ACORD, the global standards body for the insurance industry, today announced the selected participants for the European semi-finals of the ACORD InsurTech Innovation Challenge (AIIC), to be held in London on 18 July. The winners will proceed to the global final in New Orleans in October to compete alongside the other successful qualifiers from the US semi-finals for the chance to win total prizes worth approximately $150,000.
Chris Newman, Managing Director of ACORD in London said: “We are committed to the AIIC because we believe that the future of insurance relies on the smart deployment of technology. 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. By helping to create the next-generation customer experience, we can ensure a brighter future for everyone involved in the industry.
“The Challenge brings together insurance innovators across all lines of business, investors and venture capital partners, technology start-ups, and industry mentors and experts. It is an
opportunity to be part of a collaborative effort to transform the way the insurance industry does business.”
The Challenge is open to start-up businesses anywhere in the world and is split into two categories – early stage (up to $250k in revenue) and late stage ($250k-$1m revenue).
Submissions are judged against four criteria:
1. Ingenuity: How unique are the core concepts embodied in this innovation?
2. Impact: How great is the potential of this innovation to cause significant change in the economic, technical, operational, and/or social fabric of its target audience?
3. Applicability: How broad is the potential target audience for this innovation?
4. Quality of Articulation: How well did the presenters convey their vision?
Chris Newman continued: “The Challenge continues to expand its reach and impact. This year we received a large number of ideas for consideration that touched on every facet of insurance. But just twenty startups have been selected to participate in the live-pitch semi-final in London and the opportunity go to the global final on October 10 to compete for thousands of dollars’ worth of benefits, promotional tools, industry exposure, and networking opportunities.”
Visit www.acordchallenge.org to see a full list of semi-finalists and to find out more about the ACORD InsurTech Innovation Challenge.