The 2022 Efma-Accenture Innovation in Insurance coverage Awards final entry information | Insurance coverage Weblog


Highlights:

  • Greater than 850 establishments have participated within the Innovation in Insurance coverage Awards since 2016. The awards are free to enter.
  • Discover a step-by-step walkthrough of the submissions course of with seven suggestions that will help you create a profitable submission.
  • Be taught extra in regards to the nomination and voting course of, which is performed by the Awards Committee, the worldwide Awards Jury and on-line voters.

The Efma-Accenture Innovation in Insurance coverage Awards is an annual, world competitors that rewards the most effective new concepts and practices reworking the trade for the good thing about each insurers and their clients. Open to insurance coverage, bancassurance, and insurtech organizations, the awards function a catalyst for innovation, serving to to attach a worldwide community of leaders and disruptors. A rigorous, unbiased judging course of determines the winners by their friends to make sure the awards’ ongoing credibility.

Innovation has grown to be a defining high quality within the insurance coverage trade, and a signifier of resilience in a worldwide financial panorama characterised by change. Successful an Innovation in Insurance coverage Award establishes your corporation as an trade chief. It’s, due to this fact, extra essential than ever to craft a compelling submission that clearly reveals the originality, impression, and universality of an insurance coverage group’s innovation. This information will stroll by way of the submission course of and judging standards whereas providing tricks to construct a persuasive case in your progressive initiative.

What you’ll discover on this information:

Concerning the Innovation in Insurance coverage Awards

Accenture and Efma, a worldwide non-profit group that facilitates networking between decision-makers in banking and insurance coverage, collectively launched the Innovation in Insurance coverage Awards in 2016.

“Innovation is being formed by buyer preferences and wishes. Everybody acknowledges the dramatic modifications in buyer habits lately, modifications accelerated by the Covid disaster. Digital-first is the first driver. Now, it's a matter of capitalizing on these basic shifts. So as to deliver vital and related options to those new clients, insurers should acknowledge the significance of collaboration, co-creation, platforms, each throughout the trade in addition to with these from different sectors. Inventive and progressive collaborations are one thing we're witnessing all through the trade and can solely proceed to develop in significance.” – Jean Marc Pailhol, Efma chairman.

The preliminary awards obtained 224 submissions from 148 establishments in 37 nations. The newest awards, in 2021, obtained practically 460 submissions from 289 establishments in 55 nations. The 2021 awards came about nearly through an internet awards ceremony on June 3, 2021.

Most are reserved for insurance coverage and bancassurance organizations. In 2018, an insurtech class was launched for know-how corporations with merchandise aimed particularly on the insurance coverage trade. Insurtechs may collectively enter different classes with their insurance coverage shoppers. The awards are open to all insurance coverage organizations no matter their Efma membership.

“The truth that we had a report variety of submissions in a yr marked by such vital disruption demonstrates clearly the significance of innovation to the insurance coverage trade. Companies should reinvent themselves in an effort to survive and develop. And the important thing to any profitable reinvention is innovation. That's the reason we look ahead to yet one more yr of those profitable awards with Accenture that acknowledge the corporations which might be taking the trade ahead,” Pailhol provides.

The three phases of the awards

  1. Concept assortment: Insurers, bancassurance and insurtech organizations are inspired to determine and submit their most progressive initiatives. Submissions are free.
  2. Judging and voting: An Awards Committee shortlists the submissions by way of a rigorous and unbiased course of. Following this, a jury of trade professionals deliberates and current the ultimate nominees to on-line voters.
  3. Awards ceremony: The highest three innovators in every class obtain the awards throughout a devoted occasion. Attending the awards ceremony is free, with many discovering it an inspiring and academic snapshot of present trade developments. The Product & Service award class requires video pitches from nominees—a favourite amongst attendees. Watch movies from previous Innovation in Insurance coverage Awards occasions:

Earlier winners

Why take part within the Innovation in Insurance coverage Awards?

Innovation in Insurance coverage Awards have members from all around the world—55 nations in 2021—and winners have hailed from a various vary of world innovators in Australia, Germany, Italy, the USA, Belgium, India and South Africa. The awards are a chance to place your organization as a trailblazer within the insurance coverage trade, achieve world recognition, and promote your innovation whereas seeing what your friends are doing and community with leaders within the trade.

2021 winner quotes

“Successful the EFMA Innovation in Insurance coverage Award has been an excellent success for all Generali individuals and the completely different entities which have been engaged on with ardour to innovate our companies. It generated nice publicity for these initiatives, each internally and externally. Now we wish to elevate the bar for us to stay as much as the improved expectations: being progressive is a steady strategy of difficult your beliefs and that is what Generali has been doing for 190 years.”

