ACA Innovation Award 2024: A springboard for solutions that transform the industry

On November 5, 2024, the 2024 edition of the ACA Innovation Award brought together startups, insurance professionals and partners from the ACA ecosystem for a day entirely dedicated to innovation. The event highlighted solutions that are redefining Luxembourg’s insurance sector.

A day dedicated to collaboration

At the heart of the event, 6 startups presented their solutions for this year’s 2 key themes:

• Process automation and digitization: to reduce manual tasks and improve efficiency.
• Optimizing customer relations: by offering technologies adapted to new consumer expectations.

Coached by mentors from ACA members, the startups were able to refine their solutions throughout the day. These collaborations enabled them to overcome the regulatory barriers often encountered by startups in this complex sector.

ACA Innovation Award 2024 highlights

One of the highlights of the day was undoubtedly the pitch session. Each startup had 5 minutes to present its solution to a panel of experts, followed by 5 minutes of questions and answers. The Minister for Digitization, H.E. Stéphanie Obertin, honored the awards ceremony with her presence, demonstrating the government’s support for innovation in the insurance industry.

Among the finalists, LEGALFLY took top honors with its innovative DORA compliance solution. The LegalFly Copilot tool enables insurers to scan and analyze hundreds of critical contracts in a matter of minutes, saving thousands of hours of manual work.

The 6 finalist startups

• LegalFly: Optimizing legal operations with AI solutions tailored to compliance requirements, such as DORA.
• FundProcess: SaaS platform for automating and customizing complex data management.
• Cortical.io: Solution for analyzing and classifying unstructured text using artificial intelligence.
• Mopso: Automated compliance tool for AML processes, including dynamic onboarding functionalities.
• U-Reg: Platform simplifying regulatory collaboration with risk management and automation functionalities.
• Finovox: Document forgery detection solution with results in under 5 seconds.

A stronger ecosystem thanks to ACA

With the support of partners such as LHoFT and Plug And Play for startup sourcing, the ACA once again demonstrated its role as a catalyst for innovation. The event gave startups an unrivalled platform for visibility, while facilitating the creation of Proof of Concept with jury members.

Relive the event in pictures and videos