Pineapple allows individuals to insure their possessions simply by snapping a picture and uploading it to the mobile application. Customers pay premiums and receive full insurance but are also able to withdraw their unused premiums as cash every year. The company shows its customers how their insurance premiums are used, creating a level of trust that reduces fraud and lowers costs. Pineapple currently has more than 16,000 members, most of whom are between the ages of 23 and 35 and are active on social media.

“We’re proud to be a part of VentureClash and thrilled to award the InsurTech Innovation Prize to Pineapple,” said Michael Klein, Executive Vice President and President of Personal Insurance at Travelers. “Efforts like this help strengthen Connecticut’s innovation ecosystem, attract world-class talent and inspire the big ideas of tomorrow. We congratulate the founders and look forward to following their success.”