InsurTech Hartford has announced submissions are open for its annual innovation challenge.

The US-based insurtech hub says the competition, organised in conjunction with the Association of Cooperative Operations Research and Development (ACORD), is designed to “draw out groundbreaking ideas” from across the globe.

The eight-week process will gather submissions that will be judged by a panel of industry experts, with the winner awarded at a virtual event on November 10.

InsurTech Hartford says past winners have collectively raised more than $US25 million ($37.18 million) in venture capital following success in the competition. Winners are also awarded cash prizes of up to $US10,000 ($14,873.43).

Submissions for the competition close on October 14.

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