– Make changes in something established, especially by introducing new methods, ideas, or products.
– Introduce (something new, especially a product).
Is insurance innovation an oxymoron?
This phrase might qualify because the words “insurance” and “innovation” have historically had opposite meanings — old set in our ways versus introducing new methods, ideas, or products.
I’ve been quite critical of the insurance industry as a whole for not embracing and adapting faster to rapidly changing technology and the resulting change in consumer expectations.
Over the last few years, I’ve been hearing from an increasing number of businesses and individuals that are working on bringing some very creative and dare I say, innovative methods, ideas, and products to the industry. One of their big problems is getting enough visibility for their ideas and products — which is why they seek me out.
Fortunately, ACORD (the insurance industry standards body) has also recognized this problem and is taking steps this year to provide a platform that will highlight innovations within the industry. The 2015 ACORD Insurance Innovation Challenge provides a platform to showcase the best and brightest within the global insurance industry.
The ACORD Insurance Innovation Challenge
The Innovation Challenge is the first insurance-specific technology and innovation competition. It is open to individuals and organizations of any size, from anywhere in the world. The only criteria? Have a new method, idea, or product that can be applied to transform the way the insurance industry does business.
Winners will be selected based on their ability to develop products and services that have the potential to bring significant innovation to the industry.
“Everyone in the industry is talking about disruption, so we wanted to give them a chance to stop talking and start acting,” said Malou August, ACORD Director of Event Programs. “People are challenging ‘business as usual’ in other industries right now. This event is an opportunity for insurance industry players to step up and create the actual innovations we need.”
The deadline for applications is May 1, 2015. A panel of nine independent judges will review these initial applications. These judges will score the submissions and the top five or more candidates in each category will move to the next round.
These winners will be invited to present a 20-minute pitch to the judges on June 18, 2015, at the ACORD office in Pearl River, New York. Three finalists will be chosen from each category.
Showcase finalists will receive a speaking slot before an audience of potential investors, partners, press, and employers at ACORD2015, the flagship ACORD event taking place November 2-4, 2015, in Boca Raton, Florida. At ACORD2015, judges will select the winners, who will receive prizes valued at up to $25,000.
How Do You Apply?
Do you have a great idea? Are you proud of your company’s accomplishments? Itching for you and your colleagues to get the peer recognition you deserve? Then complete an application and let the insurance world know what you have done. Remember, the deadline for applications is May 1, 2015.
Complete information about the ACORD Insurance Innovation Challenge is available at acord.org/innovate.
(Originally published on LinkedIn, April 6, 2015)