Other parts of this series:
The annual innovation awards give insurers an opportunity to show how they're using emerging technology to overcome the challenges confronting their industry.
The most creative and exciting innovations in insurance are celebrated each year at the Efma–Accenture Innovation in Insurance Awards. These global awards provide a showcase for carriers to display how they’re responding to the changes confronting the insurance industry by pioneering ground-breaking products, services and solutions; many of which advance their businesses in new directions. They’re not only accolades for creativity and innovation. They’re also demonstrations of how companies can turn business challenges into opportunities for revenue growth.
Nominations for the 2018 Efma–Accenture Innovation in Insurance Awards close on 20 April. I’m especially looking forward to seeing how insurers are advancing the application of emerging technology to deliver new business offerings that enhance the wellbeing of their customers. The 2017 awards attracted more than 200 entries from nearly 150 institutions in 38 countries.
“Any insurer or bancassurance institution is eligible to submit an innovation for consideration for one of the awards.”
This year’s Efma-Accenture Innovation in Insurance Awards comprises eight categories:
Intelligent Automation: Innovations that leverage the disruptive power of artificial intelligence, such as cognitive computing, robotics and machine learning, to deliver sophisticated, effective business solutions.
Best Disruptive Product or Service: Innovations that enhance, extend or replace traditional offerings; create additional sources of revenue by reaching new customer segments or addressing established segments in new ways; and open markets beyond the conventional boundaries of the insurance industry.
Claims Management: Innovative practices in claims management that facilitate or accelerate claims management or improve the detection and prevention of fraud.
Connected Insurance and Ecosystems: Innovations that use the Internet of Things to create new insurance business models by combining technology, ecosystem services and partners.
Customer Experience and Engagement: Innovations that radically improve how insurers engage with their customers. They could include seamless and personalized experiences across physical and digital channels, new customer management models, or pioneering approaches to building customer satisfaction and loyalty.
Global Innovator: Organizations committed to continuous innovation and transformation; the development and leadership of a broad ecosystem of partners that extends beyond insurance; and the application of emerging technologies that enhance the customer experience and boost business performance.
Insurtech: Innovative technology that improves substantially any part of the insurance value chain; enhances the customer experience; or explores new sources of value for insurers. This category is reserved for insurance start-ups and spin-offs as well as technology firms targeting the insurance industry.
Data-Enabled Underwriting: Significant enhancement of the underwriting process through improved data collection, from traditional or new sources, and the use of advanced analytics to support personalization and accuracy.
Any insurer or bancassurance institution is eligible to submit an innovation for consideration for one of the awards. The innovation, however, must have been launched or introduced as a pilot project after 1 January 2016.
The best entrants will be shortlisted by the Efma committee. Efma members together with a jury of insurance professionals will then vote for the top innovation in each of the eight categories. The winners will be announced at a ceremony in Paris in June 2018.
I’m keen to see the insurance industry’s most exciting innovations at this year’s awards. Don’t delay in submitting your entries.
To learn more about the Efma–Accenture Innovation in Insurance Awards or to submit your innovation, visit the Efma Innovation in Insurance website.