- InsurTech Hartford taking applications for second annual Innovation Challenge
- Contest seeks disruptive solutions for problems in the insurance industry
- Winners in three awards categories to be chosen at ceremony on June 17
Summary by Dirk Langeveld
InsurTech Hartford is taking applications for Global Insurance Innovation Challenge 2021, seeking innovative and disruptive solutions to issues facing the insurance and risk management industry.
The contest debuted last year and received 100 submissions from applicants in 10 countries. This year’s challenge will accept applications through May 14, after which a panel of insurance professionals will select the finalists in three categories. These finalists will make a pitch at a June 17 event, where a panel of judges will select the winners.
Global Insurance Innovation Challenge 2021 is open to anyone ages 18 or older as well as companies with less than $1 million in gross revenue as of April 2021. Entries should identify a problem or challenge in insurance industry, present a well-defined concept for a product or service that addresses it, and provide a prototype for this product or service. Judges will determine winners based on problem statements, problem/solution fit, feasibility, and ability of the product or service to disrupt.
Winners will be selected in the following categories:
- Travelers Emerging Product, a $10,000 prize for the insurance technology company offering the best new or emerging products in insurance and risk management
- Judges All-Around Favorite Award, a $10,000 prize to the entry that best meets the judging criteria
- Best Emerging InsurTech, a $7,500 prize for new companies with less than $1 million in combined revenue and capital invested
