Entries open for the 2019 Efma-Accenture Innovation in Insurance coverage Awards. Winners to be introduced on 24 June.
With 2019 nicely underway, it’s a superb time to double-check diaries to verify we’ve famous all the important thing occasions scheduled for the 12 months forward. One date I hope you’ve recorded is 24 June. That is when the winners of the 2019 Efma-Accenture Innovation in Insurance coverage Awards shall be introduced.
Now of their fourth 12 months, the awards have grown into the world’s main showcase for the artistic utility of know-how within the insurance coverage trade. They attracted 320 submissions from greater than 230 organizations in 45 international locations final 12 months. Japan’s Tokio Marine & Nichido Hearth Insurance coverage gained the highest accolade and was declared the 2018 International Innovator. AXA and Generali had been the winners in 2016 and 2017.
24 April is one other key date to diarize. That is the deadline for submissions for this 12 months’s awards. I strongly really useful that you just submit descriptions of your new, revolutionary insurance coverage merchandise and tasks for consideration. Get your submissions in early earlier than the workload of 2019 climbs any additional.
The Efma-Accenture Innovation in Insurance coverage Awards present a terrific alternative for firms throughout the insurance coverage trade to show their means to make use of superior know-how to create excellent merchandise, differentiated buyer experiences and ground-breaking enterprise options. They provide insurers, and related companies, a wonderful platform to show their innovation prowess, acknowledge their top-performing growth groups, benchmark their new choices and purposes, construct their enterprise model and entice scarce expertise.
What’s extra, the awards enable firms all through the insurance coverage sector to return collectively to acknowledge and promote distinctive innovation and progress inside our trade. The awards perform, which shall be held in Amsterdam this 12 months, is all the time a perfect event for networking, acknowledging the work of others and being impressed by the great creativity that’s happening within the insurance coverage trade.
To mirror the main shifts happening throughout the international insurance coverage trade, we’ve modified the classes for this 12 months’s Efma-Accenture Innovation in Insurance coverage Awards. These are the seven classes:
International Innovator: The insurance coverage trade’s premier accolade. Its awarded to the group that's judged to have most efficiently applied a company imaginative and prescient that commits it to steady innovation and transformation, to the event and management of a broad ecosystem of companions that extends past insurance coverage, and to capitalizing on rising applied sciences that enhance the expertise of its prospects and the efficiency of its enterprise.
Core Insurance coverage Transformation: Acknowledges the numerous enchancment of underwriting, claims administration or different processes to optimize pricing, fraud prevention, effectivity, product personalization or enterprise agility. It ought to do that via superior automation, predictive or behavioral modelling, synthetic intelligence or the applying of different applied sciences.
Related Insurance coverage and Ecosystems: Showcases revolutionary practices that apply new enterprise fashions and scalable value-propositions that capitalize on the ability of partnerships, platforms and the Web of Issues. These multi-party improvements could stretch past the standard boundaries of the insurance coverage trade. They will due to this fact be submitted for this award by any of the members within the collaboration.
Buyer Expertise: Highlights improvements that improve considerably how organizations have interaction with their prospects. Such improvements would possibly create worth, for instance, by delivering seamless, customized experiences throughout discrete or built-in bodily and digital channels. They may additionally embody new buyer administration fashions, artificial-intelligence-driven recommendation providers or contemporary approaches to enhancing loyalty and satisfaction amongst policyholders.
Insurtech: Acknowledges the creation or utility of revolutionary know-how that enhances considerably the shopper expertise or develops new sources of worth for insurers. This class is reserved for insurance coverage start-ups and spin-offs in addition to know-how companies which might be concentrating on the insurance coverage trade. The improvements submitted for this award should have acquired stage-one funding. They need to even be supported by a market-release proposition or have undergone a profitable proof-of-concept trial.
Product and Service Innovation: Highlights improvements that considerably improve, prolong or substitute conventional insurance coverage choices. They need to enhance profitability by serving new teams of consumers, addressing present policyholders in revolutionary methods or breaking into contemporary markets which might be sometimes past the attain of conventional insurers.
Workforce Transformation: Spotlights improvements that carry collectively folks, cultures, leaders, organizational buildings and new applied sciences to appreciate the potential of human-machine collaboration and rework the office.
I’m assured that the 2019 Efma-Accenture Innovation in Insurance coverage Awards will entice a number of inspiring improvements from pioneers all through the trade. Let’s make 24 June a date to recollect.
To search out out extra in regards to the Efma–Accenture Innovation in Insurance coverage Awards, or to submit your innovation, go to https://www.efma.com/innovationininsurance/.
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