Efma and Accenture launch 7th annual Innovation in Insurance Awards 07 December 2021

Applications now open for global competition celebrating the best innovations in insurance.

Efma and Accenture are now accepting applications for the seventh annual Innovation in Insurance Awards, which recognizes the insurers and insurtechs that are transforming the industry.

Efma and Accenture are now accepting applications for the seventh annual Innovation in Insurance Awards.

Established in 2016, the program rewards the best new innovative ideas and projects in insurance and provides a forum for organizations to share best practices. Last year, 460 submissions from 289 institutions in 55 countries were received.

Companies can submit their entries online until April 8, 2022 within the following seven categories:

Global Innovator (overall winner) – the entrant that commits to continuous innovation and transformation, the development and leadership of a broad ecosystem of partners extending beyond insurance, and the use of emerging technologies for improved customer experiences and business performance. To qualify for this category, the entrant must have submitted at least three innovations across the other six categories.

Connected Ecosystems & Marketplaces – new business models and scalable end-to-end value propositions that capitalize on the power of partnerships, platforms and the Internet of Things.

Insurtech – reserved for the insurance start-ups, spin-offs and technology firms that are harnessing technology to reinvent the customer experience whilst driving new value for insurers.

Product & Service Innovation – innovations that extend or replace the traditional insurance offering, creating new revenue pools through expansion into new and existing customer segments and markets.

Re-imagining the Customer Experience – innovations that enhance the way companies engage with customers via physical and/or digital channels.
Social, Sustainable & Responsible – advances in social purpose, and in the insurer’s commitment to being a good corporate citizen and a true ally of its customers.

Workforce Transformation – bringing together people, culture, leadership, organization and technology, enabling the insurer to realize the full potential of the human and machine workplace.

Each entry will be assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.

"Innovation in insurance has been dramatically shaped by changes to customer preferences and needs in recent years, which have been accelerated by the pandemic," said Jean Marc Pailhol, Efma chairman. "Now, it is a matter of capitalizing on those fundamental shifts, with technology at the core. Insurers must also embrace collaboration, co-creation, and digital platforms, both within the industry as well as externally. We look forward to yet another year of these successful awards with Accenture."

Silvia Milian, a managing director in Accenture's Insurance industry group and its lead for the awards, said, "The rise in entries over the past few years highlights the importance of innovation in building resilience, as demonstrated during the pandemic. We encourage insurers and insurtechs from across the globe to submit their ideas and best practices to help further transform their organizations and the industry; as well as bring new value to customers and the broader ecosystem."

Winners will be selected by a panel of judges comprising senior insurance executives from around the world, and an online vote by Efma members and non-members from insurance institutions. The winners will be announced at an awards ceremony on June 15, 2022.

To find out more about the awards and how to submit an entry, visit innovationininsurance.efma.com 

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