African Insurance Awards 2021

Process

The following shall be the underlying process and methodology of evaluation of nominations.
  • Initial Screening

    The purpose of the screening is to: remove irrelevant/out of scope entries; reduce the number of entries to be evaluated by the judges to a sizable/manageable number; remove entries with no supporting evidence.

    Where necessary, further information may be requested from a nominee or a nominating party.

  • Shortlist

    The shortlisted entries for each category shall be forwarded to the judging panel in a form summarizing the nomination content and supporting information / evidence.

  • Score Sheet

    Assessment criteria: the evaluation criteria is described below in the evaluation criteria section;

    Final comments: judges are encouraged to provide overall comments on the performance of each nominee that were not provided for by the evaluation criteria;

    Signature & Date: judges are expected to append their names and signatures on every score sheet in which an evaluation has been provided. However, if the scoring is done electronically, (i.e using the awards portal), the submission (Click Submit Evaluation) of the scores shall replace the Signature & Date.

  • Evaluation Criteria

    The judges will identify superior performance and ingenuity of each nominee. The achievements of the nominees for each award category will be rated according to a wide range of factors including:

    Innovation of the Year

    Innovative insurance products accessible to a large clientele; Innovative value proposition to pressing or neglected community risks; innovative response to emerging risks; breakthrough in technological choices; breakthrough in development strategy; growth prospects in the short and medium term; game-changing or major association with financial and technological partners; innovative ways of communicating with clients; innovative ways of distributing products / services to reach a larger number of customers or remote clients in a faster or effective manner; offer of outstanding services to clients.

    CEO of the Year

    Strategic decision which impacts significantly his company or the entire industry; leadership demonstrated through the promotion of professionalism and best practices in management and industry matters; industry and market influence; market expansion strategy and breakthrough; innovative products and services; market and capital growth.

    Insurance Company of the Year

    Outstanding performance in the growth of: premium income; overall profit and commercial distribution network.

    Business strategies that informed movements in premium income; number of African countries where company operates; number and size of external growth operations in countries other than those listed above; number and brief description of customer-focused programmes (brokers, cedants, direct insured); successful mergers, acquisitions and strategic business partnerships which significantly impact the company and the industry.

    InsurTech of the Year

    This initiative is a great opportunity for early-stage entrepreneurs to have international exposure, recognition, potential investors, liaise with key industry leaders from diverse backgrounds and identify other investment opportunities in InsurTech. It is the first-of-its-kind start up competition aimed at identifying the most promising innovations for the evolving insurance and reinsurance sector. This competition offers aspiring entrepreneurs the unique opportunity to gain access to the guidance, expertise and professional networks necessary to build global, market-leading companies.

  • Results

    The top 3 candidates are selected for further screening.

  • Final Screening

    Following the discussion, each judge assigns the following to each of the 3 nominees: First position, Second position and Third position.

  • Selection Of Winners

    All nominations and score sheets are kept for the records.