- More than 850 establishments have participated within the Innovation in Insurance Awards since 2016. The awards are free to enter.
- Find a step-by-step walkthrough of the submissions course of with seven ideas that can assist you create a profitable submission.
- Learn extra concerning the nomination and voting course of, which is carried out by the Awards Committee, the worldwide Awards Jury and on-line voters.
The Efma-Accenture Innovation in Insurance Awards is an annual, international competitors that rewards the perfect new concepts and practices remodeling the business 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, impartial 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 business, and a signifier of resilience in a world financial panorama characterised by change. Winning an Innovation in Insurance Award establishes your enterprise as an business 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 the submission course of and judging standards whereas providing tricks to construct a persuasive case on your revolutionary initiative.
What you’ll discover on this information:
About the Innovation in Insurance Awards
Accenture and Efma, a world non-profit group that facilitates networking between decision-makers in banking and insurance coverage, collectively launched the Innovation in Insurance Awards in 2016.
“Innovation is being formed by buyer preferences and desires. Everyone acknowledges the dramatic modifications in buyer conduct lately, modifications accelerated by the Covid disaster. Digital-first is the first driver. Now, it’s a matter of capitalizing on these basic shifts. In order to carry vital and related options to those new clients, insurers should acknowledge the significance of collaboration, co-creation, platforms, each inside the business in addition to with these from different sectors. Creative and revolutionary collaborations are one thing we’re witnessing all through the business and can solely proceed to develop in significance.” – Jean Marc Pailhol, Efma chairman.
The preliminary awards obtained 224 submissions from 148 establishments in 37 international locations. The most up-to-date awards, in 2021, obtained practically 460 submissions from 289 establishments in 55 international locations. The 2021 awards came about nearly through a web-based awards ceremony on June 3, 2021.
Most are reserved for insurance coverage and bancassurance organizations. In 2018, an insurtech class was launched for expertise firms with merchandise aimed particularly on the insurance coverage business. Insurtechs may additionally collectively enter different classes with their insurance coverage purchasers. The awards are open to all insurance coverage organizations no matter their Efma membership.
“The indisputable fact that we had a report variety of submissions in a yr marked by such important disruption demonstrates clearly the significance of innovation to the insurance coverage business. Firms should reinvent themselves to be able to survive and develop. And the important thing to any profitable reinvention is innovation. That is why we sit up for yet one more yr of those profitable awards with Accenture that acknowledge the corporations which can be taking the business ahead,” Pailhol provides.
The three phases of the awards
- Idea assortment: Insurers, bancassurance and insurtech organizations are inspired to determine and submit their most revolutionary initiatives. Submissions are free.
- Judging and voting: An Awards Committee shortlists the submissions by a rigorous and impartial course of. Following this, a jury of business professionals deliberates and current the ultimate nominees to on-line voters.
- Awards ceremony: The high 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 business traits. The Product & Service award class requires video pitches from nominees—a favourite amongst attendees. Watch movies from previous Innovation in Insurance Awards occasions:
Why take part within the Innovation in Insurance Awards?
Innovation in Insurance Awards have contributors from everywhere in the world—55 international locations in 2021—and winners have hailed from a various vary of worldwide 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 business, acquire international recognition, and promote your innovation whereas seeing what your friends are doing and community with leaders within the business.
2021 winner quotes
“Winning the EFMA Innovation in Insurance Award has been a fantastic success for all Generali folks 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 need to elevate the bar for us to dwell as much as the improved expectations: being revolutionary is a steady technique of difficult your beliefs and that is what Generali has been doing for 190 years.”
— S. Bison – Group Head of Business Development & Innovation and EFMA delegate
“We have been humbled by the various EFMA awards that the Generali Group gained in 2021, given the nice participation of main establishments from everywhere in the world: greater than 400 purposes from 55 international locations! This signifies that the Generali innovation efforts, and extra typically, our drive to change into Lifetime Partner to our purchasers, have been appreciated by our friends, the advisors and the entire jury, and we’re in the appropriate route to embrace and lead the challenges of our business,”
— A. Di Rocco – Group Business Development & Partnerships Manager and EFMA co-delegate
Watch the highlights of the 2021 awards:
What sorts of improvements may be submitted?
To be eligible for the Innovation in Insurance Awards, initiatives should have been launched after January two years prior and be at the least within the pilot stage. Awards classes evolve yearly to match the altering insurance coverage business. In 2022, there might be seven submission classes:
- Global Innovator: The most revolutionary insurer. The winner is the group whose company imaginative and prescient is totally 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 should have submitted entries to at the least three classes and been invited to undergo the Global Innovator class.
- Connected Ecosystems & Marketplaces: Innovative practices that give rise to new enterprise fashions and scalable end-to-end worth propositions that capitalize on the ability of partnerships, platforms and the Internet of Things. Innovations, diversification alternatives and ecosystems might attain past the normal boundaries of insurance coverage and could also be submitted by incumbents, specialised gamers and different new rivals.
- Insurtech: The creation and/or utility of revolutionary expertise 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 expertise corporations concentrating on the insurance coverage business. Innovations have to be stage-one funded, have a market launch proposition and/or have accomplished a profitable proof of idea out there.
- Product and Service Innovation: Innovations that considerably improve, prolong or substitute the normal supply by creating new revenue swimming pools by serving new buyer segments or current segments in new methods and by getting into or creating new markets usually past the attain of insurance coverage gamers.
- Re-imagining the Customer Experience: Innovations that considerably improve the way in which firms interact with clients. These new approaches create worth by, for instance, seamless and customized experiences throughout bodily and/or digital channels, new buyer administration fashions, synthetic intelligence-driven recommendation, and revolutionary administration of buyer loyalty and satisfaction.
