We have a winner! Corda Challenge: Insurtech 2020

December 11, 2020
By Prem Munday, Venture Development at R3

Following the success of the Corda Challenge: Insurtech 2019, we came back in 2020 alongside our sponsors B3i to propose a new problem statement to challenge start-ups to build innovative insurance applications on Corda.

This year the competition was fierce, with an intense final pitch session being judged from teams at R3 and B3i. With 4 fantastic finalists we had a difficult time making the decision, however, our eventual winner was IntellectEU for their ClaimShare product.

ClaimShare is an innovative solution to solve the problem of ‘double dipping’ in the insurance industry, where insurance fraud is committed when claims are registered with multiple insurers.

If you want more information on ClaimShare, you can read their blog HERE which explains how the product works and below is their experiences of working with R3 and B3i in the challenge.

The Insurtech challenge by R3 and B3i has overall been an incredible experience. Combining some of the most exciting and newest technologies to solve a well-known industry problem has been as much a challenge as it has been fun to work on with the team. The support provided along the way by R3 and its partners, as well as business and industry insights provided by KPMG, has been of tremendous value. We’re really looking forward to seeing what 2021 will bring! — Chaim Finizola, Head of Business Development at IntellectEU

As winners of the challenge IntellectEU will win a 1-year Corda Enterprise licence and $20k grant from R3. Furthermore, B3i will explore working with them to further develop the solution on their network.

Special mention the runners-up: Fardoe Software, Photocert and Rexs.io, who all presented great Corda applications and will have the opportunity to speak with B3i and join the Venture Development program to help propel their solutions further.

If you are interested in exploring more Corda Challenges, check out our 5G challenge with AWS, Swisscom and Vodafone.

Finally, if the challenge has inspired a start-up idea of your own, please do not hesitate to reach out to the R3 Venture Development team (venturedevelopment@r3.com) to see how we can support you in your start-up journey today!

Want to learn more about the blockchain platform that is fast-becoming the de facto standard for a wide array of industries? Be sure to visit r3.com, check out our content library to learn about all things Corda, and sign up for one of our newsletters for the latest updates.