Intelligent AI has won the 2021 ACORD InsurTech Innovation Challenge London. ACORD is the global standards-setting body for the insurance industry, and it has run the challenge since 2015 to give early-stage insurance technology companies a route to industry exposure. Ten companies presented at this year’s London event, which was held virtually.
Intelligent AI presented its approach to commercial property risk. The platform draws on more than 300 datasets, including AI, IoT, satellite, natural catastrophe and open data sources. It uses them to build a digital twin of risk for a property portfolio or individual asset, giving insurers a single, current view of the risk they are writing.
Chris Newman, Managing Director – Global at ACORD, said Intelligent AI offered “an exceptionally relevant use case for the industry right now”. He added that its presentation showed what commercial lines insurers can achieve with data.
The prize was $10,000 in cash, a feature in an ACORD-promoted webinar, and a place at a VIP showcase during ACORD’s 2021 virtual conference. Anthony Peake, CEO of Intelligent AI, chose to share half the cash prize with runner-up SOSO Care, a Nigeria-based health insurtech. SOSO Care lets people pay for access to care across more than 1,000 hospitals using cash or recyclables as premium.
“I’d like to thank ACORD and the AIIC judges for this great opportunity,” said Anthony. “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.”
He added: “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.”
The other runner-up was Previsco, which provides real-time flood forecasts and warnings for individual properties. The judging panel was chaired by Sabine VanderLinden, CEO and Managing Partner of Alchemy Crew. It included representatives from the IUA, InsTech London, Swiss Re, LIIBA, DOCOsoft and Lloyd’s.