ACORD’s mission has always included research and development—that probably makes a lot of sense to anyone who knows what the acronym stands for. The Associate for Cooperative Operations Research and Development (ACORD) is global organization supporting the insurance industry. To further their mission of expanding research and development, they created the first annual ACORD Insurance Innovation Challenge this year to encourage companies participating in the insurance world to explain what innovation means to them.
The Challenge is the only current insurance-specific technology and innovation competition, and is open to individuals and organizations of any size, from anywhere in the world, whose new ideas will change the way the insurance industry does business. When we heard about The Challenge, we jumped right on board. I’ll take you through what we presented and give you the results on how we fared in the competition.
What Innovation Means to Whitepages
Big data is at the core of everything Whitepages does, so when we think about innovation, we inevitably end up talking about what we can make with our data. But another major piece for us is our promise to evolve to meet the needs of the marketplace. We started as a way for our founder and CEO to organize contact records for his friends, but we grew alongside the market’s demand. Today we source over two billion contact records every month and we’ll continue to grow that. Our desire to evolve has led to the creation of our three main products: Whitepages.com is our hugely popular top 40 Web property, Whitepages Caller ID tells app users who’s calling and lets them block unwanted calls, and Whitepages Pro serves the needs of over 1,000 corporate customers who want greater insight on consumers in order to mitigate risk and prioritize their marketing efforts.
Our Solutions for Insurance
We presented the Whitepages Pro product suite to demonstrate how it solves multiple insurance industry challenges. Our data graph structure and developer-friendly API can be leveraged to help automate customer segmentation, identity validation and risk mitigation. Throughout the course of our presentation we were able to show that Pro products help insurance companies:
- Increase conversion
- Improve service
- Reduce risk
Now for the Results
We highlighted our insurance use cases within our initial proposal and were extremely pleased to find out that Whitepages Pro was selected as a semi-finalist! The semi-finals took place at the ACORD headquarters in Pearl River, NY on June 18. The pitch day was a busy one with over 35 companies represented. The terms “disruption” and “innovation” aren’t exactly the first thing that comes to mind when you think of insurance, but the ACORD Challenge succeeded in creating a platform for companies to embrace those terms and prove their relevancy within the industry.
Although Whitepages Pro did not advance to the final stage, we appreciated the opportunity to be mentioned alongside the impressive list of finalists, which features both established solutions providers and young industry startups. We are also excited to announce that our identity validation solutions will be featured in the Innovation Center at ACORD2015, the annual flagship event that will take place November 2-4, in Boca Raton. If you haven’t registered for this event yet, be sure to check it out because it’s filling up fast.
Congratulations again to both the finalists and ACORD for providing a platform to showcase innovation within an industry that is ripe for disruption! Speaking for all of us, we’ve come back with great new ideas and plan to keep the innovation moving forward.
For questions about how we can help your company increase conversion, improve customer service and reduce risk, you can contact me at mmesaros [at] whitepages [dot] com or visit our Financial Service Providers page.