It’s time for insurance policy innovators to talk about their successes

Entries open for that 2019 Efma-Accenture Innovation in Insurance coverage Awards. Winners to be introduced on 24 June.

With 2019 nicely underway, it’s a superb time for you to double-check diaries to ensure we’ve famous all the important thing occasions scheduled for that 12 months forward. One date I hope you’ve recorded is 24 June. That is when the winners from the 2019 Efma-Accenture Innovation in Insurance policy Awards shall be introduced.

Now of their fourth Twelve months, the awards have grown in to 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 Twelve months. Japan’s Tokio Marine & Nichido Hearth Insurance coverage gained the highest accolade and was declared the 2019 International Innovator. AXA and Generali have been the winners in 2019 and 2019.

24 April becomes another major key date to diarize. That is the deadline for submissions for this 12 months’s awards. I strongly really useful that you simply submit descriptions of your new, revolutionary insurance policy merchandise and tasks for consideration. Get your submissions at the begining of earlier than the workload of 2019 climbs any additional.

The Efma-Accenture Innovation in Insurance coverage Awards present an awesome alternative for firms through the insurance policy trade to exhibit their way to make use of superior know-how to produce excellent merchandise, differentiated buyer experiences and ground-breaking enterprise options. They provide insurers, and related companies, an excellent platform to exhibit 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 throughout the insurance policy sector to come back collectively to understand and promote distinctive innovation and progress inside our trade. The awards perform, which shall be held in Amsterdam this 12 months, is all time an ideal event for networking, acknowledging the job of others and being astounded by the truly amazing creativity that’s happening inside the insurance policy trade.

To mirror the main shifts happening throughout the international insurance coverage trade, we’ve modified the courses of instruction for this 12 months’s Efma-Accenture Innovation in Insurance policy Awards. Fundamental essentials seven classes:

International Innovator: The insurance policy trade’s premier accolade. Its awarded to the group that’s judged to possess most efficiently applied a company eyesight that commits it to steady innovation and transformation, towards the event and control over an extensive ecosystem of companions that extends past insurance policy, and also to capitalizing on rising systems that boost the expertise of their prospects and the efficiency of their enterprise.

Core Insurance policy Transformation: Acknowledges the various enchancment of underwriting, claims administration or different ways to optimize pricing, fraud prevention, effectivity, product personalization or enterprise agility. It must do this 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 from the insurance coverage trade. They’ll therefore be submitted for this award by from the members within the collaboration.

Buyer Expertise: Highlights improvements that improve considerably how organizations have interaction using their prospects. Such improvements might create worth, for instance, by delivering seamless, customized experiences throughout discrete or built-in bodily and digital channels. They might additionally embody new buyer administration fashions, artificial-intelligence-driven recommendation providers or contemporary methods 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 causes of worth for insurers. This class is restricted to insurance policy start-ups and spin-offs along with know-how companies which might be concentrating on the insurance policy trade. The improvements submitted for this award must have acquired stage-one funding. They need to be also supported by a market-release proposition and have undergone a profitable proof-of-concept trial.

Product and repair Innovation: Highlights improvements that considerably improve, prolong or substitute conventional insurance policy choices. They need to enhance profitability by serving new groups 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 systems to understand the potential for human-machine collaboration and rework work.

I’m assured the 2019 Efma-Accenture Innovation in Insurance policy Awards will entice numerous inspiring improvements from pioneers throughout 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 policy Awards, in order to submit your innovation, visit https://www.efma.com/innovationininsurance/.