JDX’s George Osborn recently attended the ACORD Insurtech Innovation Challenge to judge an intense battle among 12 insurtech start-ups. The ACORD InsurTech Innovation Challenge (AIIC) is world’s premier event for innovation in insurance technology and hosted in multiple cities globally each year. George gave us his key takeaways from the event:
“Recently, I was lucky enough to be on the judging panel at the 2020 ACORD Insuretech Innovation Challenge. Joined by several esteemed colleagues from the market, it was our responsibility to listen to 12 individual pitches and to judge them on their ingenuity, applicability and potential impact to the market.
We witnessed a wide and diverse range of technologies, from the highly specialised, DUA focused Distribind platform, to products such as IBISA and Blocksure who’s main business focus is to provide microinsurance to people who may have in the past struggled to get insurance. This social balancing tool would be as applicable to low income families as it would be to women working in agriculture in the Niger or India.
All of the pitches we saw brought different potential to the market and some of the ‘discussions’ (arguments) that the judges had over; which technology could be applied to a wider audience, which piece was the most ingenious and which could potentially bring the most impact to the market showed just how good the competition was in this year’s challenge.
The eventual winner was Virtual I Technologies which provided a virtual Risk Assessment and Loss Adjustment platform. Their “Virtual” Risk Space meant that risk assessors could now perform their role to the same standard via video chat, using high definition photos and highly structured questionnaires. This allows for real time risk assessment to happen without the need to travel to the site of interest. As a result, this by default leads to a much lower environmental impact and lower costs for each risk assessment undertaken. Couple this with an augmented reality headset that allows people to see a live feed from the site, and it is easy to see why Virtual I Technologies ended up the eventual winners.
Perhaps more interesting for JDX Consulting was the offering from Distribind. The Distribind platform provides a fully automated Delegated Authority process solution, hugely reducing the manual intervention of some of today’s solutions. As all of us know at JDX the current end to end process for managing bordereaux is quite a repetitive and mundane activity, so to see Distribind using technologies such as AI and ML to reduce the human intervention is something we ideally could assist with the amount of consultants we have with SME knowledge in this space. Fortunately, we have already met with the Distribind team in our office and it is a relationship I highly recommend we pursue further.”
A huge congratulations to Virtual I Technologies, we look forward to next year’s event!
For more information or to contact George, please email George.Osborn@jdxconsulting.com