- Greater than 850 establishments have participated within the Innovation in Insurance coverage Awards since 2016. The awards are loose to go into.
- Discover a step by step walkthrough of the submissions procedure with seven pointers that will help you create a profitable submission.
- Be informed extra in regards to the nomination and vote casting procedure, which is performed via the Awards Committee, the global Awards Jury and on-line electorate.
The Efma-Accenture Innovation in Insurance coverage Awards is an annual, world pageant that rewards the most productive new concepts and practices reworking the trade for the good thing about each insurers and their consumers. Open to insurance coverage, bancassurance, and insurtech organizations, the awards function a catalyst for innovation, serving to to attach a global community of leaders and disruptors. A rigorous, unbiased judging procedure determines the winners via their friends to verify the awards’ ongoing credibility.
Innovation has grown to be a defining high quality within the insurance coverage trade, and a signifier of resilience in a world financial panorama characterized via trade. Successful an Innovation in Insurance coverage Award establishes what you are promoting as an trade chief. It’s, subsequently, extra essential than ever to craft a compelling submission that obviously presentations the originality, affect, and universality of an insurance coverage group’s innovation. This information will stroll in the course of the submission procedure and judging standards whilst providing tricks to construct a persuasive case on your leading edge initiative.
What you’ll in finding on this information:
Concerning the Innovation in Insurance coverage Awards
Accenture and Efma, a world non-profit group that facilitates networking between decision-makers in banking and insurance coverage, collectively introduced the Innovation in Insurance coverage Awards in 2016.
“Innovation is being formed via buyer personal tastes and desires. Everybody acknowledges the dramatic adjustments in buyer conduct lately, adjustments speeded up via the Covid disaster. Virtual-first is the principle motive force. Now, this is a subject of capitalizing on the ones elementary shifts. With a purpose to deliver essential and related answers to those new consumers, insurers will have to recognize the significance of collaboration, co-creation, platforms, each inside the trade in addition to with the ones from different sectors. Inventive and leading edge collaborations are one thing we’re witnessing all through the trade and can most effective keep growing in significance.” – Jean Marc Pailhol, Efma chairman.
The preliminary awards won 224 submissions from 148 establishments in 37 international locations. The latest awards, in 2021, won just about 460 submissions from 289 establishments in 55 international locations. The 2021 awards came about nearly by way of a web based awards rite on June 3, 2021.
Maximum are reserved for insurance coverage and bancassurance organizations. In 2018, an insurtech class used to be presented for generation corporations with merchandise aimed in particular on the insurance coverage trade. Insurtechs may additionally collectively input different classes with their insurance coverage purchasers. The awards are open to all insurance coverage organizations without reference to their Efma club.
“The truth that we had a report selection of submissions in a yr marked via such important disruption demonstrates obviously the significance of innovation to the insurance coverage trade. Companies will have to reinvent themselves with the intention to live to tell the tale and develop. And the important thing to any a success reinvention is innovation. This is the reason we look ahead to but some other yr of those a success awards with Accenture that acknowledge the corporations which might be taking the trade ahead,” Pailhol provides.
The 3 levels of the awards
- Concept assortment: Insurers, bancassurance and insurtech organizations are inspired to spot and put up their maximum leading edge projects. Submissions are loose.
- Judging and vote casting: An Awards Committee shortlists the submissions via a rigorous and unbiased procedure. Following this, a jury of trade pros deliberates and provide the overall nominees to on-line electorate.
- Awards rite: The highest 3 innovators in every class obtain the awards all through a devoted tournament. Attending the awards rite is loose, with many discovering it an inspiring and academic snapshot of present trade developments. The Product & Provider award class calls for video pitches from nominees—a favourite amongst attendees. Watch movies from previous Innovation in Insurance coverage Awards occasions:
Why take part within the Innovation in Insurance coverage Awards?
Innovation in Insurance coverage Awards have individuals from far and wide the arena—55 international locations in 2021—and winners have hailed from a various vary of worldwide innovators in Australia, Germany, Italy, the US, Belgium, India and South Africa. The awards are a possibility to place your corporate as a trailblazer within the insurance coverage trade, achieve world reputation, and advertise your innovation whilst seeing what your friends are doing and community with leaders within the trade.
2021 winner quotes
“Successful the EFMA Innovation in Insurance coverage Award has been an ideal luck for all Generali other people and the other entities which have been operating on with interest to innovate our companies. It generated nice exposure for those projects, each internally and externally. Now we wish to carry the bar for us to are living as much as the improved expectancies: being leading edge is a continual strategy of difficult your ideals and that is what Generali has been doing for 190 years.”
