SOURCE: ACORD

ACORD

November 05, 2015 11:17 ET

Winners for 2015 ACORD Insurance Innovation Challenge Named at ACORD2015

Companies Exemplify Spirit of Entrepreneurship and Innovation for ACORD Innovators and Insurance Disruptors

PEARL RIVER, NY and BOCA RATON, FL--(Marketwired - Nov 5, 2015) -  ACORD, the insurance industry's global data standards and services association, is pleased to announce Livegenic and Insurity were selected as winners of the 2015 ACORD Insurance Innovation Challenge during the ACORD2015 Conference in Boca Raton, Florida.

Livegenic's win distinguishes the company's pitch, for the Livegenic Real-Time Guidance for Claims solution, from other Insurance Disruptors participating in the challenge. Livegenic's solution puts much control over the insurance claim adjustment process into the hands of the claimant by enabling live video, claimant provided photographs and audio, thereby eliminating the need for adjuster dispatch, expediting claim resolution, and minimizing fraud related risks. Their solution, offered right now for insurance companies, MGAs and TPAs, also provides instructions on how to photograph or video a site/claim and walks the claimant through the whole process to ensure quality and accuracy.

Insurity's win in the ACORD Innovators category was for the company's development of a solution which eliminates many of the challenges inherent to the data conversion process. Paraphrased in part from their submitted documentation, "Insurity's data product, Insurance Enterprise View (IEV), leverages ACORD Standards to eliminate the need for insurers to choose between the need for Data & Analytics and Core Insurance Modernization, and allows them to accomplish both, more effectively and efficiently than any other product or service solution today. IEV allows insurers to reduce the time, cost and risk of core insurance modernization projects while simultaneously creating a world-class platform for data and analytics."

"The judges and the audience members voting during our live pitches in Boca Raton were impressed and, I think at times, amazed, by the ingenuity, passion, drive and degree of innovation represented in these two pitches," said Bill Hartnett, Head of Innovation for ACORD. "It is very gratifying to know that the first year out of the gate we have achieved the mission of the ACORD Insurance Innovation Challenge by identifying and rewarding innovations which can begin to transform the industry and the way we do business tomorrow instead of ten years down the road. We are already looking forward to expanding this program and the opportunities it provides for entrants and the industry alike."

A total of 12 finalists from two categories, ACORD Innovators and Insurance Disruptors, competed for this year's top honors during which experienced industry judges and ACORD2015 audience members ranked those with the most ingenuity, potential impact for the industry, applicability to insurance, and quality of presentation. In addition to the publicity and recognition derived from participation in the 2015 ACORD Insurance Innovation Challenge, the winners will both receive a prize package valued at $25,000. 

For more information about ACORD, the ACORD Insurance Innovation Challenge, or the ACORD2015 event, call 845.620.1700, or visit www.acord.org, www.acord.org/innovate, 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

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