Pinnacle Life was today named supreme winner of the US-based '2008 INNovator of the Year' award.
This award is the highest accolade for technology innovation within the insurance industry.
The award recognised Pinnacle Life's instant insurance website, a world-first e-commerce website which pioneered electronic underwriting, offering consumers immediate online life insurance cover. The proposition is backed by global giant Hannover Life Re whose Australian underwriting team contributed to the rule-development of the electronic underwriting engine.
The INNovators awards are organised by the Chicago-based Insurance Networking News (INN), the leading technology publication for the global insurance industry with a global readership of 58,000.
Pinnacle Life was the only non-US company to make the top twenty list of finalists, which included giants such as AIG, Allianz Life, AON, and Warren Buffet’s company GEICO.
Winners are determined by a panel of expert judges who recognised Pinnacle Life as the only finalist whose innovation directly benefited the customer, rather than merely delivering cost savings to the insurance provider.
Pinnacle Life launched its website in May 2007, making it the first life insurance provider anywhere in the world to deliver immediate, fully underwritten online cover to consumers. Pinnacle Life set out to target an emerging life insurance market amongst internet-savvy consumers and has enjoyed significant growth since it launched instant life insurance online.
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