Insurtech competition finalist announced

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The global insurance industry standards body ACORD has announced the winner of the London semi-final round of its ACORD InsurTech Innovation Challenge (AIIC), which will go forward into the finals. Riskbook emerged as the winner of the event, which was sponsored by DXC Technology, AXA XL and Rainmaking InsurTech.

Riskbook’s proposition delivers a centralised digital platform through which brokers and reinsurers can seek closer alignment between capacity and distribution, with the aim of strengthening the global reinsurance marketplace. The two runners up, Optimiz.Claims and RITA, respectively specialise in subrogation of cargo claims and reinsurance technical accounting via blockchain.

Having won the European round, Riskbook will take part in the AIIC global finals, which will take place in October at the body’s Connect conference. It will be up against finalists from US events in Chicago (taking place on 26 June) and New York (18 July); the winner of the final round will receive complimentary membership to ACORD, a cash injection of US$15,000 and various other prizes.

“We had 13 very strong entrants,” said Caroline Bedford, Head of DXC Digital Minds and Chair of the London judging panel, “and the standard of competition meant that the decision on our runners-up and winner was incredibly close. It was great to see so many demonstrations of the innovation that can drive the insurance industry forward. Collaboration is part of the DNA of the insurance market and working together to find how we can intelligently apply technology will undoubtedly improve our overall customer offering.”

Those taking part in the challenge were judged on their ingenuity, the impact and applicability of their proposition, and the quality of the articulation of their product / service.

“The AIIC seeks out solutions that benefit underwriters, brokers and – most importantly – the buyers of insurance products and solutions,” added Chris Newman, ACORD’s London Managing Director. “We were delighted by the breadth and depth of the entrants and to see so much smart thinking about issues that can be resolved all along the value chain.”

This is the fifth year that the AIIC has run.