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Efma-Accenture Innovation in Insurance Awards 2021's ultimate start guide



How to make the exceptional visible.

Highlights

  • More than 850 institutions have participated in the Innovation in Insurance Awards since 2016. Prizes are free to participate.
  • Find a step-by-step review of the submission process with seven tips to help you create a winning entry.
  • Learn more about the nomination and voting process, conducted by the Awards Committee, the Global Award Jury and Online Voters.

Introduction

The Efma-Accenture Innovation in Insurance Awards is an annual, global competition that rewards the best new ideas and practices that transform the industry for the benefit of both insurance companies and their customers. The awards are open to insurance, bank insurance and insurtech organizations and act as a catalyst for innovation and help connect a worldwide network of leaders and disruptors. A careful, independent judging process is decided by the winners of their peers to ensure the credibility of the award.

As prices grow year after year, it becomes increasingly important to create a convincing contribution that clearly shows the originality, impact and universality of an insurance organization's innovation. This guide goes through the submission process and assesses the criteria while providing tips for building a compelling case for your innovative initiative.

What you will find in this guide:

The history and design of the Innovation in Insurance Awards

The three phases of the awards: submission, assessment / voting and award ceremonies [1

9659008] Previous winners

Why participate in the Innovation in Insurance Awards?

What types of innovations can be submitted?

Step-by-Step Guide to the Online Submission Process

Innovation of the Month Awarded Opportunity

Seven Tips for a Winning Contribution [19659008] Details of the nomination and award process

About innovation in insurance Awards

Accenture and Efma, a global non-profit organization that facilitates networking between decision makers in banking and insurance, jointly launched Innovation in Insurance Awards 2016.

“These awards constantly serve to highlight the most forward-looking players in the industry. Many industry trends that existed before Covid – digitalisation, ecosystem creation or B2B2C offerings – have only accelerated due to the nature of this pandemic, says Jean-Marc Pailhol, Efma's new chairman. “The upcoming version of our successful awards program will show how insurers adapt to the new reality. We are happy to see the innovative tools and initiatives they implement.

The first awards received 224 awards from 148 institutions in 37 countries. The most recent awards, 2020, received almost 360 awards from 240 institutions in 45 countries. The 2020 awards took place virtually through an online awards ceremony for the first time in its history. In 2018, an insurtech category was introduced for technology companies with products aimed specifically at the insurance industry. Insurtechs can also fall into other categories with its insurance customers. The awards are open to all insurance organizations, regardless of their Efma membership.

The three phases of the awards

  1. Collection of ideas: Insurers, bancassurance and insurtech organizations are encouraged to identify and submit their most innovative initiatives. Submissions are free.
  2. Assessment and Voting: An award committee lists the submissions through a thorough and independent process. Following this, a jury of industry staff considers and presents the final candidates to online voters.
  3. Award ceremony: The three best innovators in each category receive the award during a dedicated event.

Participating in the award ceremony is free, with many finding it an inspiring and educational snapshot of current industry trends. The Product & Service category requires videos from nominees – a favorite among participants. Watch videos from previous Innovation in Insurance Awards events:

Past winners

Visit the Winner & # 39 ;s Collection to learn more about past winners.

Read Efma's press release about the 2016 winner.

Read our press release about the 2017 winner.

Read our press release about the 2018 winner.

Read our press release about the 2019 winner.

Read our press release about the 2020 winner.

Why participate in the Innovation in Insurance Awards?

Innovation in Insurance Prices has participants from all over the world – 45 countries by 2020 – and winners have been hailed from as far away as Australia, Germany, Italy, USA, Belgium, India and South Africa. The awards are an opportunity to position your company as a pioneer in the insurance industry, gain global recognition and promote your innovation while seeing what your colleagues are doing and networking with industry leaders.

2019 wins quote:

"It's a great thing to be known for the work we do and for the work the team has spent so much time on" – Kristina Leach, MassMutual Group

"It is really cool to see all the innovations, also the trends that are going on; wants to come back next year for sure ”- Sven Evens, KBC

See the highlights of the 2020 award.

What types of innovations can be submitted?

To be eligible for the Innovation in Insurance Awards, initiatives must have been launched after January two years earlier and be at least in the pilot project.

Award categories are developed each year to match the changing insurance industry. In 2020, there were seven categories:

  1. Connected insurance and ecosystems : Innovative methods that give rise to new business models and scalable end-to-end valuation proposals that benefit from the power of partnerships, platforms and the Internet of Things. Innovations, diversification opportunities and ecosystems can extend beyond the traditional boundaries of insurance and can be sent by established, specialized players and other new competitors.
  2. Nuclear Insurance Transformation: Innovative products or services that provide significant improvement guarantees, claims or other processes through improved automation, predictable / behavioral models, artificial intelligence or other advances, with the goal of supporting price optimization, preventing fraud, increasing efficiency, deepen personalization or improve flexibility.
  3. Customer experience: Innovations that significantly improve the company's way of interacting with customers. These new approaches create value through, for example, seamless and personal experiences across physical and / or digital channels, new customer management models, artificial intelligence-driven advice and innovative management of customer loyalty and satisfaction.
  4. Product and Service Innovation: Innovations that significantly improve, expand or replace the traditional offering by creating new profit pools by serving new customer segments or existing segments in new ways and by entering or creating new markets which is usually out of reach for insurers. [19659004] Transformation of the workforce: Innovations that successfully bring people, culture, leadership, organization and technology together, enabling the insurer to realize the full potential of the human and mechanical workplace.
  5. Insurtech: Creation and / or application of innovative technology that significantly improves the customer experience and / or develops new sources of value for insurers. This category is reserved for start-up insurances or spin-offs and technology companies aimed at the insurance industry. Innovations must be financed in one step, have a marketing proposal and / or have completed a successful proof of the concept in the market.
  6. Global Innovator: The most innovative insurer. The winner is the organization whose corporate vision is fully committed to continuous innovation and transformation, to developing and leading a broad ecosystem of partners that extends beyond insurance and strategic use of emerging technologies that enhance their customers' experience and performance of their business. Winners must submit entries to more than one category.

