Thehatch hackathon challenge themed “Shaping the future of Insurance” was concluded yesterday with a winner and two runner-ups announced.
Thehatch is an innovation lab that was established by leading systems integrator, Inlaks. It helps startups reach customers that would buy their solutions by building bridges between inexperienced startups and a global clientele.
The hackathon competition was organised with the sole aim of bringing innovative solutions to the Fintech Industry. Budding entrepreneurs who apply have a chance to access opportunities and funding that their solutions to scale up.
20 teams were selected to be a part of the competition this year but the team that won first place was the TopHill Team. The team developed InsureTech, a solution that aims to make insurance operations available to the person next door via WhatsApp. The solution comprises an automated chatbot that helps users to decide what policy they want through a series of questions that identify their insurable interest.
The first runner-up, AutoSmart pitched a solution which detects and solves the problem of fake insurance claims for automobiles by combining Artificial Intelligence with Internet of Things to build a smart solution for automobile insurance. Their solution will prevent people from wrongly claiming insurance especially in situations like accidents or trading off of old cars to buy new ones.
The second runner up, Sirocco Team, built a solution that makes it easy for users to follow steps to get the insurance policy they need. Their solution makes different types of insurance policies available on the same platform so that users can use one platform and have different options of insurance policies open to them.
The winner of the hackathon gets the cash prize of N2 million while the first and second runner-ups get N1.5 million and N1 million respectively. Besides the cash prize, the winners also get more industry visibility and targeted online presence as Inlaks works with them to develop and optimise their product for widespread use. Other noteworthy teams that pitched at the hackathon focused on Instant Motor Insurance and Virtual Brokery Systems. Congrats to the top three.
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