ACORD Student Challenge 2025: AI Innovations in Pet Insurance
ACORD has announced the winner of its Student Challenge 2025, an initiative designed to engage university students in leveraging AI tools for insurance data analysis and advancing insurance development standards. This year's focus was on utilizing AI to evaluate crucial data fields for underwriting pet insurance. Participants presented their innovative findings to ACORD evaluators, highlighting the intersection of AI, data analysis, and insurance.
The competition sought to attract new talent and introduce fresh perspectives to the insurance sector. Tanya Krochta, ACORD's executive vice president and chief operating officer, remarked on the timely focus on pet insurance, citing its rapid growth within the industry. The challenge was a collaboration between ACORD's research, education, consulting, and standards departments, emphasizing the importance of regulatory compliance in evolving markets.
Manasa Ramaka, a graduate student from the University of Connecticut, emerged as the winner with her work on data standardization in pet insurance. Her project addressed the complexities of adhering to regulatory oversight while managing private insurance data. Ramaka explored how AI could enhance compliance with data standards and improve data privacy strategies.
Employing AI-driven platforms like ChatGPT and Gemini, Ramaka examined real carrier forms to understand data requirements for underwriting and claims risk management in pet insurance. Her innovative approach expanded data fields to include diverse pet species, beyond common ones like cats and dogs, to incorporate exotic animals, reflecting a comprehensive approach to coverage.
Ramaka developed an extensive framework that involved over 700 data sets, requiring meticulous data cleaning and deduplication. Despite utilizing AI for processing, significant manual verification was crucial to ensure data relevancy and applicability, demonstrating the importance of human oversight in AI-driven projects.
As a result of her groundbreaking work, Ramaka received a $5,000 award, a complimentary pass to ACORD Connect 2026, and a year-long mentorship with an industry expert. Her insights are expected to significantly influence the future of ACORD Data Standards, ensuring they meet current industry needs and regulatory compliance requirements.
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