2022-The 2022 Efma-Accenture Innovation in Insurance Awards ultimate entry guide | Insurance Blog

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Highlights:

  • Greater than 850 establishments have participated within the Innovation in Insurance coverage Awards since 2016. The awards are free to enter.
  • Discover a step-by-step walkthrough of the submissions course of with seven suggestions that can assist you create a successful submission.
  • Study extra concerning the nomination and voting course of, which is performed by the Awards Committee, the worldwide Awards Jury and on-line voters.

The Efma-Accenture Innovation in Insurance coverage Awards is an annual, world competitors that rewards the very best new concepts and practices reworking the business for the good thing about each insurers and their prospects. Open to insurance coverage, bancassurance, and insurtech organizations, the awards function a catalyst for innovation, serving to to attach a worldwide community of leaders and disruptors. A rigorous, impartial judging course of determines the winners by their friends to make sure the awards’ ongoing credibility.

Innovation has grown to be a defining high quality within the insurance coverage business, and a signifier of resilience in a worldwide financial panorama characterised by change. Profitable an Innovation in Insurance coverage Award establishes your small business as an business chief. It’s, due to this fact, extra necessary than ever to craft a compelling submission that clearly exhibits the originality, impression, and universality of an insurance coverage group’s innovation. This information will stroll by the submission course of and judging standards whereas providing tricks to construct a persuasive case in your modern initiative.

What you’ll discover on this information:

In regards to the Innovation in Insurance coverage Awards

Accenture and Efma, a worldwide non-profit group that facilitates networking between decision-makers in banking and insurance coverage, collectively launched the Innovation in Insurance coverage Awards in 2016.

“Innovation is being formed by buyer preferences and desires. Everybody acknowledges the dramatic adjustments in buyer habits lately, adjustments accelerated by the Covid disaster. Digital-first is the first driver. Now, it’s a matter of capitalizing on these basic shifts. As a way to convey crucial and related options to those new prospects, insurers should acknowledge the significance of collaboration, co-creation, platforms, each throughout the business in addition to with these from different sectors. Inventive and modern collaborations are one thing we’re witnessing all through the business and can solely proceed to develop in significance.” – Jean Marc Pailhol, Efma chairman.

The preliminary awards acquired 224 submissions from 148 establishments in 37 international locations. The newest awards, in 2021, acquired practically 460 submissions from 289 establishments in 55 international locations. The 2021 awards befell just about through a web based awards ceremony on June 3, 2021.

Most are reserved for insurance coverage and bancassurance organizations. In 2018, an insurtech class was launched for expertise firms with merchandise aimed particularly on the insurance coverage business. Insurtechs may collectively enter different classes with their insurance coverage purchasers. The awards are open to all insurance coverage organizations no matter their Efma membership.

“The truth that we had a document variety of submissions in a 12 months marked by such vital disruption demonstrates clearly the significance of innovation to the insurance coverage business. Corporations should reinvent themselves with a view to survive and develop. And the important thing to any profitable reinvention is innovation. That’s the reason we stay up for one more 12 months of those profitable awards with Accenture that acknowledge the companies which can be taking the business ahead,” Pailhol provides.

The three phases of the awards

  1. Thought assortment: Insurers, bancassurance and insurtech organizations are inspired to establish and submit their most modern initiatives. Submissions are free.
  2. Judging and voting: An Awards Committee shortlists the submissions by a rigorous and impartial course of. Following this, a jury of business professionals deliberates and current the ultimate nominees to on-line voters.
  3. Awards ceremony: The highest three innovators in every class obtain the awards throughout a devoted occasion. Attending the awards ceremony is free, with many discovering it an inspiring and academic snapshot of present business developments. The Product & Service award class requires video pitches from nominees—a favourite amongst attendees. Watch movies from previous Innovation in Insurance coverage Awards occasions:

Earlier winners

Why take part within the Innovation in Insurance coverage Awards?

Innovation in Insurance coverage Awards have contributors from everywhere in the world—55 international locations in 2021—and winners have hailed from a various vary of worldwide innovators in Australia, Germany, Italy, the USA, Belgium, India and South Africa. The awards are a possibility to place your organization as a trailblazer within the insurance coverage business, acquire world recognition, and promote your innovation whereas seeing what your friends are doing and community with leaders within the business.

