Qorus has launched the tenth edition of the Innovation in Insurance Awards, celebrating the best ideas and projects that are transforming the industry.
Established in 2016, the program provides a forum for organizations to share best practices and continues to bear witness to the evolution of insurance in a changing world. Last year, the awards attracted some 290 entries from 164 institutions in 44 countries (see the past winners).
Companies can submit their entries online until 7 February 2025 in seven categories:
1. Embedded Insurance Innovators (NEW!) – Innovative embedded insurance solutions offered by companies across various sectors, including OEM, travel, retail, and healthcare, as well as insurance companies and brokers.
2. Insurtech – reserved for the insurance start-ups, spin-offs and technology firms that are harnessing technology to reinvent the customer experience whilst driving new value for insurers. This category is for firms specifically targeting the insurance industry, with stage-one funding, a market release proposition and/or have completed a successful proof of concept in the market.
3. Operational Efficiency (NEW!) – new business models and scalable end-to-end value propositions that capitalize on the power of partnerships, platforms, new technologies and insurtech. Submissions may be made by incumbents, specialized players and other new competitors.
4. Product & Service Innovation – innovations that extend or replace the traditional insurance offering, creating new revenue pools through expansion into new and existing customer segments and markets.
5. Re-imagining the Customer Experience – innovations that enhance the way companies engage with new or existing customers via physical and/or digital channels, new customer management models, artificial intelligence-driven advice, and innovative management of customer loyalty and satisfaction.
6. Social, Sustainable & Responsible – advances in social purpose, and in the insurer’s commitment to being a good corporate citizen and a true ally of its customers. This category covers the full definition of sustainability, from environmental and climate interventions and risk management to strategies relating to building communities and fostering inclusive insurance.
7. Workforce Transformation – bringing together people, culture, leadership, organization and technology, enabling the insurer to realize the full potential of the human and machine workplace.
Each entry will be assessed using these criteria: originality; long-term strategic impact and return on investment; as well as its ability to be applied on a broader scale in other markets and countries. And last but no least the form quality with a detailed description of the innovation and its results and the additional documents such as presentation slides or videos.
Qorus will also award prizes for the best projects using Generative AI. The Gen AI Innovation of the Year category will include all GenAI projects submitted in the seven previously mentioned categories.
Finally, we will recognize a Global Innovator of the Year – the most innovative insurer demonstrating excellence in their strategic direction, business practices, and tangible outcomes. The winning organization is dedicated to continuous innovation and transformation, developing a broad ecosystem of partners beyond the insurance sector, and to leveraging emerging technologies to enhance customer experience and business performance. For this special category, entrants must have submitted at least three innovations and be invited to apply.
"Since the Awards' inception, we’ve highlighted the cutting-edge insurers and innovations that have set inspiring performance levels for others in the field," said John Berry, Qorus CEO. “As demonstrated through last year’s program, the industry is continuously shifting to a consumer-centric model. We’re confident that this year’s awards will again showcase the exceptional solutions that insurers are implementing, as they adapt to new lifestyles, reimagine their role, and drive industry reinvention.”
Winners will be selected by a panel of judges comprising senior insurance executives from around the world, and an online vote by Qorus members and non-members from insurance institutions. The winners will be announced at an awards ceremony in April 2025.
Submit your projects now!
