Efma-Accenture Innovation in Insurance Awards return to North America November 6, 2019

North American insurers: it’s time to enter your visionary new capabilities for the Efma-Accenture Innovation in Insurance Awards. Last year, we saw the awards expand into a truly global initiative. While the main ceremony will be held this year in Amsterdam, on June 24, we will once again be hosting a regional ceremony, this year in Chicago, to highlight leading-edge innovation here in North America. The venue will be announced soon.

2019 marks the fourth annual awards, which recognize insurance and bancassurance companies and insurtechs innovating across six categories. A North American Innovator will also be awarded for submitting at least three innovations across the categories. Last year, USAA won this premier award for fostering a collaborative and creative corporate culture, launching several programs that encourage innovation across the organization.

The global awards categories were updated this year to reflect changes we’ve witnessed in the industry. Last year, we recognized a surge in innovation as more insurers transition to becoming “living businesses” —customer-centric organizations that evolve with and adapt to changing markets at speed and scale.

Participating companies have until April 24, 2019, to enter this year’s awards. Here are the six categories:

Connected Insurance & Ecosystems: this is a revamped category and will award innovative practices that generate new business models and scalable end-to-end value propositions that capitalize on the power of partnerships, platforms and the Internet of Things. Munich Reinsurance America won a North American award last year for LossDetect™, a customized technology-driven risk management solution to mitigate customers’ auto losses and prepare for the future of mobility.

Core Insurance Transformation: this new category will award insurers that have made significant enhancements to their underwriting, claims or other processes, through improved automation, predictive/behavioral models, artificial intelligence or other advanced technologies.

Customer Experience: innovations that enhance insurers’ relationship with their customers qualify for this category. Last year, MetLife US took home an award for its real-time customer service coaching program, Cogito, that uses artificial intelligence to help phone-based representatives be more confident and empathetic when engaging with customers.

Product & Service Innovation: this new category will recognize innovations that enhance, extend or replace the traditional insurance offer, serving new or existing customers in new ways.

Workforce Transformation: this new category looks at how humans and machines are collaborating in the workplace. Innovators will have successfully brought together people, culture, leadership, organization and technology to redefine how they operate.

Insurtech: insurance technology startups that are stage-one funded, have a market release proposition and/or have completed a successful market proof of concept will be recognized for the innovation they bring to the industry. Last year, Traity took home this award in North America for Trustbond, insurance underwriting that helps gather data on customers’ reputations from various sources and replaces the traditional home rental deposit with a surety bond. 

Submissions are evaluated by a jury of insurance professionals based on three criteria: originality, impact and universality—the innovation’s adaptability across different markets and countries. North American insurers have the potential to be recognized at the global as well as the North American ceremony.

More than just an awards ceremony

The awards ceremonies are an excellent opportunity to network with other industry leaders and share ideas with a peer audience. Last year, final nominees in two categories delivered five-minute pitches, and attendees voted for the winners. I had the honor of presenting on insurance trends and the changing insurance landscape. It’s an excellent opportunity to learn more about and discuss what’s happening in the industry.

How to enter

There is no entry fee for the Efma-Accenture Innovation in Insurance Awards and no limit on how many innovations you can submit. You can enter via the Innovation in Insurance portal. You will need:

  • To decide the category/ies your company’s innovation falls under.
  • The name of the project and its launch date (the innovation must have launched by January 1, 2017 and be at least in the pilot phase).
  • A brief summary as well as the details about the project.
  • Contact details.
  • Any documents or other media to support your case.

Again, submissions close on April 24, 2019, and judging & voting will begin on May 6, 2019. Use #InsAwards19 on social media to share your innovation and join the conversation leading up to and during the awards ceremonies. Help us make the exceptional visible! Enter today.

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