British businesses scoop major insurance industry awards

Businessman giving presentation with colleagues

Intelligent AI and Distribind, funded by UK Research and Innovation (UKRI), celebrated at 2021 ACORD InsurTech Innovation Challenge London.

Two pioneering British companies funded by UKRI have been recognised in a world renowned InsurTech competition. This is part of UKRI’s ongoing commitment to deliver the Industrial Strategy Challenge Fund’s next generation services programme.

On Thursday 2 September, Intelligent AI was announced as the winner of the 2021 ACORD InsurTech Innovation Challenge (AIIC) London. Intelligent AI developed a product that utilises over 300 datasets to create a digital twin of risk for any global property portfolio or assets.

Distribind, an automated data exchange for the insurance delegated authority industry, was also included in the list of finalists.

ACORD is the global standards-setting body for the insurance and related financial services industries. Since 2015, the International Association of Conference Interpreters (AIIC) has brought together insurance innovators and start-ups with the potential to transform the insurance industry for the better. One way it seeks to do this is through the collation and smarter use of data.

Developing new technologies

UKRI shares this view and supports businesses that look to develop new technologies based on artificial intelligence in the high value services sector, including the insurance industry.

Intelligent AI:

  • secured UKRI funding through the enabling data access collaborative research and development competition run in 2019
  • is a member of the NGS Enabling Data Access, convened and funded by KnowRisk consortium.

Distribind benefited from UKRI funding secured through the first next generation services collaborative research and development competition launched in 2018.

The recognition for Intelligent AI and Distribind follows on from another UKRI-backed business award win last year. RegulAItion won the Monetary Authority of Singapore (MAS) 2020 Global Fintech Hackcelerator.

RegulAItion developed an AIR platform that blends privacy-enhancing techniques, blockchain and AI in order to transform the way in which regulated organisations across the globe share data.

Industry recognition

Stephen Browning, Challenge Director of next generation services at UKRI said:

We take our hats off to Intelligent AI, Distribind and RegulAItion. They’re all brilliant businesses that are doing incredible things with data to help push the insurance and financial services sectors forward.

From a UKRI perspective it’s very satisfying to see businesses that we’ve supported receive industry awards and recognition from their peers. It goes to show we’re backing the right projects!

Following Intelligent AI’s stunning win at the AIIC, CEO Anthony Peake, acknowledged UKRI’s ongoing support. He said:

The support from UKRI has been invaluable in helping Intelligent AI Limited to research and develop our AI-based Intelligent Risk Management platform and take it to market. During COVID-19 we were also able to successfully apply for a continuity grant that enabled us to weather the storm and continue to innovate.

The announcement last week that we had won the ACORD Global Innovation Challenge was a direct outcome of the fantastic support we have had from UKRI.

Top image: Credit: vitranc / Getty Images

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