ACORD, the global standards body for the insurance industry, has announced that Riskbook was the winner of the London semi-final round of the ACORD InsurTech Innovation Challenge (AIIC), with RITA and Optimiz.Claims named as runners up.
Riskbook is focusing on building a better reinsurance marketplace by delivering a central digital platform for brokers and reinsurers to drive a closer alignment between distribution and capacity.
Riskbook will join other finalists from events in Chicago (June 26) and New York (July 18) at the AIIC global finals, to be held at the ACORD Connect conference this October. The winner of the final round will be awarded $15,000 cash, complimentary ACORD membership and other prizes.
The event was sponsored by DXC Technology, AXA XL and Rainmaking InsurTech.
“We had 13 very strong entrants and the standard of competition meant that the decision on our runners-up and winner was incredibly close,” said chair of the judging panel, Caroline Bedford, head of DXC Digital Minds.
“It was great to see so many demonstrations of the innovation that can drive the insurance industry forward,” she added. “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.”
Chris Newman, managing director of ACORD in London, said: “The AIIC seeks out solutions that benefit underwriters, brokers and – most importantly – the buyers of insurance products and solutions. 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.”
Submissions were judged against four criteria: ingenuity, impact, applicability and quality of articulation.
The London judging panel included:
- Caroline Bedford, head of Digital Minds at DXC
- Vivek Banga, managing director at Polaris
- Helen Crooks, chief data officer at Lloyd’s of London
- Manjit Rana, insurtech & insurance innovation thought leader, managing director, Corporate Innovation (InsurTech) at Rainmaking Insurtech.
- Hélène Stanway, digital leader at AXA XL.
Now in its fifth year, the ACORD InsurTech Innovation Challenge (AIIC) brings together insurance innovators across all lines of business, investors and venture capital partners, and industry mentors and experts. It is open to technology startups from anywhere in the world with innovative ideas to transform how the insurance industry does business.
Visit www.acordchallenge.org to find out more about the ACORD InsurTech Innovation Challenge.
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