ACORD names winner of Insurtech Innovation Challenge

Global insurance standards body ACORD has announced Virtual i Technologies, a patented platform for risk assessment and loss adjustment, as the winner of the 2020 Insurtech Innovation Challenge London. VIPR’s Principal Project Manager, Lee Mills, was pleased to be one of this year’s industry expert judges.

Read the full press release below.

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ACORD, the global standards-setting body for the insurance industry, today announced the winner of the 2020 ACORD InsurTech Innovation Challenge London. Virtual i Technologies, a patented platform for risk assessment and loss adjustment, was among 12 startups who presented their innovations virtually yesterday to a panel of industry expert judges. The ACORD InsurTech Innovation Challenge (AIIC) is hosted in multiple cities annually, this year including London (September 3) and New York (September 10).

Among other prizes, Virtual i Technologies will receive a $10,000 cash award and will be featured in an ACORD–promoted webinar to present their innovation. The company, along with the runners-up, will have the opportunity to present their pitch in a VIP Showcase at ACORD Industry First.

“That ACORD InsurTech Innovation Challenge brings together an exciting group of innovators who share a strong desire to bring positive change to the insurance market,” said Chris Newman, ACORD’s Managing Director – Global. “The AIIC was the insurance industry’s first competition of its kind in 2015, and we are proud to continue this tradition of recognising and supporting the emerging technologies that will advance our industry the London market and globally.”

“The concepts and technologies shared by the contestants today had significant impact,” said Judge Chair Caroline Bedford, Founder & Head, DXC Digital Minds. “Any one of them is capable of making a tangible impact on the insurance industry. It is of critical importance that we continue to provide opportunities for talented innovators to help shape our future – especially at this time, when it is even harder to step outside of the ‘getting back to business as usual’ priorities. The judges and I were extremely impressed by the professionalism, passion and commitment of all involved.”

Judges for the AIIC London included:

• Caroline Bedford (Judge Chair), Founder & Head, DXC Digital Minds
• Louise Day, Director of Operations, IUA
• James Livett, Associate Director, LIIBA
• Lee Mills, Principal Project Manager, VIPR Solutions
• George Osborn, Global Client Partner, JDX Insurance
• Maria Solano, UKIIMEA Insurance Industry Chief Technologist, DXC Technology
• Hélène Stanway, Digital Leader, AXA XL

The other competing companies included:

• Blocksure, which aims to change the insurance paradigm by enabling brokers, MGAs, insurers and reinsurers to reconsider how new and existing products are delivered to customers
• Context Visualised Ltd., which helps CEOs & COOs of regulated businesses achieve operational efficiencies by redefining how they instruct, measure and monitor their activities
• CoSure, a marketplace for commercial risks which require the involvement of more than one party due to lack of capacity, risk appetite, etc.
• distriBind, an AI-powered data exchange focussed on delegated authority
• EasySend, a worldwide leader in new customer on boarding, claims settlement and policy holder servicing for all insurance sectors
• IBISA, which enables agriculture micro-insurance for agricultural entrepreneurs
• Kippie, a marketplace where users port their data in order to create an Insurance Passport which allows them to get cheaper insurance
• OPTIMIZ, which provides a multisided platform which connects cargo owners and their insurers to shipping lines and other carriers with the goal of fostering predictive claims resolution
• Renewal Diary, an application that enables consumers and businesses to make smarter decisions at renewal time
• Ritablock, a blockchain-based, digital, automated exchange of accounting and claims data between primary insurers and reinsurers
• SLVRCLD, which automates content claim quantifications and settlements, enabling insurers to process claims quickly and efficiently, through augmented or robotic processes, resulting in a lower total claim spend and better claim experience.