AIA Blockchain Challenge: Call for Application
Today marks the start of AIA’s first global blockchain challenge. Focused around InsurTech, we invite you to make your mark through the development of blockchain technology on one of the world’s most progressive industries.
We understand that blockchain is changing the way we do business. Distributed ledger technology is still currently under-applied in insurance and so we are looking for working examples of how blockchain can be used in our industry.
Registration is now open with the virtual challenge beginning on Thursday 29 September. Once the challenge is unlocked you’ll have until Sunday 20 November to complete your submission. Applicable top entries will be selected to take part in a unique integration with AIA, one of the largest insurers in the world. Good luck!
What Do I Get?
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 (live on Sept 29th).
AIA will provide ‘front door access’ to senior leaders and decision makers for five 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 your solution with as many of the winning teams as they find 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)
By the end of the eight weeks, we are looking for a demonstrable 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 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.
You are required to include information on:
- The specific problem you have identified in current insurance processes, description of the solution, product features and customer journey
- A demo of the prototype
- Explanation as to why the use of blockchain is superior to the status quo
Who Can Apply?
We are primarily looking for blockchain solutions 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.
Topics & Categories
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 steamline 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 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.
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 — Registration opens
September 29th — Virtual challenge begins / AIA — Blockchain Challenge Network access granted to all registered / taking submissions
November 20th — Submission deadline
December 2nd — Virtual pitch and demo for the top submissions
December 5th — Top 5 winners announced
Mid-December 2016 — Showcase Day for the top 5 in an all expenses paid trip to Hong Kong
Where do I have to be based?
The Blockchain Challenge is open to startups and developers globally. The challenge itself will be virtual and access to the AIA — Blockchain Challenge Network 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 email@example.com