“By helping to create the next-generation customer experience, we can ensure a brighter future for everyone involved in the industry.”
These were the words of Chris Newman, global standards body ACORD’s UK-based managing director, when commenting on the ongoing ACORD Insurtech Innovation Challenge (AIIC). The New York semi-final took place on June 21, while those in London (for European participants) and Chicago are happening on July 18 and 25, respectively.
Winning semi-finalists will advance to the global final slated in October in New Orleans. ACORD said total prizes are worth approximately US$150,000.
“We are committed to the AIIC because we believe that the future of insurance relies on the smart deployment of technology,” noted Newman. “The challenge seeks out, promotes, and nurtures sustainable technological innovation that will benefit underwriters, brokers, and – most importantly – the buyers of insurance products and solutions.”
Submissions are examined based on ingenuity, impact, applicability, and quality of articulation. Competing start-up businesses are separately categorised as early stage, or those with up to $250,000 in revenue, and late stage ($250,000 to $1 million).
“This year we received a large number of ideas for consideration that touched on every facet of insurance,” said the managing director. “But just 20 start-ups have been selected to participate in the live-pitch semi-final in London and the opportunity to go to the global final on October 10 to compete for thousands of dollars’ worth of benefits, promotional tools, industry exposure, and networking opportunities.”
Newman called AIIC “a collaborative effort to transform the way the insurance industry does business.”
