From 7 to 9 March, DataArt co-hosted the second HACKNEXT insurance hackathon, where 110 hackers in twenty teams with pioneering digital solutions for the insurance industry competed for first place. The ideas developed ranged from smart contract assistants and well-structured retirement visualization to remarkable bank assurance solutions. Team Xmen, with a micropayment application for retirement, won the 10,000 Euro prize. Workshops and lectures for around 50 non-programming visitors rounded out the insurance hackathon.
HACKNEXT was hosted by DataArt, a global technology consulting firm; insurance analysts Franke and Bornberg; the creative agency Kaiser X Labs; and zeb, the leading strategy and management consultancy for the financial services industry in Europe.
In an inspiring atmosphere, the hacker teams addressed four central questions:
- Which concepts help people plan their financial futures and gain control over their retirement plans?
- How can customers and insurance companies benefit from the vast amount of data? How can data-based insurance products make the customer’s life easier?
- What is the best way for a customer to interact with their insurance agent?
- How can online or mobile banking and PSD2 be used for better risk assessment? How can a customer’s insurance portfolio be optimized?
The jury had its hands full to determine the best among the ingenious solutions pitched. The judges were Christoph Carl and Denis Fischer (Allianz), Fabias Van Lancker (Swiss Life Germany), Martin Langkau (Kaiser X Labs), Martin Baierlein (IBM), Michael Franke (Franke and Bornberg), and Stefan Geipel (zeb). The technical jury included Alexander Makeyenkov (DataArt). This panel of experts worked with an anonymous voting system that evaluated the hacks according to four aspects: presentation, innovation, UI/UX, and technical quality. In the end, three teams won:
The most convincing team was Xmen, which designed a solution in the “Retirement rethink” segment to make micro-payments for retirement. This is in line with the needs of the young target group, who cannot and do not like to devote much money or thought to retirement. Small contributions are better than no contributions and the simple method of money transfer reduces potential hurdles. Idea, practice proximity, pleasant user experience, and an impressively good pitch catapulted the team into first place. Second place, with a Euro 1500 prize, was won by InsurIT with their response to the challenge: “Future of Digital Bancassurance”. Their application cleverly links information from social networks and bank transactions in order to better understand the customer environment and offer tailor-made insurance solutions. During the demo, the crew used IBM Watson AI to recognize a picture of a bicycle on a customer Twitter feed and immediately offer him bicycle insurance. Third place went to I-Gent. The hackers deployed their skills in the challenge “(R)evolution of the insurance agent” and designed a CRM and Omni-Channel dashboard, which makes it easier for tied agents to communicate with their clients – and vice versa. The concept decided at lightning speed whether the chatbot or a salesperson would take over the conversation and provides agents with a clear, graphically appealing dashboard overview.
The sponsor prizes from IBM, Github, Swiss, Allianz, Contenful and Exec were awarded to the teams PALI, InsurIT and Plan?Los! (all IBM), Guacamole, A Tteam, I-Gent, liabiliteam and Xmen.