— S. Bison – Workforce Head of Trade Construction & Innovation and EFMA delegate
“We’ve been humbled via the various EFMA awards that the Generali Workforce received in 2021, given the good participation of main establishments from far and wide the arena: greater than 400 packages from 55 international locations! Which means that the Generali innovation efforts, and extra generally, our power to grow to be Lifetime Spouse to our purchasers, were liked via our friends, the counselors and the entire jury, and we’re in the precise route to include and lead the demanding situations of our trade,”
— A. Di Rocco – Workforce Trade Construction & Partnerships Supervisor and EFMA co-delegate
Watch the highlights of the 2021 awards:
What forms of inventions will also be submitted?
To be eligible for the Innovation in Insurance coverage Awards, projects will have to were introduced after January two years prior and be a minimum of within the pilot degree. Awards classes evolve annually to check the converting insurance coverage trade. In 2022, there will probably be seven submission classes:
- World Innovator: Essentially the most leading edge insurer. The winner is the group whose company imaginative and prescient is absolutely dedicated to steady innovation and transformation, to the advance and management of a huge ecosystem of companions extending past insurance coverage and to the strategic use of rising applied sciences that reinforce the revel in of its consumers and the efficiency of its trade. Winners will have to put up entries to multiple class.
- Hooked up Ecosystems & Marketplaces: Leading edge practices that give upward push to new trade fashions and scalable end-to-end price propositions that capitalize at the energy of partnerships, platforms and the Web of Issues. Inventions, diversification alternatives and ecosystems would possibly succeed in past the standard barriers of insurance coverage and could also be submitted via incumbents, specialised avid gamers and different new competition.
- Insurtech: The introduction and/or utility of leading edge generation that considerably complements the client revel in and/or develops new assets of price for insurers. This class is reserved for insurance coverage start-ups or spin-offs and generation corporations focused on the insurance coverage trade. Inventions will have to be stage-one funded, have a marketplace unencumber proposition and/or have finished a a success evidence of thought out there.
- Product and Provider Innovation: Inventions that considerably improve, lengthen or exchange the standard be offering via developing new cash in swimming pools via serving new buyer segments or present segments in new tactics and via coming into or developing new markets normally past the succeed in of insurance coverage avid gamers.
- Re-imagining the Buyer Enjoy: Inventions that considerably improve the best way corporations have interaction with consumers. Those new approaches create price via, for instance, seamless and customized stories throughout bodily and/or virtual channels, new buyer control fashions, synthetic intelligence-driven recommendation, and leading edge control of purchaser loyalty and pride.
- Social, Sustainable & Accountable: Inventions that advance Insurance coverage’s social goal and its dedication to being a excellent company citizen and a real best friend of its consumers.
- Group of workers Transformation: Inventions that effectively deliver in combination other people, tradition, management, group and generation, enabling the insurer to appreciate the entire attainable of the human and system place of job.
How to go into the innovation in insurance coverage awards
Organizations can input the Innovation in Insurance coverage Awards for free of charge. All Efma monetary establishment participants have complete get right of entry to to check all submissions, so please most effective come with data for your submission that you’re prepared to give away to the general public.
The next will stroll you in the course of the submission shape. First, it is very important create a loose account. You’ll save your submission in draft at any time. Finishing the shape must take roughly half-hour when you have your content material and attachments in a position.
Get began via visiting the Publish an Innovation webpage.
Our innovation shape contains 4 portions: What, Why, How, Effects.
- Give your innovation a singular and descriptive identify. There is not any phrase prohibit, however we suggest sticking to ten phrases or much less. Successful submission titles have integrated: AXA XL – Building Ecosystem, Discovery – AI Quote, Generali – WelionAPP, HITS – bAlby: The AI-based Child Cry Translator, Baloise – Power Electrical and Generali – We Percentage App
- On your Elevator Pitch, slender your description to ten phrases or much less. Be catchy!
- Supply a short lived abstract of your innovation in not up to 250 phrases. Your abstract must quilt the concept that and goals, causes for innovating, aggressive panorama, supply/s of inspiration, departments concerned and key effects up to now.
- Distinctiveness: Outline what makes the mission distinctive, together with leading edge sides, traits and differentiating elements. Specify whether or not your innovation represents an incremental or disruptive innovation and describe the way it suits inside your company’s present positioning and trade type.
