Winners are announced.
To all the solution creators, visionaries, spotless minds and tech trailblazers!
ADCAT (the startup incubated by HDFC Life) invites you to be a part of the unprecedented disruption driven by tech and digitization innovations.
Expected result
Energised and changed perspective on Life Insurance!
Insurance has a long way to go to play an immersive role and secure everything that matters and holds value, though it doesn’t seem impossible. We are already a witness to key digitization trends being graduated to sustainable industry practices from mere an idea. By leveraging technology stacks and creating new pre-sales insurance initiatives, we can touch lives, shape future and make a difference.
As an ecosystem aggregator, we address the challenges in the domain of insurance and opportunities triggered by AI and adjacent technologies. Our Life Insurance Hackathon would try to mitigate the impact of the chaos of data, channelize innovation and drive growth. We want to come together, collaborate and brainstorm with you to change the way we recommend life insurance to our customers, extract meaningful data, and serve our customers, while data and tech being the founding stones.
Points to be considered:
Schedule
The hackathon is over two phases.
Phase I
Submission of your idea and synopsis of the development wireframe
Timeline - On or before March 4, 2018
Expected result:
Phase 2
The announcement of selected participants and an invitation to work on the prototype of your idea at a co-working space in Mumbai!
Timeline - March 17-18, 2018
Expected result:
The event will also see the participation of the top representatives of HDFC Life, who will share their feedback and directions with the participants.
About Company
This hackathon is being conducted by ADCAT, a startup incubated by HDFC Life to lead the digital transformation and build the insureTech vertical. ADCAT is working on Big Data, AI, IoT, Blockchain and other emerging technologies to create an impact in the insurance industry, making the conglomerate one of the first insureTech firms in India! It is a team of 30+ individuals from the best startups in India.
HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customising plans, by adding optional benefits called riders, at a nominal price. As on November 30th, 2016, the Company has 29 individual and 9 group products in its portfolio, along with 8 optional rider benefits catering to a diverse range of customer needs.
HDFC Life continues to benefit from having a wide reach with 398 HDFC Life offices in India and 12,000+ distributor touch-points. The Company has a strong base of Financial Consultants.
You should use any resource or data set that you find. If you aren't happy with the information you are getting, or if there is a theme for which information is hard to find, please check out this data set!
Your Challenge: Develop a predictive algorithm to group customers based on their current life stage, which would help in recommending the right life insurance policy to the customer based on their current life stage segment. You could use information such as the customer’s web activity data, mobile app data, games behaviour, and the life insurance buying propensity for the given customer life stage segment, based on historical data.
Emotional, inspirational customer experiences and regular touch points are crucial for customers to become fans.
Your Challenge: How can life insurance companies use digital solutions to generate customer experiences with real added value, thereby improving customers’ loyalty and readiness to recommend the product/service to others.
You may use any technology to build this system. For example, Natural-language Programming (NLP), Chat Bot, conversational UIs, predictive recommendations, etc
Data can help us unravel things we couldn’t see or understand earlier, and solve big problems.
Your Challenge: We want you to build a data processing stream that aggregates data obtained from the customer’s visit to the life insurer’s/partner’s website. This data should be processed in such a way that it can be used to define rules for recommending the right life insurance policy to each customer.
Probably, the biggest impact any trend has had on mankind is Social Media.
Your Challenge: Apply analytics to data to describe, predict, quantify and execute a smarter pre-sales campaign. Extract customer life stage event information from customer’s social media posts.
You may avail the cash equivalent of the prize if you wish.
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