This year the Corda Challenge: Insurtech was back bigger than ever! We are delighted today to announce the five start-up finalists that have made it through two rounds of judging and have proved their stripes against numerous other applicants. Over the next two months, these start-ups will now build out their prototypes on Corda to be in with a chance of winning the challenge.
We are extremely grateful to have B3i onboard as a sponsor this year. Their expertise as a consortium of insurers alongside their fluidity platform, which is built on top of Corda, allows the challenge participants to leverage their expertise to build truly ground breaking solutions. For this challenge B3i proposed a problem statement focussed on creating a fraud detection solution. You can see more information on this in their video below:
With numerous submissions, we were thrilled at how quickly the insurance sector came together to solve industry wide problems using Corda. The quality of the applications was very high, but today R3 is pleased to announce the five finalists:
Fardoe Software are building an intelligent data exchange platform to aid with fraud detection.
IntellectEU are reducing fraud in the insurance industry by using DLT to make sure claims are unique and verifiable.
LISA Insurtech are using Corda to speed up the claim’s management and verification process.
Photocert are using DLT technology to help verify images which relate to the verification of insurance contracts
Rexs.io are building a claims data management tool for insurers, which should help reduce fraudulent claims.
The winners of the Corda Challenge: Insurtech will receive support from the R3 ecosystem as well as US$15K grant to support the build out of their production solution. Finally, they will get the opportunity to pilot their solution with B3i.
We are really looking forward to seeing how these start-ups fare in the next stage of the challenge and keep following R3 social channels for more updates!
If this challenge has inspired a start-up idea of your own, please do not hesitate to reach out to the R3 Venture Development team (email@example.com) to see how we can support you in your start-up journey today!
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