SOURCE: ACORD

ACORD

March 08, 2016 11:15 ET

Second of 2016 ACORD Insurance Innovation Challenge (AIIC) Semi-Finals to Be Hosted by Silicon Valley Insurance Accelerator (SVIA)

Start-Up Competition Will Be Held in Conjunction With SVIA's Q2 Insurance Disrupted Conference in May

PEARL RIVER, NY and SILICON VALLEY, CA--(Marketwired - March 08, 2016) - ACORD, the insurance industry's global data standards and services association, is pleased to announce the second semi-final for the 2016 ACORD Insurance Innovation Challenge (AIIC), an innovation competition-business incubator hybrid launched in 2015, will be held on May 23 in Silicon Valley. This semi-final will be hosted by the Silicon Valley Insurance Accelerator (SVIA) in conjunction with the Q2 "Insurance Disrupted: Disruptive Business Models | InsurTech Invest" Conference at the Crowne Plaza Foster City-San Mateo, CA 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."

"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."

"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."

There are four scheduled semi-finals for the 2016 AIIC, to be held in Des Moines, Silicon Valley, New York City and London. Individuals and companies can select any one of the semi-finals and pitch in front of a panel of judges comprised of insurance company professionals, analysts, entrepreneurs and thought leaders. In the case of the AIIC Silicon Valley Semi-Final, individuals registering for the May Insurance Disrupted Conference will have the opportunity to register for and attend the AIIC pitches for a nominal additional charge. All AIIC qualifying pitches will get feedback from program mentors prior to the event, answer questions from the judges, and be graded on impact, ingenuity, applicability to the insurance industry, and quality of the presentation. 

The submission process for the AIIC Silicon Valley semi-final is open now through April 11 at www.acordchallenge.org, leading up the May 23 pitches which will take place just prior to the opening reception for the SVIA's Insurance Disrupted event at the Crowne Plaza Foster City-San Mateo. Early-stage startups are encouraged to 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 will have the opportunity to join other semi-finalists in presenting to a panel of judges before a live audience at the ACORD2016 event, November 1-3 at the Boca Raton Resort & Club in Boca Raton, Florida. The winners, selected based on a ranking derived from a combination of responses from the live audience and the judging panel, will receive a prize package valued at $25,000. 

Click here to watch an interview about the AIIC with ACORD CEO & President Greg Maciag and ACORD Head of Innovation Bill Hartnett.

Click here to follow the AIIC LinkedIn Showcase page.

For more information about ACORD, the ACORD Insurance Innovation Challenge, or the ACORD2016 event, call 845.620.1700, or visit www.acord.org, www.acordchallenge.org, or www.acord.org/acordevent, respectively.

About ACORD

ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit organization serving the insurance and related industries. ACORD facilitates the development of open consensus data standards and standard forms, and works with its members and partner organizations to drive implementation of those standards. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. ACORD maintains offices in New York and London. For more information, visit the association website at www.acord.org

About Silicon Valley Insurance Accelerator (SVIA) 

Silicon Valley Insurance Accelerator (SVIA) is an open innovation outpost. SVIA's charter is to help accelerate the innovation process for the Insurance Industry. SVIA is facilitating a dialog, contacts, and investments that accelerate development of a digital generation of insurance. SVIA does this through its quarterly Insurance Disrupted conference series, startup showcases, studies and reports, and by facilitating executive forums and highly customized meetings. For more information, please visit www.sviaccelerator.com.

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