(AIIC Late-Stage winner RozieAI. Left from right: Bill Pieroni, CEO, ACORD; Sudha Meghan and Vijay Dheap of RozieAI, Tony Mattioli, ACORD Board Vice-Chair. )
ACORD (Pearl River, N.Y.), the insurance industry’s global standards-setting body announced the winners of the 2018 ACORD InsurTech Innovation Challenge (AIIC) yesterday afternoon at ACORD Connect 2018 in New Orleans. The winners were chosen from nearly 100 contestants, advancing through multiple rounds of live-pitch competition.
“ACORD sits at the intersection of insurance, technology, and research, and we bring together almost every major carrier, broker, and solution provider worldwide,” commented Malou August, VP of Standards & Membership, ACORD. “This uniquely positions us to provide this forum to share ideas, help shed light on new innovations and work together to define the future of the industry,” “Our AIIC winners both represent a strong desire to bring positive change and innovation to the insurance business. They certainly have the potential to advance our industry in compelling ways.”
The 2018 AIIC Winner in the Early-Stage Startup category was Chisel, an artificial intelligence platform focused on optimizing the process of extracting information from submissions. Chisel offers out-of-the-box solutions that apply natural language processing and AI to unstructured data sources such as insurance documents. The solutions are designed to empower insurers, reinsurers, and brokers to free otherwise trapped knowledge and automate E&O policy checking, submission prioritization, quote comparison, and claims triage.
“We appreciate the recognition from ACORD, the global standards-setting body, for the work we are doing to benefit the insurance industry. It reinforces the value that we can provide to the industry in automating tasks and implementing ACORD Standards,” commented Ron Glozman, CEO and Founder of Chisel, upon receiving the award.
In the Late-Stage Startup category the winner was RozieAI, which pitched itself as a state-of-the-art language comprehension and context management solution that helps brands offer personalized customer care at scale. Their niche is in creating customer experience and knowledge management solutions built on memory and intuition.
“We are so honored to win this award and are grateful to ACORD for its investment in innovation,” commented Sudha Meghan, Founder and CEO of RozieAI. “It was wonderful to share the journey of how we developed RozieAI, and the impact it will have on the future of the insurance industry.”
Each winner will receive a $10,000 cash award and other prizes, in addition to the prize packages awarded to all Finalists. In total, the 2018 AIIC has awarded approximately $150,000 worth of prizes.
The AIIC brought together insurance innovators across all lines of business, investors and venture capital partners, technology startups, as well industry mentors and experts.
Meaningful Way for Entrepreneurs to Connect with Insurers
“We are honored to partner with ACORD on this event and watch it grow since its inception. Startups can never have enough opportunities to tell their story, and the AIIC represents a meaningful way for these companies to connect with the insurance industry,” commented Brian Hemesath, Managing Director of Global Insurance Accelerator, who helped to organize and moderate the event.
ACORD’s judges reviewed nearly 100 applicants to select contestants in two categories: Early-Stage and Late-Stage Startups. These contestants initially competed in regional Semi-Finals, where their live pitches to the panel of judges were evaluated based on ingenuity, impact, applicability, and quality of articulation. Three finalists in each category then advanced to the AIIC International Finals this week to compete for the top prize.
Judges for the Final Round of the AIIC included Dawn LeBlanc, Managing Director of Hartford InsurTech Hub/Startupbootcamp; John Kellington, Senior Vice President and CIO of Cincinnati Insurance Companies; Nathan Golia, Editor in Chief of Digital Insurance; and Matt Aaron, Co-Founder of Insurance Agent App.
The other Finalists included:
- Digital Fineprint, using predictive analytics to turn social data into insurance data.
- Pablow Inc., which provides a single app, Bonzah, for car share/rental customers to purchase policies.
- APEXA, a digital platform that automates the screening and ongoing monitoring of life insurance advisors.
- Kovrr, a predictive cyber risk modeling platform designed to empower and enable property/casualty insurers to manage hyper-dynamic cyber risk.