Accenture Efma

THE EFMA−ACCENTURE INNOVATION IN INSURANCE AWARDS 2019

MAKING THE EXCEPTIONAL
VISIBLE

The Efma−Accenture Innovation in Insurance Awards celebrate the very best new ideas that are transforming our industry. Your ideas, put into action and delivering results. Submit your entry today, share your idea, and get the credit it deserves from your colleagues and peers.

what are the
innovation
awards
what are the
benefits
of participating?
how can you
submit your
innovation?
innovation of
the month

WHAT ARE THE INNOVATION AWARDS

The Efma-Accenture Innovation in Insurance Awards have served as a catalyst for innovation in the insurance sector and have helped insurers develop better disruptive strategies.

This global competition is a showcase of the most exciting and effective innovations that are taking advantage of emerging technologies and responding to the disruption and opportunities in insurance.

7 AWARD CATEGORIES

−  Connected Insurance & Ecosystems
−  Core Insurance Transformation
−  Customer Experience
−  Global Innovator
−  Insurtech
−  Product & Service Innovation
−  Workforce Transformation

A rigorous, independent judging and voting process ensures the credibility of the awards.

The awards ceremony is recognized as the premier annual gathering of insurance innovators and their ideas worldwide

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what are the benefits of participating?

The Efma-Accenture Innovation in Insurance Awards offer benefits for entrants, winners and the industry as a whole.
  • Help promote a culture of innovation in insurance
  • Achieve the recognition of your colleagues
  • Be acknowledged by your industry peers
  • Gain public acclaim for your organization as an innovation leader
  • Network with other executives who are driving innovation
  • Benchmark your innovation against those of other insurers
  • Be inspired by the creativity and boldness of your peers

Submit

how can you submit your innovation?

The Efma-Accenture Innovation in Insurance Awards offer benefits for entrants, winners and the industry as a whole.

  1. If you don’t already have an Efma account, register free of charge here
  2. If you do have an account, log in and submit your entry
  3. You can submit any number of entries. Note, to qualify for the Global Innovator category, insurers need to submit at least three innovations in the other seven categories. The winner is then selected by a dedicated jury of insurance professionals.
  4. Your innovation must have been launched after 1 January 2017, and must be in at least the pilot phase.
  5. Only insurance and bancassurance companies may enter all 6 awards categories. Insurtechs may submit their innovations in the Insurtech category only. These innovations must be stage-one funded, have a market release proposition, and/or have completed a successful market proof of concept.
  6. Visit the Innovation Showcase to see previous submissions
  7. Deadline for entries: 24 April 2019
  8. There is no charge to enter
  9. Contact Efma or  Accenture with any queries

Submit

innovation of the month: December 2018

Click on the image to access the innovation:

Shift-Technology

237

Institutions

45

Countries

320

Innovations

SUBMISSIONS PROCESS

How to enter the awards and key milestone dates.

from 01/11 to 24/04
from 06/05 to 17/05
from 01/05 to 15/06
from 24/06 to 31/07

The Efma–Accenture Innovation in Insurance Awards was launched in 2016 to identify and award the most innovative projects in the insurance sector. The awards also aim to highlight and share worldwide best practices that will help accelerate the transformation of insurance as we know it for the better.

In 2018, the awards attracted 320 entries from nearly 237 institutions in 45 countries. The 2019 edition is now open for entries until 24 April 2019. Get a head start and submit your most innovative projects now. You can also start the submission process and finish it later.

For the six above mentioned categories, Efma members and non-members vote online prior to the awards ceremony, as well as an Awards Jury comprising senior insurance executives from across the world.

All voters will be requested to rank the innovations on a podium (Winner, Silver, Bronze), via our dedicated voting web page.

The votes of jury members will count for 50% of the final scores, while the remaining 50% will be decided by online voters/visitors (40% for Efma Members and 10% for non-members)

For the Product & Service Innovation Award, online voters and jury members will shortlist six innovations out of the nine nominated ones, and the six selected innovators will come on stage to pitch their innovations in front of the audience. After the live pitches, there will be an interactive vote and the winner in the category will be announced on stage.

For the Global Innovator Award, the Awards Jury will select the winner from the fifteen nominees identified by the Awards Committee.


The best innovation in each of the six standard categories will be recognized at a dedicated awards ceremony.

The Innovation Award Committee will also further recognize one insurance player as a ‘Global Innovator’.

Winners will have the opportunity to present on their innovation journey, reflect on their experiences and share the key success factors in the design, development and operational phases of their innovation.

Participation is restricted to the winners & is FREE of charge. Other financial institution may attend on invitation-only.

Winners will be unveiled right after the Awards Ceremony, on 24 June 2019.

