ACORD names innovation challenge winners

A lit lightbulb wearing a graduation hat, representing achievement in innovation.

ACORD, the global insurance industry’s standards-setting body, today announced the winners of the 2018 ACORD InsurTech Innovation Challenge (AIIC). The two winners, having battled their way through multiple rounds and fending off nearly 100 other participants, were selected last week during ACORD Connect 2018 in New Orleans, US.

The 2018 AIIC Winner in the Early-Stage Startup category was Chisel, an artificial intelligence platform that has been developed to offer the insurance industry out-of-the-box solutions that apply machine learning and language processing to optimise the process of extracting information from data sources such as insurance documents. Utilising the platform, insurers can automate E&O policy checking, submission prioritisation, quote comparison and claims triage, and make better use of the data available to them.

The winner in the Late-Stage Startup category, meanwhile, was RozieAI, a language comprehension and context management platform that enables insurers and other brands to personalise the customer care that they offer.

Both winners, as well as receiving a cash prize of US$10,000, were afforded the opportunity to present a webinar, promoted by ACORD, in order to describe their particular innovation to potential investors, customers and other relevant parties.

“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, Vice-President of Standards and Membership at 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.”