New York-based insurance industry standard developer Association for Cooperative Operations Research and Development announced that the second semi-final for its 2016 ACORD Insurance Innovation Challenge (AIIC), an innovation competition-business incubator hybrid that started in 2015, will be held May 23 in Silicon Valley.
The 2016 AIIC has three other scheduled semi-finals in Des Moines, Iowa (April 26); New York City (June 7); and London (Sept. 21). Individuals and companies will pitch in front of a panel of judges comprised of insurance company professionals, analysts, entrepreneurs and thought leaders at the semi-final of their choice.
The May 23 semi-final will be hosted by the Silicon Valley Insurance Accelerator (SVIA)in conjunction with the “Disruptive Business Models/InsurTech Invest” conference which will be held at the Crowne Plaza Foster City-San Mateo, Calif., on May 24 and 25.
“The success of the SVIA’s Insurance Disrupted event last November demonstrates the deep connections they have with the InsurTech community in Silicon Valley,” said Bill Hartnett, head of innovation for ACORD and AIIC executive sponsor. “SVIA has opened the door for an innovation dialogue and connections between Silicon Valley and the established industry can have tangible benefits for the insurance industry globally. Considering the mission of the AIIC, working with SVIA to identify and promote innovation in and for the insurance industry was the logical next step.”
Individuals attending the May conference can register for and attend the AIIC pitches for a nominal additional charge. Prior to the event, qualifying AIIC pitches will get feedback from program mentors, respond to judges’ questions, and be graded on impact, ingenuity, applicability to the insurance industry, and quality of the presentation.
“The ACORD Insurance Innovation Challenge has been groundbreaking in this area and we are honored to be a part of it,” said Natalie Wood, SVIA’s chief revenue officer. “Establishing a partnership with ACORD is a critical step for us in establishing an ongoing innovation dialogue with the industry.”
The AIIC Silicon Valley semi-final is open for submission from now through April 11. Early-stage startups can submit a well‐defined concept for a product or service that demonstrates the potential to disrupt or transform traditional approaches to all aspects of the insurance business and the industry at-large.
Winners of the AIIC Silicon Valley semi-final and other semi-finalists will present to a panel of judges before a live audience at the ACORD 2016 event, Nov. 1-3, at the Boca Raton Resort & Club in Boca Raton, Fla. Winners will be selected based on a ranking derived from a combination of responses from the live audience and the judging panel and will receive a prize package valued at $25,000.
“We actively seek partners with a demonstrated commitment to the digital future of the industry; ACORD has clearly made that commitment,” said Mike Connor, SVIA’s CEO. “Digitally transforming one of the world’s most critical industries is a rewarding and challenging process. We are excited about what our partnership with ACORD can contribute to the industry’s digital future.”
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