Pretoria, South Africa -- (SBWIRE) -- 01/10/2013 -- Innovation is the development of new customers value through solutions that meet new needs, inarticulate needs, or old customer and market needs in new ways. This is accomplished through different or more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society.
Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of an idea or method itself. Innovation differs from improvement in that innovation refers to the notion of doing something different (Lat. Innovare: “to change”) rather than doing the same thing better. With this in mind, we have asked the industry to share their innovations for 2012 with us…
From Wikipedia, the free encyclopaedia. For other uses, see Innovation (disambiguation)
- Online trading platform Sanlam iTrade to offer the world’s most advanced technical analysis tool, autocharist.com. By offering traders access to charting patterns, the software provides an invaluable tool for traders looking to find returns in the current sideways market. autochartist.com automatically recognises trading opportunities.
- Sanlam Investments (SI) became one of the first South African financial services companies to incorporate augmented reality in its marketing mix. A free app called Pictivate – available for download – provided mobile device users with a range of bonus content linked to a special insert with SI ran in various publications in October 2012. The app allows users to enjoy a novel and sharable experience, while learning about SI’s expertise and offering. The aim was to create a range of innovative experiences through useful interactive platforms, in a way that is practical, sustainable and magical.
- PSG’s innovative myPSG – Platform provides immediate, simple 24/7 access to a consolidated summary of a client’s total financial position within the PSG Konsult Group, including PSG Konsult Corporate, PSG Online and PSG Asset Management personal financial information. The website platform is supplemented by a smart-phone application (app) for Android and Apple devices, putting all personal financial information of clients literally at the advisor’s fingertips. Logins to myPSG grew by a few thousand users each month since the launch.
- At Liberty the investor now only pays for the set up costs, initial advice fees and profit margins when and if their investments first delivers them with what is called the Target Return and this return is currently set at an eye watering 15% per annum. The product range is called Evolve, and is structured around what Liberty calls it’s Pay on Delivery investment philosophy, and it represents another South African first for this pioneering financial services provider.
Momentum Wealth’s Investment Tool is an uncomplicated and graphic point-of-sale guide, suitable for both investment (discretionary) and retirement products, to manage your clients’ investment risk and the creation of reasonable (and realistic) return expectation. You can visually add, remove, or combine various investment scenarios to construct the perfect investment portfolios for your client. The exciting new iPad application for the Wealth Investment Tool (available in December 2012) will provide you with an easy online or offline access to a Wealth world of investments.
- BrightRock has the only product on the market that will let your client change between a lump-sum or recurring pay-out, or a combination of these at claim stage. They understand that your client is in the best position to know, with prognosis in mind, what their financial needs will be. This helps place them in the position to make the correct decision for them. BrightRock has developed needs-matched life insurance because they understand that no two clients are the same. This is a world first.
- FMI’s Service Level Agreements include the following innovative payment benchmarks: Claim Lodged to Requirements Sent (24hrs). All Requirements Received to Decision (48hrs), and Decision to Payment (48hrs). FMI also underwrites upfront and generally doesn’t aggregate on temporary income protection claims at claims stage.
- Liberty has become the first insurer to revise its screening methods for HIV and Continine, which means clients no longer have to undergo invasive medical tests and new policies can be issued significantly faster. Changes to their medical evidence collection process through using finger prick testing, making it faster, more efficient and more convenient for clients.
- Momentum Myriad’s new generation income protection will pay 150% of a typical clients’ income during their working life. By paying more than what they are paying now, we are helping them stock up for a long life, where medical advances are keeping them alive despite their disability. Disability cover is now converted to while life impairment cover at retirement – free of underwriting. Retirement savings gets a boost – first when client retire and again when they reach 80.
- Myriad Designer - This sophisticated first-of-its-kind electronic tool, will help you navigate the many choices your clients have, will design optimal risk solutions and will help you to do quotes with expert guidance in just a few clicks. Importantly, it also records the advice you give your clients automatically. Quicker quotes, appropriate advice and less advice risk.
- Momentum Interactive has been improved and medical reassessments are no longer required on a three yearly basis. Clients now only need to complete an easy online reassessment to retain their discounts. If they do this, their premium discount will never fall away.
- Momentum’s new date capture form now has 10 pages less to complete and has been redesigned to make completion easier. You will only be asked for information once and only one client signature is required. Significant enhancements to the electronic submission system (E-app) have been made, making it even easier to submit business directly to Momentum. You will be able to capture an application through your personal computer or tablet device. In addition, capturing screens now follow the look and feel of the new shortened application form and quotes done on our offline quote package can be uploaded automatically.
- STRIDE facilitated the implementation of a data standard with international standard organisation ACORD, that will enable insurers and binder holders to communicate with each other without the need to constantly translate from one business format to another. STRIDE also developed and is in the process of implementing an industry data switch, enabling all parties in the insurance transaction to implement one technology platform to allow a seamless flow of information to and from relevant parties.
- Momentum Short-term Insurance launched six new tailor-made products in addition to their existing four tailor made commercial products in 2012. Industries now covered: Medical, Hospitality, Food & Catering, Retail, Pharmacies, Optometry practices, Hairdressers, Barber shops, Beauty salons and Body Corporates.
- Liability Academy for Brokers (LAB) now has its own dedicated website: www.camargueacademy.co.za. The site provides brokers with the opportunity to: Read policy wordings in plain language explanations of cover, Search through an extensive database of frequently asked questions about covers, Learn about the Road Accident Fund, COID, the CPA and the law in general, Sign up for face to face training and Download material for inclusion presentations.
- Camergue instilled the M³ principle, with which the aim is to manage, mitigate and migrate the critical risks of clients. All clients have access to around 400 legal professionals who provide assistance on a variety of liability issues from product labelling to contract vetting and the training of sales staff on the CPA.
- Camargue’s Future Innovation – Apps for smart phones and tablets are currently in development, while quoting engines for D&O, EPL and Commercial Crime products are near completion. Further enhancements are being made to our existing online training facilities and electronic M³ services are being expanded.
- Lion of Africa Insurance recently implemented its electronic procurement system, which uses analytic capabilities to improve the claims procedure by initiating multiple activities and synchronising events. The core objective of the new electric system is to allow for customer centricity, as the claims flow passes to and from the client. Benefits already apparent with the new innovative system include improved stakeholder engagement, improved turnaround times on claims settlement, increased transparency and client retention, and a reduction in administration costs.
- Censo developed an innovative system that can analyse a claim’s risk. With an enormous database it can easily evaluate and compare a claims’ risk and determine in split seconds if it is necessary to investigate a claim further. This product ensures that Censo is a leader and bench setter in uncovering fraud in a very short time span.
- SSP’s Enhance and Evolve approach supports business transformation and innovation, by providing a framework for insurers to address their most urgent business priorities with modern technology while extending the life of existing core systems as part of a technology re-fresh strategy. This approach enables insurers to be more dynamic, adopting new and emerging technologies within their existing legacy environment through access to best of breed components. For many this will prove the best way forward when considering IT modernisation.
- Europ Assistance SA’s drives a unique solution that encourages members to drive responsibly. Members are able to claim up to two incidents a year, however should a member require additional trips, Euro Assistance SA will facilitate the booking on a member to pay basis.
BrightRock was started with the goal of creating insurance products that truly meets consumers’ and financial advisers’ needs. It offers truly individualised life insurance cover that’s built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock’s cover is flexible and changes appropriately when your needs change, it’s more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more detail please visit, www.brightrock.co.za.