Once again, Hartford showed its Insurance innovation capabilities. Approximately 30 people braved the weather to come out (and stayed out) during the snow storm to ideate and create new InsurTech business opportunities.
The day started out slow as we gave people extra time to arrive due to the weather, but once we started going, we were off to the races. 8 great ideas were pitched which came down to 6 teams. The teams worked to define their problem statement until about 12:00, then they were off to focusing on the solution.
1st place: Smart Building Insurance - This team's business plan is to install IoT devices into buildings that can be monitored for leaks and other hazards, even when nobody is around.
2nd place:Salmore - wishes to open an online marketplace where insurers can sell their salvage items to the highest bidder. No more auctions - just take some photos, set a reserve, and let people bid. If you ever wondered what happens to the personal items that may be reuseable after a fire, talk to Salmore.
3rd place:Team Motion - This team wants to help in two ways. First, by being more predictive about the likelihood of a dog to bite someone, Insurance companies can make decisions about insurance. With the insights of data about dogs, the second idea is to take action when the dog is likely to bite to prevent it from actually biting. This can reduce industry claims, reducing property liability insurance. Did you dog bites cost the insurance industry $520M per year, and the average payout for a dog bite costs insurers over $30,000?
Other Great Successes
Other ideas who did not win place or show included solutions for workers compensation insurance, risk management starting from the building design phase, and another who seeks to sell insurance to employees based on data learned about them from employers.
We'd like to thank Nate Eusko for taking us through the Hackathon process. Nate helped the teams understand the rules and made sure everyone was engaged. Other mentors and judges who helped out that day include Gwendolyn Hanh , Allan Campbell, Joe Guaneri, and Stacey Brown. Thanks for all your support!
At the end, we all felt really good about the business ideas generated that day. Pizza was great. Upward Hartford was wonderful. Parking on the roof during a snow storm - not such a great idea. The best part of the day, there are now a bunch of people walking around with the first-ever InsurTech Hartford swag - T-shirts! Below is great picture of Nate Eusko supporting the brand. Thanks, Nate!
For more information about upcoming events, be sure to check out our website: http://www.insurtechhartford.com
Nate Eusko wearing his new InsurTech Hartford shirt.