Intelligent AI, which uses 300 datasets from AI and satellites to create a digital risk twin for global property portfolios or assets, has won the annual insurtech innovation competition run by global insurance standard-setting body ACORD.
Winning the InsurTech Innovation Challenge London 2021, Intelligent AI said it will share the $10,000 cash prize with Nigeria-based runner up SOSO Care.
Intelligent AI’s CEO Anthony Peake said he was “moved” by SOSO Care’s ambition to bring affordable healthcare to Africa.
“We have had a fantastic first year at Intelligent AI… We think real-time data and digital twins are going to be an industry game-changer for both insurers and commercial customers,” Mr Peake said.
InsurTech Innovation Challenge London 2021 heard presentations from 10 startups and was judged by a panel led by Sabine VanderLinden, CEO at Alchemy Crew.
Previsco, which offers technology to provide real-time flood forecasts, was also named runner-up.
The other finalists were:
- Caura, a payment platform for cars to manage tolls, vehicle tax and insurance
- distriBind, which provides automated data exchange for insurance transactions
- Ignatica, a cloud-based platform to create, test and launch end-to-end digital insurance products and policies to halve operating costs of legacy systems
- Jove Insurance, an insurtech platform that provides flexible and embedded insurances for the self-employed and SMEs
- OKO, which provides insurance to farmers in emerging countries and markets, and delivers instant claims settlement
- Sustema, which analyses corporate behaviour using publicly available data to improve the underwriting performance of commercial insurers
- Wenalyze, a data analytics platform that leverages open data sources to enable commercial insurers to better assess the risks of their SME clients, automate underwriting and reduce loss ratios.