While the order of the top three 2014 NPA Pacesetters mirrored 2013’s results, more P&C firms appear to be innovating more often, and the spread between the top firms narrowed drastically in 2014 to a “photo-finish” as only ten New-Product Announcements separated the top three.
ACE, XL, and Ironshore topped the list of 140 P&C firms – the largest field to date – vying to be the New-Product Announcement Pacesetters of 2014. SCROLL DOWN to view the Top 10 NPA Pacesetter rankings presented below along with comments from ACE’s John Lupica, XL’s Greg Hendrick, and Ironshore’s Kevin Kelley.
In 2014, ACE led this photo-finish with 33 New-Product entries reported in Advisen’s monthly Innovation News. XL was lockstep on ACE’s heels with 31 entries, and Ironshore had 23. During 2014, the race to the top of this ranking became much more competitive; compare these tallies by company to 2013 when ACE had 31, XL had 23, and Ironshore had 15. In terms of New-Product Pacesetter momentum among the top finishers, Ironshore had a 53% YOY increase, XL increased 35% YOY, and ACE increased 6% YOY.
Moreover, the total count of all New-Product notes was 373 in 2014, a 15% increase above the count of 324 in 2013, and the number of companies making an appearance in our monthly Innovation News increased to 140 in 2014 from 131 in 2013. Accordingly, these three leading companies – ACE, XL, and Ironshore – accounted for 23% of all 2014 New-Products notes versus 21% of all 2013 New-Product notes.
Big movers in innovation during 2014 included Berkshire Hathaway, which vaulted into the Top 10 for the first time this year. Also, Cooper Gay Swett & Crawford became the first wholesale brokerage ever to crack the Top 10. AIG returned to the Top 10 after a hiatus in 2013. Four companies—Allied World, Aon, Argo, and Marsh—continued their innovative efforts by returning again to this list following multiple previous appearances.
John Lupica, Chairman, Insurance-North America, ACE Group, commented: “ACE is very proud to once again receive this distinction from Advisen. ACE employees work exceptionally hard to deliver real value to our clients and business partners. We execute on this passion every day, and set high standards to ensure we stay relevant through innovation and continuous improvement.”
Greg Hendrick, Chief Executive, Insurance Operations, XL Group, commented: “At XL, we’re constantly pushing ourselves to be more innovative, finding new ways to manage risk, be more productive and enhance service. Innovation is part of our culture. We’ve made huge strides — announcing nearly three dozen new developments in 2014 – about 40% increase over 2013’s efforts. We’re especially excited to have collaborated with several of our clients and brokers on the development of some this year’s innovations. While risks change quickly, continued focus on innovation will help us keep ahead of that changing risk with the products and services our clients need.”
Kevin H. Kelley, Chief Executive Officer, Ironshore Inc., said: “Innovation is very, very important to our company and the foundation of the Ironshore culture. Helping our clients adjust to change is an essential driver of how we evolve as a company, providing coverage solutions throughout Ironshore’s global distribution platform. Offering new products that address market realities is a splendid way for us to engage with our clients and brokers and, ultimately, enable them to realize increased revenue.”
2014 Top 10 New-Product Pacesetters
Total companies making at least one NPA appearance: 140
This count of 140 companies represents an increase over 131 in 2013 and 107 in 2012.
New – Product Criteria & the Annual Pacesetter Ranking
Our monthly Innovation News contains descriptions of new commercial insurance product offerings and services sent as press releases to Advisen Editors via [email protected]
Our primary focus is on new offerings that evolve the array of P&C insurance and risk mitigation options available to insureds. We also have a penchant for including new products that represent marketplace responses to new & old problems and perils that impact insureds. Note that office moves, website revisions, and the opening of a new location lead the list of material that we typically decline (though that detail may appear in our sister column, People on the Move). One-time offerings, research papers for sale, webinars, and products intended for providers instead of insureds, etc. are also usually excluded. However, exceptions occur when we believe our audience will benefit from the announcement. Finally, the Advisen MAINsheet column summarizes Mergers & Acquisitions related to commercial P&C Insurance, so those items are not included in Innovation News. Most importantly, the decision to include or not include a particular “New-Product” is strictly an Advisen editorial decision.
We frown upon New-Product submissions that do not contain an individual’s name and contact information for inclusion.
For New-Products that are jointly submitted by multiple companies or that refer to multiple companies, we attribute these submissions to the first company mentioned.
Material sent to Advisen Editors via [email protected] will be considered for the next monthly edition of Innovation News. The 28th day of each month is the submission deadline for all months except December when the New-Product submission deadline is Tuesday December 22, 2015 at 5pm EST. Items submitted after this 2015 date will likely be included in our 2016 tally.
We do not acknowledge receipt of initial submissions nor do we notify senders with a verdict or rationale for material that does not get included. However, if your previously-submitted New-Product Announcement does not appear in Innovation News, you may appeal via [email protected] for re-consideration, subject to time lines above, and we will make every effort to respond.
We reserve the right to exclude any New-Product Announcement that is more than 2 months old.
Innovation News is global; however, all submitted material must be in English.
For 2015 NPA Pacesetter front runners, we welcome your self-reported tally for comparison if received by Wednesday December 23, 2015 at 5pm EST.
There is no charge to submit New-Product Announcement content.
2013 Top 10 Advisen New Product Pacesetters
Total companies making at least one NPA appearance: 131
2012 Top 10 Advisen New Product Pacesetters
Total companies making at least one NPA appearance: 107
2011 Top 10 Advisen New Product Pacesetters
Note that in 2011, we combined the reinsurance broker with its parent company
Total company making at least one NPA appearance: 92
2010 Top 10 Advisen New Product Pacesetters
