Northwestern Ontario has hosted its first insurtech hackathon, drawing concepts from among the most promising minds within the area.
The occasion, Ã¢â‚¬Å“Hack IT,Ã¢â‚¬Â was held in Thunder Bay from March 29-30 in Lakehead CollegeÃ¢â‚¬â„¢s scholar enterprise incubator hub, Ingenuity. Hack IT was organized by the Northwestern Ontario Innovation Centre, Lakehead College and native insurance coverage brokerage Jones & Associates Insurance coverage.
Ten groups comprised of each college students and alumni from the Northwestern Ontario Innovation Centre, Lakehead College and native insurance coverage brokerage Jones & Associates Insurance coverage participated within the hackathon. Groups had 24 hours to suggest and develop options to insurance-related points.
Themes explored in the course of the occasion embody altering demographics, extreme climate occasions, the sharing/gig financial system and developments such because the mounting prices of insurance coverage fraud and cybersecurity.
Trade companions have been current on the occasion to supply steerage and perception to members. Companions included Gore Mutual Insurance coverage, Coverage Works, BoBTrak, BrokerLift and ClientDesk
On the finish of the 24-hour interval, the groups introduced their concepts to a panel of judges; three winners have been awarded money prizes. A launch mentioned that the successful crew got here up with an answer that addressed fraudulent claims reporting utilizing AI. The runner-up proposed a cell app to reward improved driving efficiency and sort out retention charges. The bonus prize was awarded to a crew that pitched a technique to take care of business fleet threat profiles through telematics.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s essential for us to assist occasions like this as a result of harnessing expertise to supply higher insurance coverage merchandise and outcomes helps the communities we service,Ã¢â‚¬Â mentioned Jones & Associates Insurance coverage president Jeff Jones in an announcement.
Gore Mutual director of digital Sachin Rustagi added that the corporate is dedicated to serving to drive innovation tradition within the insurance coverage business. Rustagi additionally mentioned that Gore Mutual is happy that its dealer and expertise companions participated within the occasion.
Ã¢â‚¬Å“We hope to see among the hackathon groups transition their concepts ahead to a pilot part to assist additional innovation in our business,Ã¢â‚¬Â the director remarked.