Sound Credit Union and UWT Name Fintech Incubator Challenge Winner
July 19, 2022
In partnership with the Milgard Center for Business Analytics at the University of Washington Tacoma (UWT), Sound Credit Union, based in Tacoma, Washington, announced Gaganjeet Singh and Arshdeep Mann as the winners of the FinTech Incubator Challenge. Singh and Mann are the founders of Incogify LLC, a company whose mission is to simplify insurance shopping using a Software as a Service (SaaS) application (app).
In 2021, Sound and UWT created a competition seeking financial technology (FinTech) innovators interested in creating financial tools to help consumers build confidence in their financial decision-making, while at the same time building a more affordable life. This year, Incogify was selected as the winner of the challenge after they presented their app which is designed to simplify shopping for insurance and protect consumers’ personal information in order to provide a truly anonymous shopping experience.
“No one likes to spend hours shopping for insurance every few months or years, and no one likes spam,” said Mann. “Incogify offers protection for a user’s sensitive personal information; protecting consumers’ privacy and providing a seamless shopping experience. We are creating an AI-driven car comparison tool to assist consumers when shopping for insurance, helping them feel more confident in their purchase decision without unwanted spam emails and phone calls. Our hope is that when using Incogify, consumers never have to shop for insurance again. Our technology will automatically shop for them before their next renewal and get them the best value.”
Finalists in the competition presented their concepts to a panel of judges. This panel was made up of representatives from Sound’s executive management team, leaders from UWT, and local community partners — Quincy Henry, co-owner and chief experience officer at Campfire Coffee; Dennis Joyce, Tacoma Venture Fund’s director of investments; and Gilad Berenstein, founder at Brook Bay Capital, LLC.
“The feedback and confidence in our product were very motivating, and being able to participate in this challenge has really helped us with our vision for Incogify,” said Gagan Singh. “We want to express our gratitude for Sound, UWT, and its partners as this was an amazing experience for us. The support will help us make our idea into a reality. We look forward to working with CoMotion Labs to further incubate our idea.”
This year’s winners received $10,000 in total cash prizes from Sound and a renewable 6-month membership for CoMotion Labs in Seattle.
“We’re pleased to partner with Sound again this year to discover and enable the next generation of FinTech entrepreneurs in our region,” said Michael Helser, Ph.D., assistant director of Milgard Center for Business Analytics at UWT. “Incogify will greatly benefit from the financial support of Sound and from the start-up resources in UW CoMotion Labs.”
One of Sound’s top priorities is to provide its members with the tools and resources needed to improve financial health and member experiences.
“We really enjoyed learning more about Incogify. We feel that Gagan and Arshdeep have a great concept. We are eager to see the next phase of their app and how consumers can benefit when using the tool itself,” said Nancy Sternitzky, SVP and chief information officer of Sound.
Posted in Regional Member News.