The Award categories

Find out about the award categories

AWARD CATEGORIES

CONNECTED INSURANCE & ECOSYSTEMS

CONNECTED INSURANCE & ECOSYSTEMS

Innovative practices that give rise to new business models and scalable end-to-end value propositions that capitalize on the power…

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CORE INSURANCE TRANSFORMATION

CORE INSURANCE TRANSFORMATION

Significant enhancement of the underwriting, claims or other processes, through improved automation, predictive/behavioral models, artificial intelligence or other advances,…

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CUSTOMER EXPERIENCE

CUSTOMER EXPERIENCE

Innovations that significantly enhance the way companies engage with customers. These new approaches create value through, for example, seamless…

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GLOBAL INNOVATOR

GLOBAL INNOVATOR

The most innovative insurer. The winner is the organization whose corporate vision commits it successfully to continuous innovation and…

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INSURTECH

INSURTECH

The creation and/or application of innovative technology that substantially enhances the customer experience and/or develops new sources of value…

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PRODUCT & SERVICE INNOVATION

PRODUCT & SERVICE INNOVATION

Innovations that significantly enhance, extend or replace the traditional offer, creating new profit pools by serving new customer segments…

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WORKFORCE TRANSFORMATION

WORKFORCE TRANSFORMATION

Innovations that successfully bring together people, culture, leadership, organization, and technology, enabling the insurer to realize the full potential…

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CONNECTED INSURANCE & ECOSYSTEMS

Innovative practices that give rise to new business models and scalable end-to-end value propositions that capitalize on the power of partnerships,platforms and the Internet of Things. Innovations, diversification opportunities and ecosystems may reach beyond the traditional boundaries of insurance, and may be submitted by incumbents, specialized players and other new competitors.

Submit in this category

CORE INSURANCE TRANSFORMATION

Significant enhancement of the underwriting, claims or other processes, through improved automation, predictive/behavioral models, artificial intelligence or other advances, to support price optimization, fraud prevention, efficiency, personalization or enhanced agility.

Submit in this category

CUSTOMER EXPERIENCE

Innovations that significantly enhance the way companies engage with customers. These new approaches create value through, for example, seamless and personalized experiences across physical and/or digital channels, new customer management models, artificial-intelligence-driven advice, and innovative management of customer loyalty and satisfaction.

Submit in this category

GLOBAL INNOVATOR

The most innovative insurer. The winner is the organization whose corporate vision commits it successfully to continuous innovation and transformation, to the development and leadership of a broad ecosystem of partners extending beyond insurance, and to the exploitation of emerging technologies that improve the experience of its customers and the performance of its business.

INSURTECH

The creation and/or application of innovative technology that substantially enhances the customer experience and/or develops new sources of value for insurers. This category is reserved for insurance start-ups and spin-offs, and technology firms targeting the insurance industry. Innovations must be stage-one funded, have a market release proposition, and/or have completed a successful market proof of concept.

Submit in this category

PRODUCT & SERVICE INNOVATION

Innovations that significantly enhance, extend or replace the traditional offer, creating new profit pools by serving new customer segments or existing segments in new ways, and entering or creating new markets typically beyond the reach of insurance players.

Submit in this category

WORKFORCE TRANSFORMATION

Innovations that successfully bring together people, culture, leadership, organization, and technology, enabling the insurer to realize the full potential of the human and machine workplace.

Submit in this category

765

innovations submitted
since 2016

25

senior industry leaders acted as judges
in 2017

10700

online votes received
since 2016

463

institutions have participated
since 2016

Judging & Voting process

A rigorous and independent process ensures the credibility of the awards.

The Efma–Accenture Innovation in Insurance Awards aims to appraise and recognize the most innovative projects, initiatives and ideas in insurance globally. Winners are awarded by their peers, with a rigorous, independent process ensuring the credibility of the awards.

Nomination
Voting
Judging
Awards jury

Nine innovations will be shortlisted by the Awards Committee for each of the award categories. The committee will comprise industry experts. In addition, fifteen applications will be shortlisted for the special Global Innovator category.

For all but the Global Innovator category, Efma members and non-members will vote online between 06 May and 17 May, using our dedicated web page to select the top three entries. This will make up 50% of the final scores (40% from Efma members and 10% from non-members). The remaining 50% will come from the votes of an Awards Jury, which comprises senior insurance executives from across the world.

For the Product & Service Innovation category, online voters and jury members will shortlist six innovations out of the nine nominated ones. The six shortlisted innovators will present their innovations to the audience at the awards ceremony. The audience will then cast their votes and the winner will be announced on-stage.

For the Global Innovator category, the Awards Jury will select the winner from the fifteen nominees identified by the Awards Committee.

Entries are evaluated on a scale of 1 to 10, taking the following three criteria into account:

  1. Originality: the uniqueness of the idea in the marketplace and its potential as a game-changer.
  2. Impact: the innovation’s capacity to generate a superior, long-term competitive edge and a significant return on investment.
  3. Universality: the innovation’s adaptability across different markets and countries.

 

 

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Award ceremony

The best innovation in each category will be rewarded during a dedicated event in Amsterdam on 24 June.

It was a record-setting year for the Efma-Accenture Innovation in Insurance Awards, with 320 submissions received from 237 carriers in 45 countries across the globe. Watch the highlights from the awards ceremony in Paris and learn more about the industry-leading innovations.

765

Innovations submitted
since 2016

320

Innovations submitted
in 2018

25

Senior insurance leaders
acted as judges in 2018

7400

online votes received
in 2018