Know an Insurance Innovator? Bring Their Name Forward!

The new award program honors the people and companies that are helping to innovate, accelerate and enhance the insurance industry. If you would like to honor and recognize those who are innovating and modernizing the industry, nominate now! Here’s something you don’t hear everyday: Insurance is at the very core of human survival and progress for almost as long as we’ve been walking the earth. Today, as insurers and brokers strive to make it possible for their customers to sign up for policies that cover them for so many of the risks that impact them and their loved ones, it may be fun to reflect on the origins of insurance both as a concept and in practice - which can be see throughout human history all over the world. Here are just a few historical nuggets:

• Thousands of years before the first insurance policy was created, humans ventured out in groups to hunt wild elk and realized that it was better to spread the risks of being gored to death.
• As early as 5,000 years ago Babylonian and Chinese traders were amongst the first to divide up their wares amongst multiple ships to limit losses when charting out in treacherous waters.
• The Code of Hammurabi, carved into slabs of rock around 1750 B.C., was the first codified insurance policy, which prescribed that Babylonian ship merchants taking out loans on their shipments could pay a “loan forgiveness” fee to lenders in case of loss or theft at sea.
• In Medieval Europe, where most craftsmen were trained under the guild system and paid dues into a pool that covered their losses.
• Fast forward to 17th-century England, where the Great Fire of London that started in a bakery spread wildly out of control and destroyed over 13,000 houses and dozens of churches over 5 days. This prompted London’s builder during the reconstruction, Nicholas Barbon, to establish The Insurance Office, the world’s first insurance company.
• In the U.S. founding father Benjamin Franklin famously stated “an ounce of prevention is worth a pound of cure,” - which referred to his call for firefighting preparedness.In 1752 Franklin along with fellow firefighters organized the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire - the oldest successful property insurance company in the country.
• During World War II the first insurance for GIs was established to help ease the financial difficulties of women who lost their husbands in battle.
• And while the world's first automobile insurance policy was created in Dayton, Ohio in 1897, It wasn’t actually until the 1980s that the need for car insurance was made mandatory.

With the exponential leaps in technology over the past few decades, the diversity and growth of the insurance industry has been tremendous - with insurers and brokers supporting consumers and businesses and enabling them to move forward in every way, knowing they’re covered. As far as the industry has come, we can still take it significantly farther - Consider the fact that until recently, many insurance processes still relied on outdated manual and paper-heavy processes, snail mail, faxes, printers and photocopiers. Thankfully, processes have moved forward since then and leaders in the field continue to push tirelessly for digital progress and innovation - so that access, education and efficiency of insurance for all of us can be more seamless than ever. That’s precisely why it’s so vital to acknowledge - and celebrate - the people at the forefront of insurance innovation. To this end, Lightico is launching the first-ever Insurance Innovators Top 100 - leaders and influencers who are driving innovation in the field. These people are true innovators. We want to recognize them and their contributions.

Insurance Innovators Award: The Call for Nominees is officially open!

The awards are open to professionals working for insurance carriers, brokers, insurtech companies, and industry media. Nominations are open and can be made via this form.

Who’s eligible for nomination?

Nominees can be any individual within the insurance sector including lenders, consultants, influencers and service providers. Nominations are counted and the list will be compiled based on the number of nominations per person. As such, Insurance Innovators Top 100 is a true representation of the crowd in action and a reflection of who moves, shakes and innovates the insurance space. The top 100 will be announced in June of 2022. There is no entry fee to submit an award nomination, and you can nominate as many people that you like. So, if you would like to honor and recognize those who are innovating and modernizing the industry, nominate now! You can also encourage your peers to nominate you by sharing this link in your social and professional channels. We look forward to receiving your nominations!