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MAKING THE EXCEPTIONAL VISIBLE

OVERVIEW

The Efma-Accenture Innovation in Insurance Awards have been serving as a catalyst for innovation in the insurance sector since their inception in 2016. This global competition rewards the best new ideas and practices that are transforming the industry for the benefit of insurers and customers alike. Winners are awarded by their peers, with a rigorous, independent process ensuring the credibility of the awards. The competition attracted 395 submissions from 287 institutions in 54 countries, showcasing the best examples of insurance technology innovations in multiple categories. View the 2019 winners.


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The winners of the fourth Innovation in Insurance Awards were announced at the annual awards ceremony, held in Amsterdam on June 24, which was attended by some 80 high-level delegates who enjoyed an exciting and interactive agenda, comprising the awards ceremony itself with a gala dinner, winner presentations, pitches, Q&As and live voting. There will be a second ceremony specifically recognizing US and Canadian innovation in Chicago on November 6.

There are three major Awards phases (exact dates and event locations for 2020 to be confirmed in due course):

  • Idea collection (July 2019 – May 2020): All insurers are encouraged to identify their most innovative initiatives and submit them here.
  • Judging & voting process (May 2020): A rigorous and independent process ensures the credibility of the awards. This includes shortlisting by an Awards Committee; deliberations by a jury of industry professionals; and a broader online voting process.
  • Awards ceremonies (June & November 2020): The best innovation in each category will be rewarded during dedicated by-invitation-only events in Europe and North America during June and November, respectively. This will include the winners presenting their submissions.

There were six award categories in 2019 (see below.) The 2020 categories will be communicated shortly but you can still enter the awards now here (remember to register first here.)

CONNECTED INSURANCE & ECOSYSTEMS

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

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

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

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

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

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.

GLOBAL INNOVATOR

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:

  • Help promote a culture of innovation in insurance
  • Achieve the recognition of your colleagues
  • Be acknowledged by your industry peers
  • Gain public acclaim for your organization as an innovation leader
  • Network with other executives who are driving innovation
  • Benchmark your innovation against those of other insurers
  • Be inspired by the creativity and boldness of your peers

  • If you don’t already have an Efma account, register here.
  • If you do have an account, log in here and submit your entry.
  • You can submit any number of entries in any of the categories; Global Innovator nominees are selected from all the entries by the shortlist panel.
  • Your innovation must have been launched after 1 January 2018.
  • Only insurance and bancassurance companies may enter all awards categories. Insurtechs may submit their innovations in the Insurtech category only. These innovations must be stage-one funded, have a market release proposition, and/or have completed a successful market proof of concept.
  • Deadline for entries: May 2020.
  • There is no charge to enter.

MORE INSURANCE INNOVATION VIDEOS

2018 AWARDS - GLOBAL EVENT HIGHLIGHTS (PARIS)


The award ceremony took place in Paris on June 12, and showcased how­­­ Insurers from around the world are embracing new technologies to develop innovations around the customer experience, transform their operations and create new efficiencies. View the highlights.

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.


READ MORE ABOUT INSURANCE TRENDS

2017 AWARDS HIGHLIGHTS


Get a glimpse of some of the best moments from the 2nd annual awards.


LEARN MORE ABOUT THE 2019 COMPETITION

2017 AWARDS: WINNER INSIGHTS


The Efma-Accenture Innovation in Insurance Awards Ceremony in London united 26 countries to celebrate innovation. Learn more about disruptive projects that won.


LEARN MORE ABOUT THE 2017 WINNERS

LATEST INSURANCE THOUGHT LEADERSHIP

Reshaping business models for a more profitable future

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