Your secret recipe for success at the Innovation in Insurance Awards

Insurance
28/03/2023 Article

What are the Innovation in Insurance Awards?

The Qorus-Accenture Innovation in Insurance Awards is an annual, global competition that rewards the best new ideas and practices transforming the industry for the benefit of both insurers and their customers. Open to insurance, bancassurance and insurtech organizations, the awards serve as a catalyst for innovation, helping to connect a worldwide network of leaders and disruptors. A rigorous, independent judging process determines the winners by their peers to ensure the awards’ credibility.

Why participate in the Innovation in Insurance Awards?

Innovation in Insurance Awards have participants from all over the world—44 countries in 2022—and winners have hailed from as far away as Australia, Germany, Italy, the USA, Belgium, India and South Africa. The awards are an opportunity to position your company as a trailblazer in the insurance industry, gain global recognition, promote your innovation while seeing what your peers are doing and network with leaders in the industry.

How to make an award-winning submission?

There is lots of competition for the much-covered podium spots at the invitation-only awards ceremony. The Selection Committee has to literally comb through hundreds of submissions each year. They will be evaluating each innovation on a scale of 1 to 10 based on the following three criteria:

1. Originality: the uniqueness of the idea in the marketplace and its potential as a game-changer.

2. Impact: the innovation’s capacity to generate a superior, long-term competitive edge and a significant return on investment.

3. Universality: the innovation’s adaptability across different markets and countries.

We have developed seven tips based on an analysis of winning submissions and best practices. These will help you build a compelling case for your innovation.

1. Clearly present the problem you needed to solve. Show how you used technology or an innovative idea to solve that problem; and highlight the results with both qualitative and quantitative success metrics.

2. Remember to directly address each judging criterion. Originality, impact and universality. Mapping your key points to each criterion prior to writing your submission entries is a useful exercise.

3. Proofread and edit your submission. While correct spelling and grammar are not criteria, a polished final submission will impress your peers, who have the final say regarding who wins.

4. Visuals, such as images, videos or screenshots of an application, can make your submission more engaging. Gather your best supporting materials to add as attachments.

5. Don’t be afraid to talk about your setbacks or challenges and how you overcame them through ideation and implementation. These stories spark inspiration.

6. Keep your audience in mind. How can your innovation change the industry as a whole and impact your audience members? Your customers? Voters want to know why your innovation matters.

7. Be specific, especially in your results. Use statistics and numbers to show growth or change.

Hopefully, armed with these handy tips, you’ll be able to share a stand-out submission and we will see you on 14 June in Milan dressed – and ready – for success!

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