ConsumerOptix named 2021 Soin Award for Innovation winner
May 26, 2021
Dayton startup insurtech firm ConsumerOptix has won the 2021 Soin Award for Innovation.
ConsumerOptix was founded in August 2018 and is currently deploying its digital life insurance platform, Accelerate, nationwide. The Accelerate platform allows consumers and employees to determine their coverage needs and starts the purchasing process with a simple click of the mouse.
“Accelerate enables the insurance industry – both the carriers, the brokers and agents, to connect with consumers and employees in a digital, highly personalized way, to engage and educate, and meaningfully help them understand the life insurance value proposition,” said James O’Hara, CEO, Co- Founder & Chairman of ConsumerOptix. “The growth in life insurance applications is exploding, yet the industry is still lagging at personally connecting with consumers and employees and helping them understand the value of life insurance.”
O’Hara and his business partner, Brian Kipp, created Accelerate to fill a need they spotted in the often complex insurance industry. Many Americans do not have the proper amount of life insurance coverage, and Kipp and O’Hara believed the cumbersome process of purchasing life insurance was contributing to the problem.
“Most Americans don’t have the proper amount of insurance because they don’t know what to buy. At the end of the day, we felt the insurance industry was not doing a good job of connecting with consumers,” said Kipp.
To differentiate, Accelerate uses interactive video and digital personalization to determine each individual’s coverage need, then simplifies the purchasing process.
“We are on the path to become the Amazon of life insurance,” said O’Hara.
“Our goal is to take a process that is paper-driven and takes 30 to 45 days to complete and allow a person to purchase the right amount of life insurance with a mouse click in 10 to 12 minutes,” Kipp said.
Located in The Hub at the Dayton Arcade, ConsumerOptix has tapped into the technology-rich business landscape in downtown Dayton. Winning the Soin Award for Innovation will allow the start-up to expand and hire new talent in marketing or technology.
“It’s a bold statement, but I think about Dayton, Ohio in 2021 as the new Silicon Valley. Look at where we are today. We’re headquartered in the Arcade, a building that was just renovated after being dormant for 30 years. We’re surrounded by technology organizations and the collaboration between the Entrepreneurs’ Center and the University of Dayton, is bringing together, marrying, innovation and collaboration,” said O’Hara. “People in Dayton know the Soin brand, they know what it means to have been vetted and win this award, so that brings tremendous validation to our firm.”
The Soin Award for Innovation recipient is chosen each year by a panel of judges, made up of area business leaders and representatives from small business supporters. The judges pour through business plans, financial information and other submissions before choosing a top three, which then present their ideas to the panel.
ConsumerOptix’s win earns them a $25K prize and various marketing opportunities, thanks to support from Soin LLC, Cox Media Group Ohio and Sedgwick.
The Soin Award for Innovation began on the Dayton Area Chamber of Commerce’s 100th anniversary in 2007 as a way to honor the businesses carrying on the innovative heritage of the Dayton region. The Raj Soin family has generously been the benefactor of the award since its inception.
Learn more about ConsumerOptix and Accelerate at consumeroptix.com.