Association for Cooperative Operations Research and Development (ACORD), the insurance industry's global data standards organization, will hold a new event, the ACORD Insurance Innovation Challenge, an insurance-specific technology and innovation competition.

ACORD Insurance Innovation Challenge winners will be selected based on their ability to develop products and services with the potential to bring significant innovation to the industry, ACORD said. Winners will be chosen from organizations that demonstrate unique and exceptional implementations of ACORD standards, forms, or architecture.

The competition is open to individuals or organizations of any size, from anywhere in the world, that have ideas to transform the way the insurance industry does business.

"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 true innovations we need."

Applications deadline is April 1, 2015. A showcase round will be held June 18 at the ACORD office in Pearl River, New York. Finalists will receive a speaking slot before an audience of potential investors, partners, press and employers at ACORD2015, on November 2-4, 2015 in Boca Raton, Florida. Judges will select the winners, some of whom will receive cash prizes to help bring their ideas to fruition.

"ACORD's mission has always included research and development - in fact, that's what the 'R' and 'D' in 'ACORD' stand for," August said. "The Insurance Innovation Challenge will feature exactly the sort of thinking we love to encourage."

See also: The Principal, Farm Bureau Financial, Grinnell Mutual Back Startups

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