Sound Credit Union press release.
TACOMA, Wash. – Sound Credit Union (Sound) in partnership with the Milgard Center for Business Analytics at the University of Washington Tacoma (UWT), announced Gaganjeet Singh and Arshdeep Mann as the winners of their 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 Arshdeep 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 Icogify, 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 concept 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 & 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 was very motivating, and being able to participate in this Challenge has really helped us with our vision for Incogify. 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,” said Gagan Singh.
This years 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. Incogify will greatly benefit from the financial support of Sound and from the start-up resources in UW CoMotion Labs,” said Michael Helser, Ph.D., Assistant Director, Milgard Center for Business Analytics at UW Tacoma.
“One of our top priorities at Sound is to provide our membership with the tools and resources needed to improve financial health and member experiences,” said Nancy Sternitzky, SVP/Chief Information Officer, Sound Credit Union. “We really enjoyed learning more about Icogify. 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.”