— S. Bison – Group Head of Enterprise Growth & Innovation and EFMA delegate

“Now we have been humbled by the various EFMA awards that the Generali Group gained in 2021, given the nice participation of main establishments from all around the world: greater than 400 purposes from 55 nations! Which means the Generali innovation efforts, and extra basically, our drive to turn out to be Lifetime Associate to our shoppers, have been appreciated by our friends, the advisors and the entire jury, and we're in the suitable path to embrace and lead the challenges of our trade,

— A. Di Rocco – Group Enterprise Growth & Partnerships Supervisor and EFMA co-delegate

Watch the highlights of the 2021 awards:

What sorts of improvements might be submitted?

To be eligible for the Innovation in Insurance coverage Awards, initiatives will need to have been launched after January two years prior and be not less than within the pilot stage. Awards classes evolve yearly to match the altering insurance coverage trade. In 2022, there might be seven submission classes:

  1. World Innovator: Essentially the most progressive insurer. The winner is the group whose company imaginative and prescient is absolutely dedicated to steady innovation and transformation, to the event and management of a broad ecosystem of companions extending past insurance coverage and to the strategic use of rising applied sciences that enhance the expertise of its clients and the efficiency of its enterprise. Winners will need to have submitted entries to not less than three classes and been invited to undergo the World Innovator class.
  2. Related Ecosystems & Marketplaces: Progressive practices that give rise to new enterprise fashions and scalable end-to-end worth propositions that capitalize on the facility of partnerships, platforms and the Web of Issues. Improvements, diversification alternatives and ecosystems might attain past the standard boundaries of insurance coverage and could also be submitted by incumbents, specialised gamers and different new opponents.
  3. Insurtech: The creation and/or software of progressive know-how that considerably enhances the shopper expertise and/or develops new sources of worth for insurers. This class is reserved for insurance coverage start-ups or spin-offs and know-how corporations concentrating on the insurance coverage trade. Improvements have to be stage-one funded, have a market launch proposition and/or have accomplished a profitable proof of idea out there.
  4. Product and Service Innovation: Improvements that considerably improve, lengthen or change the standard provide by creating new revenue swimming pools by way of serving new buyer segments or current segments in new methods and by coming into or creating new markets usually past the attain of insurance coverage gamers.
  5. Re-imagining the Buyer Expertise: Improvements that considerably improve the way in which corporations have interaction with clients. These new approaches create worth by way of, for instance, seamless and personalised experiences throughout bodily and/or digital channels, new buyer administration fashions, synthetic intelligence-driven recommendation, and progressive administration of buyer loyalty and satisfaction.
  6. Social, Sustainable & Accountable: Improvements that advance Insurance coverage’s social objective and its dedication to being a great company citizen and a real ally of its clients.
  7. Workforce Transformation: Improvements that efficiently deliver collectively individuals, tradition, management, group and know-how, enabling the insurer to understand the complete potential of the human and machine office.

The way to enter the innovation in insurance coverage awards

Organizations can enter the Innovation in Insurance coverage Awards without charge. All Efma monetary establishment members have full entry to evaluation all submissions, so please solely embody data in your submission that you're prepared to open up to the general public.

The next will stroll you thru the submission type. First, you will want to create a free account. It can save you your submission in draft at any time. Finishing the shape ought to take roughly half-hour if in case you have your content material and attachments prepared.

Get began by visiting the Submit an Innovation webpage.

Our innovation type includes 4 elements: What, Why, How, Outcomes.

What

  1. Give your innovation a singular and descriptive title. There isn't a phrase restrict, however we advocate sticking to 10 phrases or much less. Successful submission titles have included: AXA XL – Building Ecosystem, Discovery – AI Quote, Generali – WelionAPP, HITS – bAlby: The AI-based Child Cry Translator, Baloise – Drive Electrical and Generali – We Share App
  2. On your Elevator Pitch, slim your description to 10 phrases or much less. Be catchy!
  3. Present a quick abstract of your innovation in lower than 250 phrases. Your abstract ought to cowl the idea and aims, causes for innovating, aggressive panorama, supply/s of inspiration, departments concerned and key outcomes up to now.
  4. Uniqueness: Outline what makes the venture distinctive, together with progressive elements, traits and differentiating components. Specify whether or not your innovation represents an incremental or disruptive innovation and describe the way it matches inside your group’s present positioning and enterprise mannequin.
  5. Choose your class (evaluation class descriptions above)
  6. Select some key phrases within the checklist that finest suit your venture.
  7. Present your innovation launch date, relaunch date or date of your subsequent venture replace
  8. Give us extra information by deciding on the important thing applied sciences utilized, your core goal market, your innovation line of enterprise, the first worth chain aspect, and which distribution channels you utilize.

