(Image source: InsurTech Hartford.)
InsurTech Hartford (ITH), a Hartford, Conn.-based InsurTech ecosystem with global startup, agent/broker, carrier, solution provider, and investor constituents, has announced the winners of the its recent Global InsurTech Innovation Challenge. The organization has also confirmed that this November it will hold an in-person edition of the InsurTech Hartford Symposium for the first time since the beginning of the COVID-19 pandemic.
Sponsored by Travelers Insurance; Launch Hartford; Amica Mutual Insurance (Lincoln, R.I.); Beazley Group (London); Hartford Steam Boiler, a Munich Re Company (HSB); CGI (Montreal); and Appian (Reston, Va.), with support from the Connecticut Insurance Department, Connecticut Insurance & Financial Services (CIFS), and the University of Connecticut Center for Entrepreneurship & Innovation, the 2021 Global InsurTech Innovation Challenge drew nearly 100 submissions from 12 countries across Europe, the Middle East, Asia, and Australia. Judged by a panel of insurance and technology experts in three categories, the finalists’ virtual presentations highlighted well-known problem areas in the industry through quick views into innovative solutions, including using artificial intelligence (AI) for automating claims, driving operational efficiencies with a parametric Insurance-as-a-Service (IaaS) platform, and providing a digital platform for delivering relevant, hyper-personalized coverages.
PainWorth was the top winner in the Travelers Emerging Product category, with Saya and Sola in runner-up positions. In the Judges’ All-Around Favorite category, Otonomi came in on top, followed closely by Serenus and Protosure. Finally, the judges selected CoverHero in the Best Emerging InsurTech category with WeAnalyze and MotionsCloud as fast followers.
“Each time we hold any kind of innovation initiative, the solutions presented get more mature and sophisticated,” comments Stacey Brown, founder of ITH. “We are very pleased with the number of submissions, the industry participation, and would like to congratulate all the winners on their impressive accomplishments.”
Building on the success of this year’s Innovation Challenge, ITH says it will hold one of the industry’s first, post-pandemic live events, the 2021 InsurTech Hartford Symposium, on October 26 and 27. First held in 2019 at the Hartford Marriott, this year’s InsurTech Hartford Symposium will move to the Connecticut Convention Center to accommodate attendee numbers which are expected to exceed 1,000. Drawing largely from the insurance-rich communities within a three- to four-hour drive of Hartford, including New York City, the 2021 InsurTech Hartford Symposium offers a prominent networking venue for insurance professionals easing back into regular business travel.
“With reliable vaccines now in widespread distribution, it’s time for the InsurTech community to get back to business as usual,” said Brown. “There are valuable connections to be made and insurance problems to be solved. InsurTech Hartford and our upcoming Symposium are at the ground floor of innovation strategy plans throughout the industry. You have to be here in October in order to push your business forward.”