(Photo credit: Ailura.)
ACORD (Pearl River, N.Y.), the global standards-setting body for the insurance industry, has announced the three finalists of the 2019 ACORD InsurTech Innovation Challenge (AIIC). The three finalists, who were selected at regional semi-final events in New York, London and Chicago, will compete at the AIIC Global Finals, which will take place in October at ACORD Connect 2019 in Boston, Mass.
The AIIC unites insurance innovators from across all lines of business, investors and venture capital partners, technology startups, and industry mentors and experts. Contestants competed for spots in the regional Semi-Finals, where their live pitches to the panel of judges were evaluated based on ingenuity, impact, applicability, and quality of articulation. The selected finalists from each of the Semi-Finals are as follows, from ACORD’s description:
New York: Protosure, a no-coding SaaS eCommerce solution for any insurance product line, allowing users to rate, quote, issue on multiple sites simultaneously.
London: Riskbook, an online platform where brokers can easily share their risks with a worldwide audience of underwriters, allowing brokers to have access to a large pool of capita for their clients and underwriters to take control of their deal flow and grow their premium income.
Chicago: MakuSafe Corp., a SaaS/Data & Analytics company that seeks to improve worker health, safety, and productivity while reducing worker compensation claims and mitigating workplace risks.
“This year’s contestants really illustrate how the insurance industry is turning to technology to not only change how it conducts business, but how it fundamentally thinks about that business,” comments Bijesh Jacob, Senior VP, Technology & Standards, ACORD. “Leveraging innovations like these to enable standardized data exchange will be key to the evolution of insurance.”
The three finalist start-ups will present their innovations at the Final Round in Boston in October, competing for a cash prize of $15,000, as well as other prizes and industry exposure.