ACORD’s Inspiring Initiative for Students
ACORD, a prominent global standards-setting organization for the insurance industry, has announced the launch of the ACORD Student Challenge 2025. This nationwide competition invites university students to engage with modern technology to tackle real-world challenges in the insurance domain.
Focus on Pet Insurance Underwriting
This year’s challenge specifically targets the expanding market of pet insurance. As the number of pet owners increases worldwide, there is a growing need for innovative methods to evaluate risk and provide tailored insurance coverage. Participants are encouraged to pinpoint and organize essential data fields necessary for underwriting pet policies while extracting valuable insights that will play a crucial role in shaping this burgeoning market.
Utilizing AI Tools for Innovative Solutions
Students participating in the competition will harness advanced AI tools, including Large Language Models and data science methodologies, to analyze carrier data systematically. This experience will offer participants hands-on involvement in prompt engineering, data structure design, and thorough documentation of their processes. Their contributions will support the formulation of data standards that could be adopted throughout the international insurance sector.
Words from Industry Leaders
Malou Soriano, the Senior Vice President and Global Chief Officer of Education, Consulting & Advocacy at ACORD, expressed her enthusiasm for the initiative. "ACORD is proud to support the next generation of insurance innovators. This Student Challenge presents a unique opportunity for students to utilize emerging technologies to address significant industry challenges while equipping themselves with skills that will benefit their professional journeys," she remarked.
Prizes and Recognition for Participants
The competition promises attractive rewards for participants. The winning team will secure a cash prize of $5,000, while the two runner-up teams will each receive $2,000. Additionally, all winners will be featured in ACORD's newsletter and other media channels, earn free passes to attend ACORD Connect 2026, and benefit from a one-year mentorship with a seasoned insurance professional.
How to Participate
Interested participants can now register for the ACORD Student Challenge 2025 via the official ACORD website until October 1, 2025. Furthermore, all entries must be submitted by November 1, 2025, offering ample time for students to craft their innovative proposals.
About ACORD
As the authoritative standards-setting body in the insurance realm, ACORD plays a vital role in promoting swift and accurate data exchange among industry players. With over 36,000 participating organizations across more than 100 countries—comprising insurers, brokers, software providers, and financial services entities—ACORD fosters efficiency in workflows through the establishment of electronic standards and standardized forms. The organization operates from offices in both New York and London, continuing to support the evolution of the insurance industry by promoting best practices.
Contact and Engagement
For those seeking more information about the challenge or ACORD, inquiries can be directed to their dedicated contacts. Beth Jarecki from Omnia Paratus is available for further assistance, ensuring that interested parties can navigate the opportunities presented by this exciting initiative.
Frequently Asked Questions
What is the ACORD Student Challenge 2025 about?
The challenge encourages university students to use technology to address real-world insurance issues, focusing on pet insurance underwriting.
What are the prizes for winners?
The winning team will receive $5,000, with two runner-up teams earning $2,000 each and additional recognition and mentorship opportunities.
How can students participate?
Students can register for the challenge on the ACORD website until October 1, 2025, and must submit their entries by November 1, 2025.
Who can participate in the challenge?
The competition is open to university students who are interested in the intersection of insurance and technology.
What is ACORD's role in the insurance industry?
ACORD sets standards for the insurance sector, facilitating efficient data exchange and functionalities through established electronic standards and forms.
