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It’s all systems go for the Santam Blockchain Hackathon, which brings together 80 radical geeks, lateral thinkers, problem solvers and innovators to find powerful solutions to an extreme issue facing South African and global insurers today.
Billions lost to fraud annually
Insurance fraud in South Africa amounts to a staggering R3.6 billion per year. This not only results in huge losses for insurers, but also negatively impacts on the consumer. The problem is experienced industry-wide and to date no effective solutions have been found.
In an attempt to crack the code on insurance fraud, Santam, along with IBM and the Blockchain Academy, will be hosting a 24-hour Blockchain Hackathon from 17h00 on 23 September. The Hackathon forms part of the SA Innovation Summit, taking place at Birchwood Hotel in Ekurhuleni from 21 – 24 September.
24 hours of solution-seeking
More than 80 hackers are expected to participate, including entrepreneurs, software geeks, website developers and blockchain enthusiasts. The hackers will be divided into 16 groups of five, and will use blockchain and other technologies to identify solutions to four challenges, predetermined by Santam and with the ultimate goal of combating insurance fraud.
To prepare the hackers well for this new blockchain frontier, IBM will train the participants on the use of their Bluemix technology and sponsor a custom developed training course by the Blockchain Academy on Blockchain technology. Once the hackers are equipped with the tools and information they need, they will get down to the business of finding smart, innovative, and workable ways to revolutionise the insurance industry.
“The Santam Hackathon demonstrates our commitment to innovation and collaboration to improve the short term insurance industry effectiveness for the benefit of all stakeholders,” Said Kevin Wright, Chief Information Officer, Santam.
He continues: “Fraud is a matter that affects all industry stakeholders and negatively impacts on clients. The rationale behind the Santam Hackathon is to explore how crowd-sourcing and innovative technology solutions can be used to reduce or even remove fraud from the general insurance industry. Innovative use of blockchain to create smart contracts, secure payments and tracking insured assets are a few of the areas the participants of the hackathon will be challenged with.”
MD of the Blockchain Academy, Sonya Kuhnel says the Academy is excited to be part of the Santam Blockchain Hackathon, the first of its kind in South Africa:
“Blockchain technology has the potential to improve productivity, efficiency and transparency in the insurance industry, so we believe this hackathon is a great initiative by Santam,” said Sonya. “We are excited to see what concepts will emerge from the hackathon in terms of using some of the key benefits of Blockchain technology such as openness, decentralisation and speed.”
Solutions emerging from the hackathon will be judged by a panel of blockchain and insurance experts and awarded fantastic prizes based on creativity, feasibility, cost-effectiveness and potential for implementation at scale. Thanks to sponsors SANTAM, IBM, the Blockchain Academy, Nihilent and Payfast, a total of R20 000 cash for the winning team, and up to US$12,000 of Cloud Credits for a year per member for the winning team, will be up for grabs. The coolest spot prizes will be randomly awarded for genius thinking and don’t forget, with all eyes on the #SANTAMhack, developers will be able to showcase their talent to the many observers who will attend the hackathon.
To participate in the event, register here.
For more information on the Hackathon, please contact Mixo Ngoveni, Specialist Project Manager for the SANTAM – SA Innovation Summit Hackathon | email@example.com | 074 373 0639
For more information on The SA Innovation Summit, please contact Dr Audrey Verhaeghe, Chairperson of the SA Innovation Summit | firstname.lastname@example.org | 082 578 0728
Follow @SAISHack and join the conversation through #SantamHack.