The Insurance Regulatory and Development Authority of India (IRDAI) has taken a beautiful step by organizing its first Hackathon. This Hackathon is organized for the benefit of the general public. Hackathon invites the participants to put their ideas forward and provide a solution. The sole motive of this project is to make insurance available to a huge mass and protect the interest of the existing policyholders. This project is organized to increase the reach and find a solution in some of the following problematic areas with the help the technology.
Here are some of the solutions proposed with the help of the Technological advancements through this project.
- Automated Death Claim settlement using technology
- Tech-based solution to curtail mis-selling of insurance products
- Tech enabled solution to identify uninsured motor vehicles and ensure issuance of mandatory Motor Third Party Insurance
- Technology based distribution of insurance products including micro insurance in “difficult terrains and less penetrable areas”.
- Fraud mitigation/ prevention in motor insurance by using technology.
The participants will get exciting prizes for exhibiting unique and innovative ideas in front of the eminent jury. Rewards will be the following amount based on the ranking
- Winner will be awarded Rs. 20 Lakhs
- 1st Runner up will get Rs. 15 Lakhs and the 2nd runner up will get Rs. 10 Lakhs.
Apart from this monetary award IRDAI also provides the following opportunities for the winners which includes:
- 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
In order to register for the Hackathon Click here
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