Corda InsurTech Challenge 2019

This year, we’re hosting the first ever Global Corda InsurTech Challenge. Please note, although the 2019 submission period is now closed, below you can find details about the competition and a schedule for the remaining rounds. For the latest competition updates follow inside_r3 on Twitter.

This is an exciting global competition that will allow all blockchain insurance startups and innovation/strategic investment arms of insurers to share their Insurance CorDapps. The R3 team will provide the winner with the tools needed to get their solution live and into production. The CorDapp should be designed to solve a unique business problem in Insurance. Over multiple rounds, participants will be charged with building a business case, developing a roadmap, and presenting a live demo of their CorDapp to the R3 team.

Finalists will have the opportunity to demo their solution at CordaCon, R3’s flagship conference, which hosted 800+ attendees last year. The winner will also receive a Corda Enterprise license and the chance to work directly with the R3 team to get their application live and into production.

Winner receives:

  • A one-year Corda Enterprise license
  • A position in R3’s entrepreneur in residence program (includes a seat in an R3 office and other resources)
  • A prestigious mentor from one of our preferred partners
  • A featured speaking spot on R3’s Global Insurance Showcase call
  • Free Corda technical training
  • Access to R3’s library of research papers
  • Direct access to the R3 team
  • Access to R3’s ecosystem participants, facilitated by R3’s insurance team

Qualifications for entry:

  • Participating teams should have at least one Corda Certified developer. Learn more on how to become Corda certified here.
  • Your firm should be a blockchain startup or insurer that can identify a business problem that needs to be solved. All insurance industries are welcome including health, life, property, auto, etc.
  • Participation is open to teams working on applications at any stage of development, from ideation to those who have already built something.
  • Teams should be able to dedicate time and resources to the project. Please review the schedule and submission details before participating.

Submission Process:

The challenge consists of three rounds of submissions over the course of ten months. Firms will be required to complete two rounds to be considered, and the top three firms chosen by R3 will move to the third round.

Round 1: Initial Submissions

Please note, the round 1 submission period has now ended. Thank you to all those that participated!

Round 2: 10 Minute Live CorDapp Demo

 Firms must present a demo of their CorDapp, presenting a functional UI, to the R3 Executive Committee, consortium members, and partners. Demos may be presented at the R3 office in London or virtually if the team is unable to travel. Demos will take place in August 2019.

Once all demos are presented, three finalists will be chosen to move to the final round.

Round 3: CordaCon Presentation + Audience Vote

The top three finalists will present their CorDapp at CordaCon in London on October 23-24. The audience will vote for the winner. The winner will be announced on the last day of CordaCon.

Timeline:

January

  • Announcement of competition via social media (Twitter/marketing campaign)

February

  • Webinar – Kickoff logistics call (Where to find all the R3 Resources)
  • Webinar – What makes a good CorDapp?
  • Kickoff of monthly technical office hours

March

  • Monthly technical Corda office hours
  • Round 1 Submission Deadline: March 1st
  • Advancing Teams notified

April

  • Monthly technical office hours
  • Meet with the local R3 Teams in APAC, EMEA, AMERICAS
  • Preferred Partner Assigned: InfoSys, Cognizant, EY

May

  • Monthly technical Corda office hours
  • Invite to the quarterly Insurance showcase call
  • Mentor meeting to review CorDapp
  • London Meet and greet

June

  • Monthly technical Corda office hours
  • NYC meet and greet

July

  • Monthly technical Corda office hours
  • Mentor meeting to review CorDapp

August

  • Round 2 – War Room Presentation
  • Advancing Teams notified
  • Monthly technical Corda office hours

September

  • Monthly technical Corda office hours

October

  • Monthly technical office hours
  • Finalists to present at CordaCon in London on Oct 23-24
  • Final winner chosen

Evaluation Criteria:

We provide complete transparency around our evaluation criteria.  Submissions are evaluated based on the criteria below on a scale from 1-5.  Scores will be summed into a composite score.

  1. Validity of the business problem
  2. Ability for the CorDapp to solve the problem
  3. Ability of the team to execute
  4. Feasibility of success

Evaluation Committee:

The evaluators will consist of a select group of R3’s Executive Committee, Adroc’s Investment Committee, consortium members, and partner ecosystem.  The Round 1 and 2 evaluation committee will recuse themselves from the final evaluation.

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