The Insurance Regulatory and Development Authority of India (IRDAI), on 14th August, 2022 has issued a press release regarding its first hackathon- “Bima Manthan 2022”. It focuses on deriving technology driven innovative ideas/solutions for certain identified problem areas in the insurance ecosystem. The event this year revolves around the theme “Innovation in Insurance”.
The hackathon invites participants to identify and develop solutions that have the potential to make the insurance available to every individual in a seamless and swift manner with the use of technology and protecting the interests of the policyholders.
Bima Manthan 2022 invites technology driven innovative ideas/solutions for the following problem areas in the Insurance ecosystem:
a. Automated Death Claim settlement using technology
b. Tech-based solution to curtail miss-selling of Insurance products
c. Tech enabled solution to identify uninsured motor vehicles and ensure issuance of mandatory Motor Third Party Insurance
d. Technology based distribution of insurance products including micro insurance in “difficult terrains and less penetrable areas”
e. Fraud mitigation/ prevention in motor insurance by using technology
The participants will get an opportunity to exhibit their innovative solutions before an eminent jury and win exciting prizes. Registration for the hackathon starts from August 16, 2022.
