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PEARL RIVER, N.Y., Sept. 11, 2020 /PRNewswire/ — ACORD, the global standards-setting body for the insurance industry, today announced the winner of the 2020 ACORD InsurTech Innovation Challenge New York. Micruity, a central clearinghouse for communicating, verifying, and aggregating annuity-related data in a secure and frictionless manner, was among 10 startups who presented their innovations virtually yesterday to a panel of industry expert judges.
The ACORD InsurTech Innovation Challenge (AIIC) is hosted in multiple cities annually, this year in London and New York. Micruity joins AIIC London winner Virtual i Technologies, a data-driven platform for risk assessment and loss adjustment.
The Micruity platform sits between the key stakeholders required to power lifetime income in defined contribution plans – life insurers, fund managers, and recordkeepers. By using a simple one-time integration to Micruity, defined contribution recordkeepers access multiple annuity/annuity-based investment products, seamless portability of the annuity, and an event-driven application for turning on the payout at retirement.
Among other prizes, Micruity will receive a $10,000 cash award and will be featured in an ACORD–promoted webinar to present their innovation. The company, along with the runners-up, will have the opportunity to present their pitch in a VIP Showcase at ACORD Industry First.
“ACORD is …
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