ACORD, the global standards-setting body for the insurance industry, picked the startup handdii as the winner of its 2021 ACORD InsurTech Innovation Challenge New York.
The winner is a digital property claims marketplace connecting the policy holder, insurance company and contractors from claim registration through to the finalization of repairs. In addition to a $10,000 cash prize, handdii will have the opportunity to present their innovation at an ACORD-promoted webinar.
“For handdii, the support of ACORD, its industry credibility and expertise will magnify our momentum as we expand our offering across the United States & Australia, Christie Downs, CEO & co-founder of handdii, said in prepared remarks. “We are very thankful to everyone involved and warmly congratulate all of the contestants.”
ACORD conducted a simultaneous separate challenge in London, and the startup Intelligent AI won that event, it said. The startup, in part, develops AI and data analytics products and services that help predict and mitigate global risks.
handdii, Intelligent AI, and the runners-up of both the New York and London events also have the chance to present their pitch at a VIP Showcase at a 2021 ACORD virtual conference.
“The ACORD InsurTech Innovation Challenge has been supporting start-ups and innovators in the insurance technology space since 2015, and we were proud to continue that tradition today,” Bijesh Jacob, SVP, Technology & Standards, ACORD Solutions Group, said in prepared remarks. “The innovations presented by the participants in this year’s event showed great ingenuity, creativity, and promise as part of a larger effort in insurance to modernize the industry and transform it for the better.”
The runners-up were: OTONOMI, a parametric insurance solution for carriers in the air cargo insurance space seeking to reduce claim resolution times; and Claimflo by Safekeep Inc., a claims processing platform for the property and casualty space that relies on machine learning technology to increase efficiency and cost effectiveness.
Other finalists included:
- Attestiv Inc., a company offering tamper-proof, straight-through claims processing using blockchain technology.
- Caregiven Inc. is a white-labeled digital caregiver and beneficiary engagement platform that enables providers to offer real time, curated guidance to individuals and families managing care for an aging or ailing loved-one.
- CoverGo, the insurance industry’s first fully configurable, modular, no-code insurance platform, powered by 500+ insurance APIs, that helps insurance companies to build and launch products within days, develop omnichannel distribution, improve policy admin and claims without a single line of code.
- EGGHEAD AI, a data intelligence platform that uses artificial intelligence to help people manage their data assets, reduce the total cost of managing technology, improve decision making and manage data risk.
- PluggdIn, a company seeking to end to distracted driving through a connected car IOT solution.
- Reeske Inc. is a data-driven income protection assistant with the mission to boost the financial wellness of American families.
- Riskfuel Analytics Inc. works with insurance firms to accelerate their actuarial models that are used in pricing, reporting and risk management.
Judges for this year’s AIIC included: Frank Sentner (Judge Chair), Sole Proprietor, Sentwood Consulting; Trevor Gary, Founder & CEO, Micruity (2020 AIIC New York Winner); Barbara Ingraham, Managing Director, Excess & Surplus, ISO, Verisk; Andrew Johnston, Global Head of InsurTech, Willis Re; Paul Tyler, Chief Marketing Officer, Nassau Financial Group.