Efma, a Paris-based association of 3,300 financial services companies from more than 130 countries, and Accenture have launched “Innovation in Insurance,” a program that aims to identify and award the most innovative insurance initiatives and projects around the world.
The Innovation in Insurance program solicits case studies of innovations by insurers within four categories: customer experience and engagement; digital and omni-channel distribution; claims management; and most disruptive product or service.
Insurers have until April 18 to apply with Efma, an organization that was established in 1971 by banks and insurance companies to facilitate networking between decision-makers.
Submissions will be assessed by a panel of judges comprised of senior executives in the insurance industry, which will identify a short list of nominees in each category. Efma members will then vote for the winners in each category, and a special award will be granted to recognize the “Global Insurance Innovator.”
Winners will be recognized on June 9 in Milan at an award ceremony hosted by Efma and Accenture during Efma’s Insurance Summit gala dinner.
“The insurance playing field will look dramatically different in a digitally connected future,” said John Cusano, global managing director of New York-based Accenture’s insurance industry practice.
“Disruption is happening at unprecedented speed, and tomorrow’s winners will be those that adapt proactively as the playing field and rules of competition evolve. Our objective in launching this joint initiative with Efma is to foster innovation in the industry and help insurers lead the change rather than suffer the consequences,” Cusano added.
Efma CEO Vincent Bastid said, “The Innovation in Insurance initiative follows the success of the Efma-Accenture innovation for the retail banking sector program, which has attracted attention internationally, with more than 1,400 innovations submitted from 445 organizations across 83 countries. We’re excited about delivering the same for our insurance members by creating a place where insurers and banks’ insurance subsidiaries will be able to showcase their innovations and see the latest ideas, technologies and strategies adopted by their peers.”
Edwin VanderOuderaa, managing director, Accenture Digital, Financial Services, said, “Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. To succeed, insurers should re-imagine the way they operate and become truly customer-centric organizations. With the Innovation in Insurance initiative, we hope to help the industry reinvent itself.”
Source: Efma and Accentur