Why

The explanation behind: Clarify the important thing innovation drivers, corresponding to a buyer drawback, an unhappy want or a chance out there. That is the “why” in your venture. You may add completely different causes behind it.

How

  1. Present some data on the timing of the venture and funding made. Full your submission with a high-resolution cowl picture, which allows your innovation to be spotlighted on the Innovation in Insurance coverage Awards web site. Moreover, you possibly can connect extra pictures, URLs, paperwork or movies to construct out your submission. In 2021, Generali shared social media pages, brochures in addition to hyperlinks to its merchandise pages. Baloise hooked up a Youtube video for its Drive Electrical innovation.
  2. Describe one or a number of challenges confronted to implement your venture and inform us extra on the present standing of the venture.
  3. Give us extra information on the organizational construction supporting the initiative, together with the variety of individuals concerned but in addition the departments and the exterior companions concerned.
  4. Key contact. In case you are not the primary contact, please enter the title, job title and e mail of the particular person within the submitting firm. We'll want your data for any administrative or content material issues associated to your submission.

Outcomes

Describe the most important outcomes obtained or anticipated. Embody each qualitative (e.g. buyer satisfaction, different awards) and quantitative (e.g. decreased prices, elevated income, buyer acquisition) success metrics. You may choose completely different sorts of outcomes (price financial savings, buyer acquisition, productiveness, advantages). If you’re prepared, submit your innovation for the chance to be nominated and win an Innovation in Insurance coverage Award.

Innovation of the month awards alternative

Early entrants additionally could also be chosen for an Innovation of the Month Award, which fast-tracks organizations to the worldwide awards shortlist.

Seven suggestions for a profitable submission:

An innovation committee shortlists the most effective innovation in every class based mostly on 3 standards:

  1. Originality: the individuality of the thought within the market and its potential as a gamechanger.
  2. Influence: the innovation’s capability to generate a superior, long-term aggressive edge and a major return on funding.
  3. Universality: the innovation’s adaptability throughout completely different markets and nations.

Based mostly on an evaluation of profitable submissions and finest practices, listed here are seven suggestions that will help you construct a compelling case in your innovation.

  1. Clearly current the issue you wanted to resolve; present the way you used know-how or an progressive thought to resolve that drawback; and spotlight the outcomes with each qualitative and quantitative success metrics.
  2. Keep in mind to immediately handle every judging criterion: originality, impression and universality. Mapping your key factors to every criterion previous to writing your submission entries is a helpful train.
  3. Proofread and edit your submission. Whereas right spelling and grammar aren't standards, a elegant closing submission will impress your friends, who've the ultimate say concerning who wins.
  4. Visuals, corresponding to pictures, movies or screenshots of an software, could make your submission extra partaking. Collect your finest supporting supplies so as to add as attachments.
  5. Don’t be afraid to speak about your setbacks or challenges and the way you overcame them by way of ideation and implementation. These tales spark inspiration.
  6. Hold your viewers in thoughts: How can your innovation change the trade as an entire and impression your viewers members? Your clients? Voters wish to know why your innovation issues.
  7. Be particular, particularly in your outcomes. Use statistics and numbers to indicate development or change.

How are the winners chosen?

Following the submission deadline, the Awards Committee critiques all of the submissions and selects 9 improvements from every class to turn out to be nominees. Within the case of the World Innovator class, the committee shortlists as much as 12 purposes.

Each Efma members and non-members vote for nominees on-line. Voters resolve the highest three entries for every class (besides the World Innovator). These votes make up 50 % of the ultimate scores (40 % from Efma members and 10 % from non-members) with the remaining 50 % coming from Awards Jury members, comprising of senior insurance coverage executives from all over the world. The jury additionally selects the profitable World Innovators from the 12 shortlisted nominees. The highest six Product and Service Innovation class nominees will current their improvements on the awards ceremony, the place attendees will solid their votes in real-time.

Begin getting ready your Efma-Accenture Innovation in Insurance coverage Awards immediately. Obtain our infographic to make use of as a information for constructing a profitable submission.


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Disclaimer: This content material is offered for normal data functions and isn't supposed for use rather than session with our skilled advisors.

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