AXA XL’s Construction Ecosystem receives Efma-Accenture innovation award
AXA XL has been handed an innovation in insurance award by the European Financial Management Association (Efma) and Accenture for its Construction Ecosystem.
AXA XL’s Construction Ecosystem received gold honors in the connected insurance and ecosystems award category in the 2021 Efma-Accenture Innovation in Insurance Awards. The Construction Ecosystem is a digital network of products and services focused on advancing technology adoption among AXA XL’s construction customers.
Gary Kaplan, president of AXA XL’s North America construction unit, said: “New and available technologies are growing exponentially. With the launch of the Ecosystem, we are helping our clients effectively adopt technology that made sense for them -- the tech that could boost their risk management efforts and support their businesses in so many ways.”
Rose Hall, AXA XL's head of construction innovation, said: “With continued client input and involvement, our Construction Ecosystem continues to evolve. While the construction industry might have been considered laggers in tech adoption before, that’s no longer the case. In fact, through the Ecosystem, our clients, who represent some of the largest US contractors, are pioneering implementation of risk-reducing technologies demonstrating to the rest of the market the power and possibilities of great tech adoption.”
The Efma-Accenture Innovation in Insurance Awards competition recognises the best insurance technology innovations. It attracted 460 entries from nearly 300 institutions in 55 countries in 2021, 100 more submissions than received in 2020.
Efma said the entries received in 2021 reflected the intense drive among insurers to innovate to address new risks and meet changing customer needs amid continued COVID-19-related disruption.
The winners were selected across seven categories by a panel of 25 judges, including senior executives from insurers worldwide. Entries were assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.