How to participate in the Innovation in Insurance Awards

Organizations can participate in the Innovation in Insurance Awards free of charge. All members of Efma Financial Institutions have full access to review all submissions, so include only information in your submission that you are willing to disclose to the public.

The following will guide you through the submission form. First you need to create a free account. You can save the post in draft at any time. Filling out the form should take about 30 minutes if you have your content and attachments ready.

Get started by visiting the Send an Innovation website.

Our form of innovation consists of four parts: What, why, how, results. [19659057] What

  1. Give your innovation a unique and descriptive name. There is no word limit, but we recommend that you stick to 10 words or less. Winning titles for submission have included: Self Service Portal for PZU Customers HedgeSPA – Sophisticated Predictive Analytics for Hedge Funds and Institutions, SIRI-Bution – Democratize Your Data and On-Demand Insurance for the On-Demand Economy .
  2. For your elevator, limit your description to 10 words or less. Be captivating!
  3. Give a brief summary of your innovation in less than 250 words. Your summary should cover the concept and goals, the reasons for innovation, competitive landscape, source of inspiration, departments and so far important results.
  4. Uniqueness: Define what makes the project unique, including innovative aspects, characteristics and differentiating factors. Indicate whether your innovation represents an incremental or disruptive innovation and describe how it fits into your organization's current positioning and business model.
  5. Choose your category (description category descriptions above)
  6. Choose some keywords in the list that best suit your project
  7. Enter your innovation launch date, restart date or date for your next project update
  8. Give us more information by choose the key technologies used, your core market, your innovation business, the primary value chain element, and which distribution channels you use.

Why

The reason behind: Explain the main drivers of innovation, such as a customer problem, an unsatisfied need or an opportunity in the market. This is the "why" of your project. You can add different reasons behind.

How

  1. Provide some information about the timing of the project and the investment.
  2. Fill in your submission with a high-resolution cover image, which allows your innovation to be highlighted on the Innovation in Insurance Awards Website. In addition, you can attach more photos, URLs, documents or videos to expand your submission. In 2019, AXA Winterthur attached pictures of its smart bicycle lamp Lightguard Connect that are used as well as a link to the product's website. Generali Welion attached a Youtube video for its SkinVision cancer detection app.
  3. Describe one or more challenges to complete your project and tell more about the current status of the project.
  4. Give us more information about the organizational structure that supports the initiative, including the number of people involved but also the departments and the external partners involved.
  5. Key contact. If you are not the main contact, enter the name, job and email address of the person in the submitting company. We need your information for administrative or content-related issues related to your submission.

Results

Describe the most important results obtained or expected. Include both qualitative (eg customer satisfaction, other awards) and quantitative (eg reduced costs, increased revenue, customer acquisition) success measures. You can choose another type of result (cost savings, customer acquisition, productivity, benefits …)

When you are ready, submit your innovation for the opportunity to be nominated and win an Innovation in Insurance Award.

Innovation of the Month Awards Opportunity

Early entrants can also be selected for an Innovation of the Month Award, which quickly tracks organizations to the global awards list.

Take a look at this month's first winner for 2021:

January 2021 Insurance Innovation of the Month: SmartHome by Azur Group

Seven Tips for a Winning Contribution

The Awards Committee fights through hundreds of entries each year and evaluates each innovation on a scale from 1 to 10 based on the following three criteria:

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

Based on an analysis of winning entries and best practices, here are seven tips to help you build a compelling case for your innovation

  1. Clearly present the problem you needed to solve; show how you used technology or an innovative idea to solve the problem; and highlight the results with both qualitative and quantitative measures of success.
  2. Remember to address each assessment criterion: originality, impact and universality. Mapping your key points to each criterion before writing your contributions is a useful exercise.
  3. Proofread and edit your contribution. Even if the correct spelling and grammar are not criteria, a polished final submission will impress your peers, who have the last word on who wins.
  4. Visual images, such as images, videos, or screenshots of an application, may make your contribution more engaging. Gather your best support materials to add as attachments.
  5. Do not be afraid to talk about your setbacks or challenges and how you overcame them through ideas and implementation. These stories inspire.
  6. Think about your audience: How can your innovation change the industry as a whole and affect your audience members? Your customers? Voters want to know why your innovation is important.
  7. Be specific, especially in your results. Use statistics and numbers to show growth or change.

How are the winners chosen?

After the submission deadline, the award committee reviews all entries and selects nine innovations from each category to be nominated. For the Global Innovator category, the committee will list up to 12 applications.

Both Efma members and non-members vote for nominees online. Voters determine the top three entries for each category (except Global Innovator). These votes make up 50 percent of the final result (40 percent from EFMA members and 10 percent from non-members), while the remaining 50 percent come from members of the award jury, consisting of leading insurance executives from around the world. The jury also selects the winning global innovators from among the 12 nominated candidates.

The top six candidates for product and service innovation will present their innovations at the awards ceremony, where participants will vote in real time.

Start preparing for your Efma-Accenture Innovation in Insurance Awards today. Download our infographic to use as a guide to building a winning entry.

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