- Social, Sustainable & Responsible: Innovations that advance Insurance’s social goal and its dedication to being a very good company citizen and a real ally of its clients.
- Workforce Transformation: Innovations that efficiently carry collectively folks, tradition, management, group and expertise, enabling the insurer to understand the total potential of the human and machine office.
How to enter the innovation in insurance coverage awards
Organizations can enter the Innovation in Insurance Awards for gratis. All Efma monetary establishment members have full entry to assessment all submissions, so please solely embrace info in your submission that you’re keen to speak in confidence to the general public.
The following will stroll you thru the submission type. First, you will want to create a free account. You can save your submission in draft at any time. Completing the shape ought to take roughly half-hour you probably have your content material and attachments prepared.
Get began by visiting the Submit an Innovation webpage.
Our innovation type includes 4 components: What, Why, How, Results.
- Give your innovation a novel and descriptive identify. There is not any phrase restrict, however we suggest sticking to 10 phrases or much less. Winning submission titles have included: AXA XL – Construction Ecosystem, Discovery – AI Quote, Generali – WelionAPP, HITS – bAlby: The AI-based Baby Cry Translator, Baloise – Drive Electric and Generali – We Share App
- For your Elevator Pitch, slender your description to 10 phrases or much less. Be catchy!
- Provide a short abstract of your innovation in lower than 250 phrases. Your abstract ought to cowl the idea and goals, causes for innovating, aggressive panorama, supply/s of inspiration, departments concerned and key outcomes up to now.
- Uniqueness: Define what makes the mission distinctive, together with revolutionary points, traits and differentiating elements. Specify whether or not your innovation represents an incremental or disruptive innovation and describe the way it suits inside your group’s present positioning and enterprise mannequin.
- Select your class (assessment class descriptions above)
- Choose some key phrases within the checklist that finest suit your mission.
- Provide your innovation launch date, relaunch date or date of your subsequent mission replace
- Give us extra information by choosing the important thing applied sciences utilized, your core goal market, your innovation line of enterprise, the first worth chain ingredient, and which distribution channels you employ.
The cause behind: Explain the important thing innovation drivers, akin to a buyer downside, an unhappy want or a chance out there. This is the “why” on your mission. You can add completely different causes behind it.
- Provide some info on the timing of the mission and funding made. Complete your submission with a high-resolution cowl picture, which permits your innovation to be spotlighted on the Innovation in Insurance Awards web site. Additionally, you may connect extra photographs, 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 connected a Youtube video for its Drive Electric innovation.
- Describe one or a number of challenges confronted to implement your mission and inform us extra on the present standing of the mission.
- Give us extra information on the organizational construction supporting the initiative, together with the variety of folks concerned but additionally the departments and the exterior companions concerned.
- Key contact. If you aren’t the principle contact, please enter the identify, job title and e-mail of the individual within the submitting firm. We will want your info for any administrative or content material issues associated to your submission.
Describe the main outcomes obtained or anticipated. Include each qualitative (e.g. buyer satisfaction, different awards) and quantitative (e.g. decreased prices, elevated income, buyer acquisition) success metrics. You can choose completely different sorts of outcomes (value financial savings, buyer acquisition, productiveness, advantages). When you’re prepared, submit your innovation for the chance to be nominated and win an Innovation in Insurance 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 ideas for a profitable submission:
An innovation committee shortlists the perfect innovation in every class based mostly on 3 standards:
- Originality: the distinctiveness of the thought within the market and its potential as a gamechanger.
- Impact: the innovation’s capability to generate a superior, long-term aggressive edge and a big return on funding.
- Universality: the innovation’s adaptability throughout completely different markets and international locations.
Based on an evaluation of profitable submissions and finest practices, listed here are seven ideas that can assist you construct a compelling case on your innovation.
- Clearly current the issue you wanted to unravel; present the way you used expertise or an revolutionary concept to unravel that downside; and spotlight the outcomes with each qualitative and quantitative success metrics.
- Remember to instantly tackle every judging criterion: originality, impression and universality. Mapping your key factors to every criterion previous to writing your submission entries is a helpful train.
- Proofread and edit your submission. While appropriate spelling and grammar aren’t standards, a cultured last submission will impress your friends, who’ve the ultimate say relating to who wins.
- Visuals, akin to photographs, movies or screenshots of an utility, could make your submission extra participating. Gather your finest supporting supplies so as to add as attachments.
- Don’t be afraid to speak about your setbacks or challenges and the way you overcame them by ideation and implementation. These tales spark inspiration.
- Keep your viewers in thoughts: How can your innovation change the business as a complete and impression your viewers members? Your clients? Voters need to know why your innovation issues.
- Be particular, particularly in your outcomes. Use statistics and numbers to point out development or change.
How are the winners chosen?
Following the submission deadline, the Awards Committee evaluations all of the submissions and selects 9 improvements from every class to change into nominees. In the case of the Global Innovator class, the committee shortlists as much as 12 purposes.
Both Efma members and non-members vote for nominees on-line. Voters determine the highest three entries for every class (besides the Global Innovator). These votes make up 50 p.c of the ultimate scores (40 p.c from Efma members and 10 p.c from non-members) with the remaining 50 p.c coming from Awards Jury members, comprising of senior insurance coverage executives from around the globe. The jury additionally selects the profitable Global Innovators from the 12 shortlisted nominees. The high 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.
Start making ready your Efma-Accenture Innovation in Insurance Awards immediately. Download our infographic to make use of as a information for constructing a profitable submission.
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