Blockchain is changing the way we do business. Distributed ledger technology is still currently under-applied in insurance and so AIA is looking for working examples of how blockchain can be used in our industry.
The AIA Blockchain Challenge is the first global blockchain challenge focused around InsurTech, inviting start-up teams to make their mark through the development of blockchain technology on one of the world’s most progressive industries.
REGISTRATION CLOSED Top 5 companies & student winners notified
The virtual challenge will begin in late September 2016.Teams will have until 20 November 2016 to complete the submissions. Applicable top entries will be selected to take part in a unique integration with AIA, one of the largest insurers in the world.
All registered participants will have the chance to meet other developers, insurance practitioners and executives as well as blockchain specialists who can help mentor you during the virtual challenge via the AIA — Blockchain Challenge Network.
AIA will provide ‘front door access’ to senior leaders and decision makers for 5 winners to pitch for future business with AIA as a client. These winners will receive:
US$5,000 cash prize rewarding the efforts put into conceptualising their solution
Exposure to the R3CEV consortium
A trip (flights & accommodation covered) to Hong Kong to present to investors & senior C-Suite AIA leaders
AIA will offer a US$30,000-US$50,000 grant to develop and deploy an integrated version of the solution with as many of the winning teams as found relevant.
In addition to this, students who apply will be judged separately, and awarded:
US$3,000 cash prize (1 x winner)
US$500 cash prize (4 x runner ups)
Topics and ideas to get you started, though by no means exhaustive, include the following:
The claims process can be time-consuming for both customers and the insurer. Distributed ledger technology can help automate the claims process in managing workflow (smart contracts) and streamline data collection and verification across multiple parties.
CUSTOMER INFORMATION AND REGULATION
In order to build relationships with clients, insurance companies require individuals and companies to submit documentation that verifies the identity of the parties. Distributed ledgers can help facilitate digital exchange, authentication of documents, secure transmissions of contracts.
RISK MANAGEMENT & TREASURY EFFICIENCY
Whenever a transaction occurs, insurers have to take on an AML process. This includes screenings across international entities and often external institutions. The distributed ledger can act as a common secure platform for information storage and transfer across internal and external users.
Insurance products are often linked to lifestyles and significant moments in people’s lives. This information is becoming increasingly accessible in the age of medical record storage and wearables. A central platform could consolidate real time alerts triggered by specific events and customer information to create integrated patient journeys.
By the end of the 8 weeks, we are looking for a demonstrable prototype built on distributed ledger technology (we are platform and protocol agnostic) that can demonstrate a better solution to current processes in insurance.
The submission does not have to be a fully functioning application, but should be a prototype in the form of an app, website or another form of software that shows end user design and product functionality. We will be asking for links to a demo (video) and/or a visual representation (deck) of how it works.
Teams are required to include information on:
We are primarily looking for startups and teams who have a track record creating applications across multiple blockchain protocols.
Teams of highly experienced developers who are keen to explore blockchain applications. Individuals can also apply and look to form teams when the AIA — Blockchain Challenge Network is live.
Exceptional students are welcome to participate and will be assessed under separate criteria.
REGISTRATION CLOSED Top 5 companies & student winners notified
WHAT IS AIA?
AIA Group Limited and its subsidiaries comprise of the largest independent publicly listed pan-Asian life
insurance group with a presence in 18 markets in Asia-Pacific. It is a market leader in the Asia-Pacific
region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its
markets. It had total assets of US$181 billion as of 31 May 2016.
Learn more at www.aia.com
WHAT ARE THE TIMINGS?
|September 12th 2016||Registration opens|
|September 29th 2016||Virtual challenge begins / AIA — Blockchain Challenge Network access granted to all registered / taking submissions|
|November 20th 2016||Submission deadline|
|December 2nd 2016||Virtual pitch and demo for the top submissions|
|December 5th 2016||Top 5 winners announced|
|Mid-December 2016||Showcase Day for the top 5 in anall expenses paid trip to Hong Kong|
WHERE DO YOU HAVE TO BE BASED?
The AIA Blockchain Challenge is open to startups and developers globally. The challenge itself will be virtual and access to the AIA — Blockchain Challenge Network which will be open from September 29th onwards.
CAN I REGISTER AFTER THE 8 WEEKS HAS BEGUN?
Yes, you can register via the Registration form after September 29th in order to get a link to the AIA — Blockchain Challenge Network. Your submission will be considered as long as we receive it by November 20th, midnight HKT.
I’m a student, how will I be assessed?
You will be assessed by the same vetting committee, but will be benchmarked against other students.
WHAT IF MY SOLUTION FITS INTO INSURANCE BUT DOESN’T FALL INTO ONE OF YOUR CHALLENGE CATEGORIES?
We welcome any ideas that can be applied to insurance, as long as you can articulate how it is relevant. The AIA — Blockchain Challenge Network community that we have set up should be able to help.
CAN I SUBMIT SOMETHING I HAVE BUILT BEFORE?
You can submit an existing product or a modified version of an existing product that you have developed so long as you can demonstrate its applicability in an insurance context.
WHO OWNS THE IP
Any IP that you develop throughout the duration of the programme is owned by you, and not AIA
WHO SHOULD I CONTACT IF I HAVE FURTHER QUESTIONS?
Contact us at firstname.lastname@example.org