Other parts of this series:
Entries open for the 2019 Efma-Accenture Innovation in Insurance Awards. Winners to be announced on 24 June.
With 2019 well underway, it’s a good time to double-check diaries to make sure we’ve noted all the key events scheduled for the year ahead. One date I hope you’ve recorded is 24 June. This is when the winners of the 2019 Efma-Accenture Innovation in Insurance Awards will be announced.
Now in their fourth year, the awards have grown into the world’s leading showcase for the creative application of technology in the insurance industry. They attracted 320 submissions from more than 230 organizations in 45 countries last year. Japan’s Tokio Marine & Nichido Fire Insurance won the top accolade and was declared the 2018 Global Innovator. AXA and Generali were the winners in 2016 and 2017.
24 April is another key date to diarize. This is the closing date for submissions for this year’s awards. I strongly recommended that you submit descriptions of your new, innovative insurance products and projects for consideration. Get your submissions in early before the workload of 2019 climbs any further.
The Efma-Accenture Innovation in Insurance Awards provide a great opportunity for companies across the insurance industry to display their ability to use advanced technology to create outstanding products, differentiated customer experiences and ground-breaking business solutions. They offer insurers, and associated firms, an excellent platform to demonstrate their innovation prowess, acknowledge their top-performing development teams, benchmark their new offerings and applications, build their business brand and attract scarce talent.
What’s more, the awards allow companies throughout the insurance sector to come together to recognize and promote exceptional innovation and progress within our industry. The awards function, which will be held in Amsterdam this year, is always an ideal occasion for networking, acknowledging the work of others and being inspired by the tremendous creativity that’s taking place in the insurance industry.
To reflect the major shifts taking place within the global insurance industry, we’ve modified the categories for this year’s Efma-Accenture Innovation in Insurance Awards. These are the seven categories:
Global Innovator: The insurance industry’s premier accolade. Its awarded to the organization that is judged to have most successfully implemented a corporate vision that commits it to continuous innovation and transformation, to the development and leadership of a broad ecosystem of partners that extends beyond insurance, and to capitalizing on emerging technologies that improve the experience of its customers and the performance of its business.
Core Insurance Transformation: Recognizes the significant improvement of underwriting, claims management or other processes to optimize pricing, fraud prevention, efficiency, product personalization or business agility. It should do this through advanced automation, predictive or behavioral modelling, artificial intelligence or the application of other technologies.
Connected Insurance and Ecosystems: Showcases innovative practices that apply new business models and scalable value-propositions that capitalize on the power of partnerships, platforms and the Internet of Things. These multi-party innovations may stretch beyond the traditional boundaries of the insurance industry. They can therefore be submitted for this award by any of the participants in the collaboration.
Customer Experience: Highlights innovations that enhance substantially how organizations engage with their customers. Such innovations might create value, for example, by delivering seamless, personalized experiences across discrete or integrated physical and digital channels. They could also include new customer management models, artificial-intelligence-driven advice services or fresh approaches to improving loyalty and satisfaction among policyholders.
Insurtech: Recognizes the creation or application of innovative technology that enhances substantially the customer experience or develops new sources of value for insurers. This category is reserved for insurance start-ups and spin-offs as well as technology firms that are targeting the insurance industry. The innovations submitted for this award must have received stage-one funding. They should also be supported by a market-release proposition or have undergone a successful proof-of-concept trial.
Product and Service Innovation: Highlights innovations that significantly enhance, extend or replace traditional insurance offerings. They should increase profitability by serving new groups of customers, addressing current policyholders in innovative ways or breaking into fresh markets that are typically beyond the reach of traditional insurers.
Workforce Transformation: Spotlights innovations that bring together people, cultures, leaders, organizational structures and new technologies to realize the potential of human-machine collaboration and transform the workplace.
I’m confident that the 2019 Efma-Accenture Innovation in Insurance Awards will attract a host of inspiring innovations from pioneers throughout the industry. Let’s make 24 June a date to remember.
To find out more about the Efma–Accenture Innovation in Insurance Awards, or to submit your innovation, visit https://www.efma.com/innovationininsurance/.