10 myths surrounding the Efma-Accenture Insurance Awards application process

We bust the top myths surrounding the awards application and let you know how easy it is to apply.

Publish date: 18 March 2020
Author: Accenture
Theme : Innovation

The Efma-Accenture Insurance Awards 2020 deadline is just around the corner. As you gather your team to determine which project to submit out of your most recent innovations, naturally you might be wondering about its viability. To counter any reservations you may have, we have created a list of “Top 10 Myths” surrounding the awards in order to assure you that yes, your innovative project is very likely eligible for the awards:

1. The project must be a huge, enterprise-wide project

The size of the project doesn’t matter at all! Instead, what we look for is innovation and how it is changing the way you do business, no matter the scale.

2. We are not an Efma member or Accenture client so we can’t apply

You don’t have to be an Efma member or Accenture client: We want to share and facilitate access to global innovation regardless of our members and clients. Everyone can apply!

3. You can’t re-submit a project

As long as the project has evolved, and you have new metrics to report, you can absolutely resubmit a previous project this year.

4. A major scoring criteria is amount spent

The amount spent or invested in the project is not a determining criteria - it is all about business and customer impact.

5. We don’t have a previous track-record in this rewards process

Every year, the process starts with a fresh slate. The committee, judges, and voters all examine this year’s applicants based solely on this year alone.

6. It costs money to enter and win

Don’t worry about  entry fees, it is free for all to apply!

7. It’s a long, difficult process and we would need to set aside a lot of time to fill out the application

The online application is intuitive, easy-to-fill-out, and you can start a draft and save it, returning any time at your convenience!

8. We can only win if we are in the room to accept the award

Although we certainly would love for everyone to be in attendance at the awards ceremony to experience and see global best practices first-hand, we can also accept the award on your behalf in case you cannot make it.

9. The project must have been launched in the past year

The project can date back to Jan 2018, and there are no time restrictions for insurtechs.

10. Our innovation must involve the newest and most cutting-edge technology

Your innovation doesn’t need to involve an entire AI revamp of your claims process. It could be a business process change that cut costs and created new efficiencies. It isn’t all about technology, innovation comes in all sizes, shapes, and forms.

So what are you waiting for? Apply for the Insurance Innovation Awards