29 SEP – 1 OCT 2017
Hack the Insurance
Industry in 48 hours!
End September 2017, Copenhagen Fintech are putting on a hackathon to develop and showcase new tech solutions within the insurance industry.
Join 100+ participants with diverse skillsets (software developers, business minds, designers and insurance agents) as well as 30+ mentors (entrepreneurs, executives, industry professionals, investors and consultants) for 48 hours of ideation, prototyping, rapid market validation and business modeling. But most of all lots of fun and learning.
The winning teams will be admitted to the Copenhagen FinTech Pre-Accelerator program starting in November 2017.
Both the Hackathon and Pre-Accelerator program are powered by Rainmaking Innovation and will be hosted at Rainmaking Loft, Copenhagen.
First Prize – DKK 25.000
Two – four teams are admitted to
Copenhagen FinTech Labs’s After hours Pre-accelerator Program
(More about Pre-Accelerator Program below)
Selected teams will get offered free seats at Copenhagen FinTech Lab
Special Prizes from Købstædernes Forsikring og TIA Technology
All participants will get an opportunity present their ideas to industry players with the hope of launching real world pilots.
The jury will pick all the winning teams
Topics and challenges
The world of banking and finance has for a long time withstood significant disruption. This has finally come to an end. First breaking off into a single industry, FinTech (Financial Technology), and subsequently into even more specific branches. Over the last two years we’ve seen the emergence and maturing of InsurTech (Insurance Technology), with an ever growing number and scope of startups. What is most striking is the movement from startups trying to disrupt the industry incumbents, to an ever close collaboration between the two. From ’16 to ’17, we’ve seen almost a doubling in partnerships between Insurers and related startups. This can in large part be explained by the opportunity startups offer incumbents of leveraging the latest technologies, fresh ideas and experimental business models.
Købstædernes Forsikring has engaged as partner in this hackathon to ensure that we can continue to serve our customers with efficient and personal service. Købstædernes Forsikring is a customer-owned company, with a focus on providing proactive products and a simple and carefree service based on relevant customer needs. Given the breakspeed technological development, we hope you as participant can help guide our way forward.
Challenge 1: On-demand Insurance
Intro: Globalisation is making the world more connected, which subsequently affect our choices and lifestyles. We travel more, live more spontaneous lives and engage in ever evolving activities and constellations. We live more unpredictable lives, and we expose ourselves to ever increasing risks.
Problem: This change in human behaviour patterns puts a significant strain on our ability to protect and insure ourselves.
- If we, and everyone around us, do not know what the immediate future holds, then how could we be able to plan ahead in terms of risk mitigation?
- How could we tap into smart devices to offer relevant products and services when and where we need them, with only a touch of a button?
- How could we use IoT/Smart Home devices to engage customers, and data analytics to learn about the state of an insurance customer’s home and the usage behavior of the household to offer targeted and relevant insurance services that meet the customer’s need at the right time?
Challenge 2: Reduce On-boarding Time
Intro: The average human attention span has decreased from 12 seconds in 2000 to 8 seconds in 2015. The internet, and human-designed spaces in general, have steadily been developed to capture the short-term attention of all exposed.
Problem: For an insurance company to assess the risk profile of new customers, they need an extensive set of data points. This takes time, attention and effort. Most people shy away from engaging with insurance matters.
- Given this, could we provide a swift and effortless environment to capture sufficient data to make a risk assessment?
- Could we design a risk assessment that provide the customer with relevant and attractive product options to complete the sales based on fewer parameters?
- How might we use sensors, such as Anyware Smart Adaptor, to collect and crunch data and subsequently match the costumers with the right insurance coverage, and at what price level?
Challenge 3: Automation
Intro: Almost daily, we see signs of the advent of artificial intelligence. With more data being processes by the hour, the algorithms are in full swing to train itself to precision and speed. We are standing on the cusp of quantum computing, which could potentially revolutionise how we perceive data retrieval and -processing. It could surely help us optimise the way we work.
Problem: There are many aspects and workflows in the insurance industry that are time-consuming and fairly mechanic, such as risk assessment, claim registration, evaluation and disbursement. With many repetitive tasks and similar data, there should be great opportunity to deploy Artificial Intelligence to automise some of these processes.
