to award companies that have created sustainable infrastructure and models to spur ongoing innovation within the organization with the objective of improving the lives of customers and generating better Return on Investment (ROI) for shareholders. 

Contestants are asked to demonstrate the success of their innovation based on the following key indicators:

Key Performance Indicators – what drives innovation within the organization, what are the KPIs that measure the success of innovation, and how do you know you are creating value from innovation? What are the metrics within the innovation portfolio, and how do you drive sustainable improvement over time?

People – who leads innovation and what is his/her innovation mind-set regarding risks and rewards, the ecosystem used for innovation projects? What is the average tenure of the team, and what are the team principles and concepts?

Process – are there formal innovation metrics or processes to recognize and reward existing practice while building Innovation Management as a critical process?

Transformation – is there technology innovation with a focus on Robotics and Cognitive Computing to enable faster transformation and Big Data and Analytics for mid-term to long-term benefits?

Value Creation – what value has been created for intermediaries, customers, and shareholders in terms of revenue, product management, client experience, branding, risk management, etc.?

Outcome – are there obvious business outcomes, and what are they? These could include non-financial outcomes such as an increase in brand awareness, faster service, cost-effective benefits to customers, etc.

Appendices  – a video link, screen captures, photos, etc.

 

MOBILE TECHNOLOGY

Mobile devices are now an essential part of people’s lives. More and more customers think convenience is king, and millennials have openly said they’ll consider changing providers if their digital needs are not met. We are looking to award the company with the best-in-class strategic approach to its mobile offerings, which enhances the user experience and provides the functionality and usability that drive sales and increase consumer and intermediary engagement, strengthening customer loyalty and/or leading to an increase in customer retention. Contestants must demonstrate a strategy and utilization of new technology that put the customers at the center and set an industry standard of excellence with an innovative design, ease of use, and convenience.

In less than 1,500 words, please explain to the judges why your mobile technology is suitable to receive the award, in line with the above criteria.

Very importantly, please show the judges screen captures of your applications and information for downloading and testing your apps.

 

FINANCIAL PLANNING SOFTWARE

This category is long overdue. We are looking to award financial planning software that promotes transparency and convenience, allowing customers to understand and analyze their financial planning needs. Whether the software was developed in-house or in collaboration with a professional software house, the software must offer an intuitive and interactive interface while hosting a sophisticated engine that offers a goals-based approach and cash flow projection.

Ideally, the software should be able to assist the customers’ needs in the areas of life insurance, medical insurance, disability insurance, goals-based savings, retirement savings and draw-downs, etc. Also tell the judges how opinions and feedback are collected for ongoing improvements.

In less than 1,500 words, please explain to the judges why your mobile technology are suitable to receive the award, in line with the above criteria. 

Very importantly, please show the judges screen captures of your applications, and information for downloading and testing your apps.

 

CLIENT DIGITAL EXPERIENCE

This award goes to the company that uses digital as a means to an impeccable client experience strategy. While digital customer experience is only a subset of the entire customer experience, it is an important one as more customers are judging companies’ capabilities by their digital offerings and interfaces with computers, tablets, and smartphones. Customers use them for product searches, locating the nearest support center, or making a purchase for the first time and judge whether to do business with a company based on their initial digital encounter.

In the submission, please tell the jurors your major touchpoints, your omnichannel support, how you track and tie all interactions across all channels, and how you communicate and engage with clients and build loyalty.

In less than 1,500 words, please explain to the judges why your client digital experience are suitable to receive the award, in line with the above criteria. 

Very importantly, please show the judges screen captures of your applications, and information for downloading and testing your apps.

INTERMEDIARY DIGITAL EXPERIENCE

For most companies, brokers and agents are key drivers for revenue. Companies managing a huge agency force and brokerage distribution line should place a high priority on empowering their productivity through the use of digital. We are looking to award insurance companies that seek to please brokers with a highly intuitive and interactive digital experience in order to increase productivity through cross-selling, self-promotion, communication with clients, regular reviews, handling claims, improving client decision making, etc.

In less than 1,500 words, please explain to the judges why your digital experience for intermediaries are suitable to receive the award, in line with the above criteria. 

Very importantly, please show the judges screen captures of your applications, and information for downloading and testing your apps.

DIGITAL INSURER OF THE YEAR

We want to award an insurer that embraces technology to its full and is building its business to have significant impact. Judges will be looking at 360-degree coverage. They will consider how technology is enabling the company’s internal processes; how it collaborates with agencies, brokers, and internal staff; how it has built a platform to distribute products and services to customers; and how it would meet regulatory and compliance challenges effectively. And most importantly, how these strategies have contributed to the insurer’s overall competitive advantage and support growth initiatives.

In less than 1,500 words and in line with the above criteria, please explain to the judges why you should be crowned the one and only Digital Insurer of the Year.

Very importantly, please show the judges screen captures of your applications, and information for downloading and testing your apps.

DIGITAL PROJECT OF THE YEAR

We are looking to award a successfully implemented digital project. It could be the development of a selling tool, an interactive website, an integration with a third-party platform, etc. The project must have a clearly defined objective, whether it is for marketing, sales, risk management, or something else.

Please highlight how the project was conceived, developed, and implemented to achieve those objectives and the types of challenges your team has overcome. Finally, tell us the effectiveness of the project, whether it has achieved the project’s targets and performance against internal metrics, etc.

In less than 1,500 words and in line with the above criteria, please explain to the judges why your project initiative should win Digital Project of the Year.

Very importantly, please show the judges screen captures of your applications, and information for downloading and testing your apps.