Bima Manthan 2022
Innovation in Insurance
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#insurance #hackathon
Organized By
Supported By
About Us
About Bima Manthan 2022:
Bima Manthan provides an opportunity to individual and entities to develop or provide technology driven innovative solutions to the existing challenges in the identified areas through problem statements. The participants would work upon the problem statements during the specified time-period of the hackathon for providing the desired solution / products for meeting the expected criteria. The proposed ideas or prototypes relating to the problem statements would be judged by a Panel of Jury for deciding the winner(s).
Objectives
- Explore ways in which technology can reach the last-mile for insurance coverage.
- Promoting innovation in the insurance-value-chain and fostering collaboration between Insurers and InsurTech.
- Encouraging new technologies which can help in solving business challenges of the insurance ecosystem in India.
Problem Statements
Problem related to Insurance sector.
Automated Death Claim Settlement
Automated death claim settlement using Technology
- To develop a tech enabled immutable system for authentication of the death of the policyholder
- Use of Technology such as Distributed Ledger Technology (DLT) for developing such a solution
- Automated identification, authentication of the nominee and claim settlement.
Curtail Mis-selling
Tech-based solution to curtail mis-selling of insurance products
- Develop a tech based solution to address the problem of mis-selling of insurance products
- The solution may also address areas such as assistance to customers in filling application/proposal forms etc
Identify uninsured motor vehicles
Tech enabled solution to identify uninsured motor vehicles and ensure issuance of mandatory Motor Third Party Insurance
Develop a tech enabled solution to
- Identify uninsured motor vehicles
- Ensure and facilitate insurance third party coverage of such uninsured motor vehicles
- Provide communication about the uninsured motor vehicles to the law enforcement agencies and vehicle owners.
Last mile insurance coverage
Technology based distribution of insurance products including micro insurance in “difficult terrains and less penetrable areas”
- Insurance penetration as well as coverage is very low in difficult terrains and less penetrable areas such as Ladakh, North Eastern States and Desert Areas etc.
- A technology based solution/ distribution model is envisaged to increase penetration and coverage in such areas
Motor Fraud Prevention/Mitigation
Fraud mitigation/ prevention in motor insurance by using technology
- There is a substantial difference in premium between various motor segments, which incentivizes the fraudsters to mis-declare a vehicle in a different class or segment.
- Mis-declaring a vehicle in a different class or segment results in loss of premium for the Insurance company.
- Address the fraudulent motor third party claims
- Develop a Tech-based solution to prevent/mitigate such frauds in motor insurance.
Rewards
Cash Rewards
- Direct-entry into the IRDAI Regulatory Sandbox regime
- Demo-day in front of Insurers/Intermediaries and other stakeholders
- Collaboration with Insurer(s) on the winning project/platform.
Top 3 winners will receive the following cash prizes:
Winner
₹ 20 lakhs
1st Runner-up
₹ 15 lakhs
2nd Runner up
₹ 10 lakhs
Eligibility
- Anyone - Individuals or teams and enterprises (including startups) from all geographies are welcome to apply under this global challenge.
- International Entities/Companies incorporated and regulated in Financial Action Task Force (FATF) compliant jurisdictions by a financial services or banking or capital market or insurance or pensions regulator OR
- Individuals from FATF compliant jurisdiction
FAQ
Who can apply?
- Anyone: Individuals or teams and enterprises (including startups) from all geographies are welcome to apply under this global challenge.
-International Entities/ Companies incorporated and regulated in Financial Action Task Force (FATF) compliant jurisdictions by a financial services or banking or capital market or insurance or pensions regulator OR
-Individuals from FATF compliant jurisdiction
Is there a registration fee?
No, there is no registration fee.
How many problem statements can I apply for?
Participants may apply for one or more than one problem statement.
Does my solution need to focus exclusively on one problem statement?
It is recommended that one solution should address one problem statement in the best possible manner so that your solution can be best appreciated. We are looking at the uniqueness and feasibility of the solution presented.
Can participants submit multiple entries?
Yes, we encourage you to respond to all problem statements you think you might have a solution to. Multiple entries would be considered, and more than one of your solutions might be selected.
What is the format of the event?
Applications will be received only through the APIX platform based on the above given timelines. The Hackathon shall run in two phases with Ideation in the first phase and Solution Development in the second phase. IRDAI will shortlist the most promising ideas for the second phase wherein the participants will have to submit the working solution/running code/prototype, on the APIX platform. Wherever needed, these solutions may be provided with mentoring, and technical and regulatory support to create demo-able products. The winners will be selected from the shortlisted products based on the product pitch and demo towards the end of the program.
Do I need to be a registered company to apply?
You need not be a registered firm to participate in the event.
Do I need to submit a solution after being shortlisted?
Yes, the shortlisted entities need to submit a working solution which would be evaluated to decide the winners.
How will the prize be disbursed?
- Monetary rewards are as under,
(a) Rs. 20 lakhs INR for the winner
(b) Rs. 15 lakhs INR for the 1st runner up
(c) Rs. 10 lakhs INR for the 2nd runner up - Direct-entry into the IRDAI Regulatory Sandbox regime.
- Demo-day in front of Insurers/Intermediaries and other stakeholders.
- Collaboration with Insurer(s) on the winning project/platform.
Will the information shared be kept confidential?
Information provided to us through the online application will be shared only on a need-to-know basis within the relevant event and evaluation teams. The information provided will be retained by us post the program for audit purposes and will be shared with an external party only upon obtaining explicit permission from the applicant / authorised team member.
Can I request a reevaluation in case, I am not satisfied with the Judge’s decision?
No. You cannot request for re-evaluation. The decision of the judges shall be final and binding. IRDAI reserves all rights with respect to the event.
Where can we reach out for further questions?
For Bima Manthan 2022 related queries, the participants may send an email to bimamanthan-2022@irdai.gov.in.
For technical queries during registration or proposal submission process, please reach out to apixsupport@afin.tech.