Corda Challenge: Insurtech
After a successful challenge in 2019, Corda Challenge: Insurtech is back for 2020.
Over the coming months, startups across the globe are invited to accept the challenge and compete to solve pain points in the insurance industry using Corda.
Working hand in hand with AXA, B3i and the team from R3, Corda Challenge: Insurtech gives you the opportunity to accelerate your app development and connect with the customer. The winner will receive a $20K grant, a one year CE license from R3, and an opportunity for a commercial pilot with a sponsor.
How it works:
Over three rounds, participants will be charged with pitching, designing, and developing a unique application built on Corda, R3’s open source blockchain platform, that solves for one of the use-cases defined by our sponsors: AXA and B3i.
Entries will be narrowed down to a handful of finalists who will present a full stack prototype of the application to a panel of judges. Successful finalists could win up to USD $20,000 investment from R3, in addition to continued support from our sponsors to help bring their product to market. What’s not to like? Apply now via thumbraise.
Qualifications for entry:
- Your firm is a technology start-up that can address one of the insurance challenges listed on this page with a solution built on Corda, R3’s enterprise blockchain platform.
- Participation is open to teams working on applications at any stage of development, from ideation to those who have already built something.
- This is an industry specific challenge so your solution focuses on insurance.
- Teams will be able to dedicate time and resources to the project. Please review the schedule and details before participating.
- Round 1: Value Proposition (Jun 12 – August 7)
Get your pitch deck ready… The first round will assess the extent to which the proposed solution meets the challenge statement. Why is your approach the one to beat?
- Round 2: Solution Design (Aug 24 – September 18)
The second round will go one level further, reviewing the design of your solution (architecture and business model). Can you demonstrate its business value? We’ll be looking for a clickable prototype and a short video with your design thinking.
- Round 3: Implementation (October 5- Nov 27)
In this round, finalists will showcase a demo-able full stack solution built on Corda. Suit up – you’ll be presenting to a panel of senior judges to be considered for the grand prize! Location of the final to be determined.
- $20K grant from R3 (either in capital or professional services)
- Opportunity for commercial pilot with a sponsor
- A one-year Corda Enterprise license for one CorDapp (application on Corda)
The challenge categories:
Participants will need to address one of the following pain points with their solution.
- Challenge 1: Money Monitoring and Executing in International Insurance Programs – AXA
AXA is currently investigating how to best enhance money monitoring and executing in international insurance programs. International insurance policies for business are complex to issue and manage due to the number of stakeholders involved in the process. The main problem behind international programs is that payment follows different paths, depending on the local regulations, the local broker identity or local payment systems. This leads to multiple issues, including:
– Systemic risk of triggering payment failures or decouple insurance from policy payments
– Difficulty to monitor payments and identify payment glitches
– Difficulty to execute payments
These difficulties lead notably to significant efforts of data reconciliation. AXA is looking for a solution, built on Corda, that has payment and cash flows monitoring, and programmed payment.
Due to the unforeseen challenges presented by 2020, we have made the difficult decision to cancel this track. Any relevant startups that had expressed an interest in submitting a solution to this problem statement have been put in contact with the challenge sponsor.
- Challenge 2: Fraud Detection – B3i
How can DLT enable insurers to win the battle with Insurance fraud? Insurance fraud is a global issue resulting in $Billions of unnecessary cost to the industry.
Insurance is based on the principle of mutual benefit and is designed to protect against significant, but uncertain, losses. Insurance fraud undermines this system, as fraudulent applications and claims deplete the funds paid in by the many honest customers to cover genuine losses.
The Insurance industry strives to remove fraud by using machine learning to examine fraud data. The exchange of such data between insurers can produce high quality results, however the industry is limited as it lacks a common language between data exchanges and the need for centralization.
B3i are looking for a solution that can enable the insurance industry to privately and securely exchange data on fraudulent activity and work together to reduce it.
- Challenge 3: Wildcard
Have a unique solution that doesn’t quite match one of the challenge options? Submit a wildcard. Wildcard entries will be reviewed by all sponsors, and if validated, could be chosen to move to the next rounds.
Have questions? We’re happy to help! Reach out to R3’s Venture Development team at [email protected].
We are now accepting first-round applications! Click below to apply.
Please note, we are hosting this competition via the thumbraise app! Before applying download the thumbraise app on your phone.
Then, click here for the QR code or find our network on the app with the hashtag #cordachallengeinsurtech. You’ll be guided through a series of questions to build your pitch, then upload your deck and submit.
R3 and the challenge sponsors are the only ones who will view your pitch, and we’ll be in touch after the deadline passes to let you know if you have been successful