Devon-based InsurTech company Intelligent AI Limited has won the ACORD Global Innovation Challenge - and split the cash prize with a HealthTech runner-up.
The Exeter startup has developed an AI-driven platform that provides insurers, brokers and corporate clients with a 360-degree view of risk across their property portfolios. The technology uses over 300 datasets including AI, internet of things (IoT), satellite, natural catastrophe sources and open data to create a Digital Twin of Risk for any global property portfolio or assets.
ACORD is the largest global association of insurers, brokers and InsurTechs, with over 36,000 global members. Since 2015, the ACORD InsurTech Innovation Challenge (AIIC) has brought together insurance innovators and start-ups with the potential to change the industry for the better. The winners of this year's events in London (September 2) and New York (September 14) are awarded an array of prizes, promotional tools and industry exposure opportunities.
Intelligent AI received a cash prize of $10,000 and will be featured in an ACORD-promoted webinar to present their innovation. In an unprecedented gesture, Anthony Peake of Intelligent AI offered to split the cash prize with Nigeria-based runner-up SOSO Care.
"I'd like to thank ACORD and the AIIC judges for this great opportunity. We have had a fantastic first year at Intelligent AI and are excited for the future. We think real-time data and digital twins are going to be an industry game-changer for both insurers and commercial customers," shared Anthony Peake, CEO, Intelligent AI. "I also would like to recognize my fellow participants and the runners-up in the AIIC London competition. I was particularly moved by the presentation from Nonso Opurum and his work to bring affordable healthcare to Africa, and am pleased to extend half the cash prize to SOSO Care, as it is such a good cause."
"On behalf of ACORD, I want to thank our amazing panel of judges, our sponsors, and all ten companies who shared their innovations with us," said Chris Newman, Managing Director – Global, ACORD. "The ACORD InsurTech Innovation Challenge has been supporting the future of the industry since 2015, and we are excited to continue to do so with this year's winner. Intelligent AI offers an exceptionally relevant use case for the industry right now. Their presentation demonstrated the art of the possible in what can be done with data in the insurance commercial lines space."
"All ten start-ups who shared their innovations with us offered a unique lens and vision for the future of the insurance industry," said Judge Chair Sabine VanderLinden, CEO and Managing Partner, Alchemy Crew. "From companies focused on open banking for insurance to microinsurance providers, all looked at insurance in new ways. We were very impressed by their ingenuity and their commitment to shaping the future of the industry."
The runners-up were:
- SOSO Care, a Nigeria-based, low-cost health InsurTech that aims to enable millions of people to access care across over 1,000 hospitals nationwide using cash or recyclables as premium.
- Previsco, an organisation that offers technology to provide real time, actionable flood forecasts and warnings at an individual property level.
Other finalists included:
- Caura, a payment platform for cars to manage tolls, city charges, MOTs, vehicle tax and insurance.
- distriBind Ltd., which provides automated data exchange for any insurance transaction.
- Ignatica, a cloud-based platform to create, test and launch end2end digital insurance products and policies in real-time and run products at less than half the operating costs of legacy systems.
- Jove Insurance, an InsurTech platform that provides flexible and embedded insurances for the self-employed and SMEs.
- OKO, which provides insurance to farmers in emerging countries/markets and delivers instant claims settlement.
- Sustema, which analyses corporate behavior using publicly available data to improve the underwriting performance of commercial insurers.
- Wenalyze, a data analytics platform that leverages open data sources to enable commercial insurers to better assess the risks of their SME clients, automate their underwriting process and reduce loss ratios.
Judges for this year's AIIC included:
- Sabine VanderLinden (Judge Chair), CEO and Managing Partner, Alchemy Crew
- Louise Day, Director of Operations, IUA
- Matthew Grant, Co-Owner and Partner, InsTech London
- Nicole Kellenberger, Global System & eAdmin Lead, Swiss Re
- James Livett, Associate Director, LIIBA
- Aidan O'Neill, CEO, DOCOsoft
- Hélène Stanway, Head of Market Engagement and Adoption for Data, Future at Lloyd's
Intelligent AI, along with both runners-up SOSO Care and Previsco, will also have the opportunity to present their pitch at a VIP Showcase at a 2021 ACORD virtual conference. To learn more about ACORD InsurTech Innovation Challenge, visit http://www.acordchallenge.org/.
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org/.
Learn more about Intelligent AI at https://intelligentai.co.uk/