The Efma–Accenture Innovation in Insurance Awards were launched in 2016 to recognize and promote innovation in the industry. Encouraging insurers to explore new ways of growing their business, the awards celebrate the best new ideas that are transforming our industry – and serve to spark further innovation.
The awards continue to grow in their reach and importance, with 320 submissions received in 2018 from 237 carriers in 45 countries across the globe. Winners were announced on June 12 at the global awards ceremony in Paris, and a second ceremony specifically recognizing US and Canadian innovation in Boston on October 24.
There are three major Awards phases:
There are six categories you can submit entries for in the 2019 awards:
CONNECTED INSURANCE & ECOSYSTEMS: Innovative practices that give rise to new business models, scalable end-to-end value propositions that capitalize on the power of partnerships, platforms and the Internet of Things. Innovations, diversification opportunities and ecosystems may reach beyond the traditional boundaries of insurance, and may be submitted by incumbents, specialized players and other new competitors.
CORE INSURANCE TRANSFORMATION: Significant enhancement of the underwriting, claims or other processes, through improved automation, predictive/behavioral models, artificial intelligence or other advances, to support price optimization, fraud prevention, efficiency, personalization or enhanced agility.
CUSTOMER EXPERIENCE: Innovations that significantly enhance the way companies engage with customers. These new approaches create value through, for example, seamless and personalized experiences across physical and/or digital channels, new customer management models, artificial-intelligence-driven advice, and innovative management of customer loyalty and satisfaction.
INSURTECH: The creation and/or application of innovative technology that substantially enhances the customer experience and/or develops new sources of value for insurers. This category is reserved for insurance start-ups and spin-offs, and technology firms targeting the insurance industry. Innovations must be stage-one funded, have a market release proposition, and/or have completed a successful market proof of concept.
PRODUCT & SERVICE INNOVATION: Innovations that significantly enhance, extend or replace the traditional offer, creating new profit pools by serving new customer segments or existing segments in new ways, and entering or creating new markets typically beyond the reach of insurance players.
WORKFORCE TRANSFORMATION: Innovations that successfully bring together people, culture, leadership, organization and technology, enabling the insurer to realize the full potential of the human and machine workplace.
In addition, a GLOBAL INNOVATOR will also be recognized. To qualify for this, you need to submit at least three innovations in the other six categories. The winner is then selected by a dedicated jury of insurance professionals.
The Efma–Accenture Innovation in Insurance Awards aims to appraise and recognize the most innovative projects, initiatives and ideas in insurance globally. Winners are awarded by their peers, with a rigorous, independent process ensuring the credibility of the awards.
By entering you will:
For more information please speak to your Accenture executive or contact Nicky Holmes, Awards Manager, at email@example.com
2018 AWARDS - NORTH AMERICA EVENT HIGHLIGHTS
The success of the global Efma-Accenture Innovation in Insurance Awards motivated the North American Insurance team to launch a linked ceremony showcasing the best of the NA entries. The inaugural event took place in Boston on October 24 and you can now access the video of the ceremony.
INNOVATION TRENDS IN INSURANCE
Jean Francois-Gasc, Insurance Managing Director for EALA responds to questions about what disruptive opportunities are gaining speed in the insurance industry.
2017 AWARDS HIGHLIGHTS
Get a glimpse of some of the best moments from the 2nd annual awards.