2021 winner quotes

“Profitable the EFMA Innovation in Insurance coverage Award has been an excellent success for all Generali individuals and the totally different entities which have been engaged on with ardour to innovate our companies. It generated nice publicity for these initiatives, each internally and externally. Now we need to elevate the bar for us to dwell as much as the improved expectations: being modern is a steady technique of difficult your beliefs and that is what Generali has been doing for 190 years.”

— S. Bison – Group Head of Enterprise Growth & Innovation and EFMA delegate

“We have now been humbled by the various EFMA awards that the Generali Group received in 2021, given the good participation of main establishments from everywhere in the world: greater than 400 purposes from 55 international locations! Because of this the Generali innovation efforts, and extra normally, our drive to develop into Lifetime Associate to our purchasers, have been appreciated by our friends, the advisors and the entire jury, and we’re in the suitable course to embrace and lead the challenges of our business,

— A. Di Rocco – Group Enterprise Growth & Partnerships Supervisor and EFMA co-delegate

Watch the highlights of the 2021 awards:

What sorts of improvements could be submitted?

To be eligible for the Innovation in Insurance coverage Awards, initiatives should have been launched after January two years prior and be no less than within the pilot stage. Awards classes evolve yearly to match the altering insurance coverage business. In 2022, there can be seven submission classes:

  1. International Innovator: Probably the most modern insurer. The winner is the group whose company imaginative and prescient is absolutely dedicated to steady innovation and transformation, to the event and management of a broad ecosystem of companions extending past insurance coverage and to the strategic use of rising applied sciences that enhance the expertise of its prospects and the efficiency of its enterprise. Winners should have submitted entries to no less than three classes and been invited to undergo the International Innovator class.
  2. Related Ecosystems & Marketplaces: Progressive practices that give rise to new enterprise fashions and scalable end-to-end worth propositions that capitalize on the facility of partnerships, platforms and the Web of Issues. Improvements, diversification alternatives and ecosystems could attain past the standard boundaries of insurance coverage and could also be submitted by incumbents, specialised gamers and different new rivals.
  3. Insurtech: The creation and/or utility of modern expertise that considerably enhances the client expertise and/or develops new sources of worth for insurers. This class is reserved for insurance coverage start-ups or spin-offs and expertise companies focusing on the insurance coverage business. Improvements should be stage-one funded, have a market launch proposition and/or have accomplished a profitable proof of idea available in the market.
  4. Product and Service Innovation: Improvements that considerably improve, prolong or change the standard supply by creating new revenue swimming pools by serving new buyer segments or present segments in new methods and by coming into or creating new markets sometimes past the attain of insurance coverage gamers.
  5. Re-imagining the Buyer Expertise: Improvements that considerably improve the best way firms interact with prospects. These new approaches create worth by, for instance, seamless and personalised experiences throughout bodily and/or digital channels, new buyer administration fashions, synthetic intelligence-driven recommendation, and modern administration of buyer loyalty and satisfaction.
  6. Social, Sustainable & Accountable: Improvements that advance Insurance coverage’s social goal and its dedication to being company citizen and a real ally of its prospects.
  7. Workforce Transformation: Improvements that efficiently convey collectively individuals, tradition, management, group and expertise, enabling the insurer to appreciate the complete potential of the human and machine office.

How one can enter the innovation in insurance coverage awards

Organizations can enter the Innovation in Insurance coverage Awards without charge. All Efma monetary establishment members have full entry to evaluation all submissions, so please solely embody info in your submission that you’re keen to open up to the general public.

The next will stroll you thru the submission type. First, you have to to create a free account. It can save you your submission in draft at any time. Finishing the shape ought to take roughly half-hour in case you have your content material and attachments prepared.

Get began by visiting the Submit an Innovation webpage.

Our innovation type includes 4 components: What, Why, How, Outcomes.

What

  1. Give your innovation a singular and descriptive identify. There isn’t any phrase restrict, however we suggest sticking to 10 phrases or much less. Profitable submission titles have included: AXA XL – Development Ecosystem, Discovery – AI Quote, Generali – WelionAPP, HITS – bAlby: The AI-based Child Cry Translator, Baloise – Drive Electrical and Generali – We Share App
  2. In your Elevator Pitch, slim your description to 10 phrases or much less. Be catchy!
  3. Present a short abstract of your innovation in lower than 250 phrases. Your abstract ought to cowl the idea and targets, causes for innovating, aggressive panorama, supply/s of inspiration, departments concerned and key outcomes to date.
  4. Uniqueness: Outline what makes the undertaking distinctive, together with modern points, traits and differentiating elements. Specify whether or not your innovation represents an incremental or disruptive innovation and describe the way it suits inside your group’s present positioning and enterprise mannequin.
  5. Choose your class (evaluation class descriptions above)
  6. Select some key phrases within the listing that finest suit your undertaking.
  7. Present your innovation launch date, relaunch date or date of your subsequent undertaking replace
  8. Give us extra data by deciding on the important thing applied sciences utilized, your core goal market, your innovation line of enterprise, the first worth chain factor, and which distribution channels you utilize.

