Guide to participating in the Efma-Accenture Awards for Innovation in Insurance 2023
- Since 2016, greater than 850 establishments have taken half in the insurance coverage innovation awards. Participation in the awards is free.
- Discover the steps of the software course of and the standards on which improvements are evaluated, in addition to 7 suggestions to enable you create a profitable software.
- Find out how the collection of finalists and winners takes place, carried out by the jury of the ceremony, but additionally by a global jury made up of execs from the insurance coverage world, in addition to by on-line voting.
Presentation of the Efma-Accenture Innovation Awards for Insurance
The Efma-Accenture Innovation Awards for Insurance is an annual international competitors rewarding improvements and progressive practices that contribute to positively remodeling the insurance coverage business, for the advantage of each insurers and their prospects. Open to insurance coverage corporations, Provident Institutions, mutuals and bank-insurers and to Insurtechs, this competitors serves as a catalyst for innovation, by creating hyperlinks between insurers from throughout the world and the most progressive entrepreneurs. The winners are chosen by an impartial jury made up of execs in the sector, by means of a rigorous analysis course of between friends, in order to assure the credibility of those awards.
The capacity to innovate has change into a defining high quality and aggressive benefit in the insurance coverage business, and an indication of resilience in an ever-changing international financial panorama. By profitable an insurance coverage innovation award, your organization establishes itself as a pacesetter in the sector.
As the occasion attracts an increasing number of participating corporations every year, it’s important for corporations to put the odds on their facet, by caring for their software file and clearly highlighting the originality, the concrete impacts in addition to the areas software of the innovation introduced.
In this text you’ll uncover the levels of the software course of, the standards on which improvements are evaluated, in addition to some recommendation for placing collectively a strong software file, which stands out, by highlighting the benefits and the progressive character of the innovation. proposed innovation.
Highlighting innovation in the insurance coverage business
In 2016, Accenture and Efma, a global non-profit affiliation that facilitates connection and collaboration between decision-makers in the banking and insurance coverage business, collectively launched the Efma-Accenture Innovation Awards for insurance coverage.
“These awards spotlight the most progressive gamers in the insurance coverage sector. The Covid-19 well being disaster has accelerated many developments that had began to emerge in the sector earlier than the begin of the pandemic, akin to digitalization, the creation of ecosystems and B2B2C provides,” mentioned Jean-Marc Pailhol, the new president of Efma. “This 12 months’s version might be a possibility to uncover how insurers are adapting to the scenario and the evolution of makes use of in the “new regular”. We look ahead to discovering the progressive instruments and initiatives developed and carried out by gamers in the sector”.
During the first version of those awards, 224 functions had been submitted by 148 corporations from 37 international locations. In 2021, practically 460 improvements had been introduced by 289 corporations from 55 international locations.
The majority of award classes are reserved for insurance coverage corporations and bank-insurers. However, since 2018, Insurtechs can compete in a class reserved for them and which provides them a superb highlight. They may participate in the different classes by submitting a joint software file with their insurer shoppers. The competitors is open to all corporations in the insurance coverage sector. It is just not obligatory to be a member of EFMA.
“The indisputable fact that we’ve got had a document variety of functions in a 12 months marked by such vital disruption clearly demonstrates the significance of innovation for the insurance coverage business. To survive and proceed to develop in a continually altering market, insurance coverage corporations should reinvent themselves. To do that, they need to depend on innovation. That is why, along with Accenture, we’re delighted with this re-creation of the awards which can acknowledge corporations which are driving the sector ahead and we glance ahead to discovering this 12 months’s improvements,” provides Ms. Pailhol.
What are the three phases of the competitors?
- Application submission : insurers and Insurtechs are inspired to establish and submit their most progressive initiatives. Participation is free.
- The analysis of functions and the voting part : the ceremony committee evaluates the functions and makes an preliminary pre-selection as a part of a rigorous and impartial course of. Then, a jury made up of execs from the sector designates the finest improvements, which might be introduced to on-line voters. The latter elect the profitable improvements.
- The award ceremony : the three finest improvements in every class are rewarded throughout an award ceremony.
Why participate in the Efma-Accenture Innovation Awards for insurance coverage?
The Efma-Accenture Innovation Awards for Insurance attracts individuals from throughout the world. In 2021, 55 international locations had been represented and the corporations awarded got here from Australia, Germany, Italy, the United States, Belgium, India and South Africa. These awards are a possibility to:
- Position your organization as an innovation pioneer in the insurance coverage business
- Be acknowledged by your friends round the world
- Promote your improvements whereas drawing inspiration from these of your friends
- Discuss and develop your relationships with business leaders
The innovation introduced should meet 3 standards:
The committee compiles a listing of nominees for every class primarily based on 3 standards:
Originality : the uniqueness of the concept and its potential to remodel the sector.
Impact : the capacity of innovation to generate a aggressive benefit over the long run and a big return on funding.
Scalability : the innovation will be carried out in totally different markets and in a number of international locations.
Discover the 7 best practices to implement to make your software stand out and register for the Efma-Accenture Innovation Awards for insurance earlier than April 8!
What the winners of the 2021 version say
Winning the EFMA Insurance Innovation Award was an awesome victory for Generali’s groups and the varied entities who work with ardour to place innovation at the coronary heart of our actions. This generated nice publicity for these initiatives, each internally and externally. We now need to elevate the bar to reside up to elevated expectations: being progressive is a steady means of difficult one’s beliefs and that is what Generali has been doing for 190 years. »
We are proud and touched to have received quite a few awards for the Generali Group in 2021, in entrance of main establishments from throughout the world: greater than 400 functions from 55 international locations! This implies that Generali’s innovation efforts, and extra typically, our need to change into a day-to-day associate for our prospects, have been appreciated by our friends, advisors and the whole jury, and that we’re in the proper route to face the challenges and transformations of our business. »