- Make a choice your class (evaluate class descriptions above)
- Make a selection some key phrases within the record that best possible suit your mission.
- Supply your innovation release date, relaunch date or date of your subsequent mission replace
- Give us extra information via deciding on the important thing applied sciences applied, your core target audience, your innovation line of industrial, the principle price chain component, and which distribution channels you employ.
The explanation at the back of: Provide an explanation for the important thing innovation drivers, comparable to a buyer drawback, an unhappy want or a possibility out there. That is the “why” on your mission. You’ll upload other causes at the back of it.
- Supply some data at the timing of the mission and funding made. Whole your submission with a high-resolution quilt symbol, which allows your innovation to be spotlighted at the Innovation in Insurance coverage Awards web page. Moreover, you’ll connect extra pictures, URLs, paperwork or movies to construct out your submission. In 2021, Generali shared social media pages, brochures in addition to hyperlinks to its merchandise pages. Baloise hooked up a Youtube video for its Power Electrical innovation.
- Describe one or a number of demanding situations confronted to enforce your mission and let us know extra at the present standing of the mission.
- Give us extra information at the organizational construction supporting the initiative, together with the selection of other people concerned but in addition the departments and the exterior companions concerned.
- Key touch. In case you don’t seem to be the primary touch, please input the identify, process name and e-mail of the individual within the filing corporate. We can want your data for any administrative or content material issues similar on your submission.
Describe the most important effects bought or anticipated. Come with each qualitative (e.g. buyer pride, different awards) and quantitative (e.g. decreased prices, larger income, buyer acquisition) luck metrics. You’ll make a choice other forms of effects (price financial savings, buyer acquisition, productiveness, advantages). Whilst you’re in a position, put up your innovation for the chance to be nominated and win an Innovation in Insurance coverage Award.
Innovation of the month awards alternative
Early entrants additionally could also be decided on for an Innovation of the Month Award, which fast-tracks organizations to the worldwide awards shortlist.
Seven pointers for a profitable submission:
An innovation committee shortlists the most productive innovation in every class in keeping with 3 standards:
- Originality: the distinctiveness of the theory on the market and its attainable as a gamechanger.
- Affect: the innovation’s capability to generate a awesome, long-term aggressive edge and an important go back on funding.
- Universality: the innovation’s adaptability throughout other markets and international locations.
In line with an research of profitable submissions and best possible practices, listed here are seven pointers that will help you construct a compelling case on your innovation.
- Obviously provide the issue you had to resolve; display the way you used generation or an leading edge thought to resolve that drawback; and spotlight the effects with each qualitative and quantitative luck metrics.
- Keep in mind to at once cope with every judging criterion: originality, affect and universality. Mapping your key issues to every criterion previous to writing your submission entries is an invaluable workout.
- Proofread and edit your submission. Whilst right kind spelling and grammar don’t seem to be standards, a refined ultimate submission will provoke your friends, who’ve the overall say relating to who wins.
- Visuals, comparable to pictures, movies or screenshots of an utility, could make your submission extra enticing. Acquire your best possible supporting fabrics so as to add as attachments.
- Don’t be afraid to speak about your setbacks or demanding situations and the way you overcame them via ideation and implementation. Those tales spark inspiration.
- Stay your target audience in thoughts: How can your innovation trade the trade as a complete and affect your target audience participants? Your consumers? Citizens wish to know why your innovation issues.
- Be particular, particularly for your effects. Use statistics and numbers to turn enlargement or trade.
How are the winners selected?
Following the submission cut-off date, the Awards Committee opinions the entire submissions and selects 9 inventions from every class to grow to be nominees. When it comes to the World Innovator class, the committee shortlists as much as 12 packages.
Each Efma participants and non-members vote for nominees on-line. Citizens make a decision the highest 3 entries for every class (with the exception of the World Innovator). Those votes make up 50 p.c of the overall rankings (40 p.c from Efma participants and 10 p.c from non-members) with the remainder 50 p.c coming from Awards Jury participants, comprising of senior insurance coverage executives from all over the world. The jury additionally selects the profitable World Innovators from the 12 shortlisted nominees. The highest six Product and Provider Innovation class nominees will provide their inventions on the awards rite, the place attendees will solid their votes in real-time.
Get started getting ready your Efma-Accenture Innovation in Insurance coverage Awards lately. Obtain our infographic to make use of as a information for development a profitable submission.
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