Why

The explanation behind: Clarify the important thing innovation drivers, reminiscent of a buyer drawback, an unhappy want or a possibility available in the market. That is the “why” in your undertaking. You possibly can add totally different causes behind it.

How

  1. Present some info on the timing of the undertaking and funding made. Full your submission with a high-resolution cowl picture, which permits your innovation to be spotlighted on the Innovation in Insurance coverage Awards web site. Moreover, you possibly can connect extra photos, 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 connected a Youtube video for its Drive Electrical innovation.
  2. Describe one or a number of challenges confronted to implement your undertaking and inform us extra on the present standing of the undertaking.
  3. Give us extra data on the organizational construction supporting the initiative, together with the variety of individuals concerned but in addition the departments and the exterior companions concerned.
  4. Key contact. In case you are not the primary contact, please enter the identify, job title and e mail of the individual within the submitting firm. We are going to want your info for any administrative or content material issues associated to your submission.

Outcomes

Describe the foremost outcomes obtained or anticipated. Embrace each qualitative (e.g. buyer satisfaction, different awards) and quantitative (e.g. lowered prices, elevated income, buyer acquisition) success metrics. You possibly can choose totally different sorts of outcomes (value financial savings, buyer acquisition, productiveness, advantages). While you’re prepared, submit 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 chosen for an Innovation of the Month Award, which fast-tracks organizations to the worldwide awards shortlist.

Seven suggestions for a successful submission:

An innovation committee shortlists the very best innovation in every class primarily based on 3 standards:

  1. Originality: the distinctiveness of the concept within the market and its potential as a gamechanger.
  2. Impression: the innovation’s capability to generate a superior, long-term aggressive edge and a major return on funding.
  3. Universality: the innovation’s adaptability throughout totally different markets and international locations.

Primarily based on an evaluation of successful submissions and finest practices, listed here are seven suggestions that can assist you construct a compelling case in your innovation.

  1. Clearly current the issue you wanted to resolve; present the way you used expertise or an modern concept to resolve that drawback; and spotlight the outcomes with each qualitative and quantitative success metrics.
  2. Bear in mind to straight deal with every judging criterion: originality, impression and universality. Mapping your key factors to every criterion previous to writing your submission entries is a helpful train.
  3. Proofread and edit your submission. Whereas right spelling and grammar usually are not standards, a cultured closing submission will impress your friends, who’ve the ultimate say relating to who wins.
  4. Visuals, reminiscent of photos, movies or screenshots of an utility, could make your submission extra participating. Collect your finest supporting supplies so as to add as attachments.
  5. Don’t be afraid to speak about your setbacks or challenges and the way you overcame them by ideation and implementation. These tales spark inspiration.
  6. Preserve your viewers in thoughts: How can your innovation change the business as an entire and impression your viewers members? Your prospects? Voters need to know why your innovation issues.
  7. Be particular, particularly in your outcomes. Use statistics and numbers to indicate development or change.

How are the winners chosen?

Following the submission deadline, the Awards Committee evaluations all of the submissions and selects 9 improvements from every class to develop into nominees. Within the case of the International Innovator class, the committee shortlists as much as 12 purposes.

Each Efma members and non-members vote for nominees on-line. Voters determine the highest three entries for every class (besides the International Innovator). These votes make up 50 % of the ultimate scores (40 % from Efma members and 10 % from non-members) with the remaining 50 % coming from Awards Jury members, comprising of senior insurance coverage executives from all over the world. The jury additionally selects the successful International Innovators from the 12 shortlisted nominees. The highest six Product and Service Innovation class nominees will current their improvements on the awards ceremony, the place attendees will forged their votes in real-time.

Begin getting ready your Efma-Accenture Innovation in Insurance coverage Awards right now. Download our infographic to make use of as a information for constructing a successful submission.


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Disclaimer: This content material is supplied for common info functions and isn’t supposed for use rather than session with our skilled advisors.

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