NOVEMBER 5, 2024 / LUXEMBOURG
ACA INNOVATION AWARD 2024:
WHERE INNOVATION MEETS INSURANCE
In a constantly changing context, where disruptions multiply at a rapid pace, the insurance and reinsurance sector must adapt to various changes and continue to enhance its competitiveness. Innovation emerges as one of the keys to meeting these challenges and seizing emerging opportunities. It is with this idea in mind that the ACA initiated the ACA Innovation Award, highlighting the crucial role of innovation within the insurance sector in Luxembourg.
Startups powered by:
EDITION 2024
6 Startups in Competition
Team 1
Cortical.io
Cortical.io delivers highly efficient AI-based solutions that enable enterprises to unlock the full potential of unstructured text. Our flagship product, SemanticPro, is an intelligent document processing solution that accurately extracts, analyzes, and classifies information based on meaning, providing a robust foundation for automating labor-intensive document workflows. With more than a decade of experience in implementing natural language understanding (NLU) solutions, Cortical.io has demonstrated its ability to solve the challenges of language ambiguity and variability across diverse use cases for Fortune 500 companies. In the insurance sector, our solution helps streamline policy processing by accelerating document intake, improving the accuracy and efficiency of quote preparation and policy comparison, reducing errors, and enhancing customer response times and operational efficiency. Cortical.io is headquartered in Vienna, Austria and has offices in the U.S. (New York and San Francisco).
Team 2
Finovox
Finovox has created the document falsification detection software applicable to ALL documents, regardless of their type or language. By providing you with a result in less than 5 seconds, we make it possible to detect and identify fraud before you suffer it. How ? Thanks to multiple advanced machine learning algorithms allowing the detection and identification of fraud. Finovox is available by API and by SaaS platform to adapt to your business and your document volume. For who ? Any company analyzing documents! Insurance, Credit, Banking, Real Estate, Telecoms, Factoring… or even public organizations!
Team 3
Fundprocess
FundProcess provides a SaaS solution with ETL and Macro technologies, enabling Operational Teams to encode complex data management, automate tasks, and design their own calculations and business functionalities. The key goals are integration with all counterparties, continuous customization, and giving you full autonomy over your system.
Team 5
LEGAL FLY
LegalFly’s Copilot streamlines your legal operations from contract review and drafting to discovery of all your legal and financial documents. Join thousands of legal professionals who are saving time, cutting legal costs and mitigating compliance risk. LegalFly was founded in early 2023 by 4 Tinder tech veterans. Our vision at LegalFly is crystal clear: to orchestrate a paradigm shift in the legal space, bringing unprecedented time and cost efficiencies to legal professionals worldwide. Our flagship Legal AI solution is a powerhouse, meticulously designed to amplify and refine the myriad facets of a legal professional’s workflow, from contract review and drafting to discovery processes. At the heart of our platform is a seamless interface that transforms legal and financial documents into actionable insights in seconds. Our sophisticated AI algorithms spring into action, distilling complexity into clarity. We empower legal teams to transcend traditional boundaries and unlock productivity like never before. Our efforts and dedication have not gone unnoticed. LegalFly’s ground-breaking technology has received global recognition, culminating in our win at the British Legal Technology Awards in London — an award that underlines our position at the forefront of legal tech innovation. Join us as we continue to redefine the legal landscape with our industry-leading solutions. We currently support the jurisdictions of the United States, United Kingdom, Germany, France, Switzerland, Netherlands, Belgium and Luxembourg, with plans to expand further.
Team 5
MOPSO
Mopso, founded in Italy in 2021 with a subsidiary in Luxembourg since 2022, offers different integrated solutions to address AML compliance. One of the latter is Amlet, a dynamic, customizable and automated tool for onboarding and compliance in financial institutions. Amlet was tested within the Bank of Italy Regulatory Sandbox starting in July 2022, with Illimity Bank, Banca Reale, and Credem (who joined in May 2023). The goal of the testing period, which spanned 18 months, was to experiment with the dynamic questionnaire designed to collect and verify customer information. The Regulatory Sandbox highlighted Amlet’s possibilities, paving the way for wider adoption in the financial sector.
Amlet seeks to streamline the Customer Due Diligence (CDD) process by automating key tasks such as data collection, verification, and risk evaluation. Its primary objective is to reduce the manual, repetitive efforts typically required in these processes, ensuring a more efficient and cost-effective approach for financial institutions. By leveraging AI and the Mopso NET database, Amlet enhances accuracy in risk assessments while maintaining full compliance with AML regulations. Moreover, it introduces the concept of portable CDD, allowing customers to securely transfer their verified data between institutions, minimizing redundancy and improving the user experience.
Team 6
U-REG
U-Reg simplifies and streamlines onboarding, due diligence, and regulatory processes, enabling financial institutions of all sizes to meet regulatory requirements with ease. By eliminating manual tasks, U-Reg facilitates a seamless, secure, and automated exchange, management, and collaboration of information between financial institutions, their clients, and business partners – within a single platform. Leveraging the « input once, report to many » principle, U-Reg reduces redundancy, improves accuracy, and enhances efficiency across processes. The platform’s collaborative features streamline review, approval, and entity-specific risk assessments, while secure multi-party engagement empowers entities to efficiently manage processes, relationships, and data within their ecosystem of clients, partners, and stakeholders, all while maintaining strict access controls.