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Efma and Accenture Launch 5th Annual Innovation in Insurance Awards

Applications Now Being Accepted for Program Recognizing the Best Innovations in Insurance Globally

Efma and Accenture are now accepting applications for the fifth annual Efma-Accenture Innovation in Insurance Awards, which recognize insurers and insurtechs that are transforming the insurance industry.

Established in 2016, the awards celebrate the most innovative projects and ideas in insurance and provide a forum for organizations to share best practices.

The categories for the Efma-Accenture Innovation in Insurance Awards 2020 are:

  • Global Innovator (overall winner)
  • Connected Insurance & Ecosystems
  • Core Insurance Transformation
  • Customer Experience
  • Insurtech
  • Product & Service Innovation
  • Workforce Transformation

Each entry will be assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.

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Winners will be selected by a panel of judges of senior insurers and by Efma members and non-members from insurance institutions voting online. The winners will be announced at an awards ceremony in Milan on June 4. A separate ceremony for North American winners will be held in November.

“We want to encourage forward-thinking companies to share their stories and be recognized for taking the insurance industry to an exciting and competitive new chapter,” said Vincent Bastid, CEO of Efma. “These awards showcase the best in innovation, and we are excited to see how insurers have taken digital transformation to the next level.”

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Peter Kirk, who leads Accenture’s Customer Insight & Growth for Financial Services practice, said, “It’s vital that the insurance industry embraces a digital future, and we’re already seeing insurers and insurtechs transforming a once-traditional industry into one that is vibrant with new ideas. Our awards aim to recognize those who are facing the future fearlessly and putting the customer at the heart of the business.”

The awards program has attracted a growing number of applications since its launch. Last year’s program drew a record 395 submissions — an increase of nearly 25% over the previous year — from 287 institutions across 54 countries. Zurich (Switzerland) received the top award, Global Innovator, for several innovative products it brought to market.

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