Frequently Asked Questions

What is Efma?

Efma, a not-for-profit association formed in 1971 by bankers and insurers, specializes in retail financial marketing and distribution. Today, more than 3,000 brands in 130 countries are Efma members, including over 80% of Europe’s largest retail financial institutions.

Are the Efma-Accenture Innovation in Insurance Awards reserved for European institutions only?

No. Efma is a global institution, therefore the awards – like membership – are open to all organizations globally.

May I participate if my organization is not an Efma member?

Yes. The Efma-Accenture Innovation in Insurance Awards are open to all insurance organizations regardless of their Efma membership.

May I participate if my institution is not an insurance institution?

The majority of the award categories are reserved for insurance and bancassurance organizations. However, the insurtech category has been introduced in 2018 to cater for technology companies whose products are aimed specifically at the insurance industry. Insurtechs that would like to enter one of the other categories may do so jointly with one of their insurance clients.

How much does it cost to submit an innovation?

Participation is free of charge.

What can I do to best position my innovation for the evaluation process?

Particular care should be taken when completing the presentation part of the form. You can add a photograph or video in support of your application, to show actual value created. It might help to review the Submission of the Month and the Winners Collection pages to see how other successful participants have structured their submissions.

Can I submit an innovation in more than one category?

No, you should select the category that is the most suitable for your innovation. You may, however, submit more than one innovation, either in the same category or across multiple categories.

May I submit an innovation launched several years ago?

You may, and we will publish it in the Innovation Archive, but innovations will only be eligible for the Efma-Accenture Innovation in Insurance Awards 2021 if they were launched after 1 January 2019 and are at least in the pilot stage.

May I submit a project that has not yet been publicly launched?

Yes, but it must be in its pilot phase.

Will the information on my submission be kept confidential?

Yes, but only to a limited extent, as all financial institutions that are Efma members have full access to submissions. To be safe, you should only include information that you are willing to disclose in the public domain.

What kind of additional documents may I attach to my submission?

You can attach the following formats: Word, PDF, PowerPoint, JPG, PNG and URLs. A YouTube URL can only be used for videos.

What criteria are used to assess innovations?

The judges evaluate the innovations by rating them on a scale of 1 to 10 based on the following three criteria:

  • Originality: the uniqueness of the idea in the marketplace and its potential as a game-changer.
  • Impact: the innovation’s capacity to generate a superior, long-term competitive edge and a significant return on investment.
  • Universality: the innovation’s adaptability across different markets and countries.

Who selects the nominees in each category?

After the submission deadline, the Efma Committee will review all submissions and select the nominees in each category.

Who selects the final winners in each category?

For all but the Global Innovator category, Efma members and non-members vote to select the top three entries using Efma’s dedicated web page. This makes up 50% of the final scores (40% from Efma members and 10% from non-members). The remaining 50% comes from the votes of an Awards Jury, which comprises senior insurance executives from across the world.

For the Product & Service Innovation category, online voters and jury members shortlist six innovations out of the nine nominated ones. The six shortlisted innovators present their innovations to the audience at the awards ceremony. The audience then cast their votes and the winner will be announced on-stage.

For the Global Innovator category, the Awards Jury select the winner from the fifteen nominees identified by the Awards Committee.

Will voting details be shared?

No, scoring and votes are confidential.

When and where will the awards ceremony be held?

In 2020 the awards ceremony was held online on 17th June. The 2021 date and format will be communicated in due course.

Who can participate in the awards ceremony?

The awards ceremony is open to financial institutions ONLY. There are no costs associated with attending.

I can’t access the Efma Accenture Innovation in Insurance Awards portal?

You need to create your account at www.efma.com/account. You will be asked to supply a username and password.

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