Making North American insurance coverage innovation seen

Efma-Accenture Innovation in Insurance coverage Awards return to North America November 6, 2019

North American insurers: it’s time to enter your visionary new capabilities for the Efma-Accenture Innovation in Insurance coverage Awards. Final yr, we noticed the awards increase into a very world initiative. Whereas the primary ceremony might be held this yr in Amsterdam, on June 24, we'll as soon as once more be internet hosting a regional ceremony, this yr in Chicago, to focus on modern innovation right here in North America. The venue might be introduced quickly.

2019 marks the fourth annual awards, which acknowledge insurance coverage and bancassurance corporations and insurtechs innovating throughout six classes. A North American Innovator will even be awarded for submitting not less than three improvements throughout the classes. Final yr, USAA gained this premier award for fostering a collaborative and inventive company tradition, launching a number of packages that encourage innovation throughout the group.

The worldwide awards classes had been up to date this yr to replicate adjustments we’ve witnessed within the trade. Final yr, we acknowledged a surge in innovation as extra insurers transition to turning into “residing companies” —customer-centric organizations that evolve with and adapt to altering markets at pace and scale.

Collaborating corporations have till April 24, 2019, to enter this yr’s awards. Listed below are the six classes:

Linked Insurance coverage & Ecosystems: it is a revamped class and can award modern practices that generate new enterprise fashions and scalable end-to-end worth propositions that capitalize on the ability of partnerships, platforms and the Web of Issues. Munich Reinsurance America gained a North American award final yr for LossDetect™, a custom-made technology-driven danger administration answer to mitigate prospects’ auto losses and put together for the way forward for mobility.

Core Insurance coverage Transformation: this new class will award insurers which have made vital enhancements to their underwriting, claims or different processes, by means of improved automation, predictive/behavioral fashions, synthetic intelligence or different superior applied sciences.

Buyer Expertise: improvements that improve insurers’ relationship with their prospects qualify for this class. Final yr, MetLife US took house an award for its real-time customer support teaching program, Cogito, that makes use of synthetic intelligence to assist phone-based representatives be extra assured and empathetic when participating with prospects.

Product & Service Innovation: this new class will acknowledge improvements that improve, lengthen or change the normal insurance coverage supply, serving new or current prospects in new methods.

From #smarthome gadgets for seniors to tuition safety in South Africa, main insurers present customer-centric merchandise win. Enter your innovation. https://t.co/HFI19YSPeL #InsAwards19 pic.twitter.com/0wfAdPuJIu

— Accenture Insurance coverage (@AccentureIns) January 28, 2019

Workforce Transformation: this new class seems to be at how people and machines are collaborating within the office. Innovators can have efficiently introduced collectively individuals, tradition, management, group and know-how to redefine how they function.

Insurtech: insurance coverage know-how startups which might be stage-one funded, have a market launch proposition and/or have accomplished a profitable market proof of idea might be acknowledged for the innovation they create to the trade. Final yr, Traity took house this award in North America for Trustbond, insurance coverage underwriting that helps collect information on prospects’ reputations from varied sources and replaces the normal house rental deposit with a surety bond. 

Award-winning Monuma launched the primary #blockchain app to worth and certify artwork & luxurious items. Win awards together with your #insurtech innovation on the #InsAwards19. https://t.co/IS4VLFcnB7 @Efma_News pic.twitter.com/wsktdAjbnm

— Accenture Insurance coverage (@AccentureIns) January 18, 2019 

Submissions are evaluated by a jury of insurance coverage professionals based mostly on three standards: originality, impression and universality—the innovation’s adaptability throughout totally different markets and nations. North American insurers have the potential to be acknowledged on the world in addition to the North American ceremony.

Extra than simply an awards ceremony

The awards ceremonies are a wonderful alternative to community with different trade leaders and share concepts with a peer viewers. Final yr, last nominees in two classes delivered five-minute pitches, and attendees voted for the winners. I had the dignity of presenting on insurance coverage developments and the altering insurance coverage panorama. It’s a wonderful alternative to be taught extra about and focus on what’s occurring within the trade.

Methods to enter

There isn't a entry price for the Efma-Accenture Innovation in Insurance coverage Awards and no restrict on what number of improvements you possibly can submit. You possibly can enter through the Innovation in Insurance coverage portal. You'll need:

To determine the class/ies your organization’s innovation falls beneath.
The identify of the undertaking and its launch date (the innovation will need to have launched by January 1, 2017 and be not less than within the pilot section).
A short abstract in addition to the main points concerning the undertaking.
Contact particulars.
Any paperwork or different media to assist your case.

Once more, submissions shut on April 24, 2019, and judging & voting will start on Might 6, 2019. Use #InsAwards19 on social media to share your innovation and be part of the dialog main as much as and throughout the awards ceremonies. Assist us make the distinctive seen! Enter at the moment.