- How might we leverage big data from external data sources to assess risk more automatically?
- What if we combined external data with unique household and behaviorial data collected by IoT/Smart Home devices such as the Anyware Smart Adaptor?
- Could we develop a system that process sign-ups and claims which automatically improve its accuracy?
- How about deploying a speech recognition software that on-boards new customers through a human-like conversation?
- How could insurance companies engage customers on their insurance journey after the initial on-boarding through automation?
The industry is seeking some fresh eyes perspective on the old problems — that means you may own the next big idea.
As such, you will be encouraged to shoot from the hip and share your thinking.
TIA Technology will provide a sandbox environment with fully functional API and dummy data to provide a back-bone for new or improved on-boarding interfaces.
Read more on: http://www.tiatechnology.com/
Anyware Solutions will provide a number of Anyware Smart Adaptors including a sandbox and API to extract data (sensors, location, users).
Read more on: http://www.anyware.solutions/
After Hours Pre-Accelerator
In November 2017, CPH FinTech Lab will, together with Rainmaking, launch a part-time pre-accelerator program for six FinTech startups.
The three most promising ideas from this hackathon, as well as the previous InsurTech hackathon, will be invited to join this flexible accelerator program.
This pre-accelerator has been designed to support the six teams beyond the hackathon, and improve their probability of further success.
The program will run outside of regular work hours, and consist of workshops, masterclasses, mentoring and P2P learning.
The program will take place at Rainmaking Loft in Copenhagen, and is run by Rainmaking Innovation.
The most promising startups from the pre-accelerator will be fast-tracked into the selection days of the Startupbootcamp FinTech or InsurTech London accelerator programs.
More about After Hours Pre-Accelerator Program
The 3-month After Hours Pre-Accelerator program is designed to make 6 newly formed startups
from the two Copenhagen FinTech Lab Hackathons ready for product launch, funding or acceleration.
The program will run after office hours and on weekends at Rainmaking Loft Copenhagen,
world’s best co-working space in 2016, according to Global Startup Awards.
The program consists of:
4 full-day workshops with leading speakers and coaches,
covering the following themes:
1. Lean Startup Methodology & Business Model Canvas
2. Product-Market Fit and Minimum Viable Product
3. Growth Marketing & Growth Machine
4. Pitching, Fundraising and Legal aspects
Peer-to-peer Learning with practical exercises
1:1 Sessions with mentors
Final Pitch Event – Sunday
Get a glimpse into the future of the Insurance Industry!
Come see the prototypes that our 100+ participants have come up with after spending 48 hours on solving some of the most pressing challenges in the insurance industry.
This is a closed event for Copenhagen FinTech Partners & Sponsors and invited guests.
To redeem your code – head over the Eventbrite.
Don’t have a code but want to apply for a ticket – contact Copenhagen FinTech.
Most of the weekend is dedicated to your ideation and ‘hacking’ prototypes.
Top mentors will join to provide support and inspiration.
We touch base on our shared mission for the next two days. We will focus on unleashing industry-changing ideas coming. Fresh approaches to conceptualization are welcome.
Every participant gets to present an idea (or more) in 60 seconds. This is where your creative juices are needed. No idea is out of bounds or too ambitious.
Participants pick the best ideas and form teams around those.
Hackathon Day 1
Breakfast 8am – 9am then everyone gets to work. Lunch, dinner and energy breaks will also be provided. The occasional tribal dance or group stretch may erupt during the day.
Mentors will stop by throughout the day to provide support, guidance and inspiration. Use them as you see fit, they are a mix of entrepreneurs and experts from the insurance industry
Hackathon Day 2
Breakfast 8am – 9am then everyone gets to work. Lunch, dinner and energy breaks will also be provided. Time will be set aside for pitch training, tech check and practice (on a voluntary basis).
Teams will make their final demos and presentations to the Jury.
The jury will decide on the overall winners which will go on to start in Copenhagen FinTech pre-accelerator in November 2017.
Partners, mentors & jury
Industry experts & serial entrepreneurs volunteer to help you.