AIA Sri Lanka Hackathon Challenge

AIASL Challenge

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AIA Hackathon Challenge Journey
  • Start Registration

  • Submit Proposals

  • Shortlist Finalists

  • Submit Solutions

  • Announce Winners

All timings are as per (GMT +8:00) Singapore, Beijing, Perth, Hong Kong

ABOUT HACKATHON

Objective of this hackathon is to seek solutions for problems faced in the insurance industry. We invite IT companies, startups to propose solutions and develop prototypes to address the problem statements related to eKYC, smart OCR and gamification to help AIA Sri Lanka to serve our customers better and efficiently. The winners under the respective categories will be given the opportunity to develop and implement the solution in AIA Sri Lanka and will be introduced across AIA business units globally for further opportunity.

Problem Statements

There are 2 categories offered under AIA Sri Lanka Hackathon Challenge 2021.

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E-KYC & Smart OCR

Use of Digital & Smart OCR to onboard customers creating a straight through process that complies with the non-face to face requirement set by Sri Lanka’s regulators to drive efficiency in our process and better customer experience.

AIA has put in place several initiatives to integrate the back office with the front-end point of sales systems. This includes new workflows, a revised doc management system and underwriting rules to enable the business to flow and process straight through.

We have not been able to accomplish Straight Through Processing (STP) due to the requirement to validate KYC of the customer.

The objective is to enable “full” STP where KYC and required validations are done with no to minimal human interventions. Specific challenges to achieve full STP:

  1. Regulatory requirement for validating  customer NIC and permanent address being consistent with NIC.
  2. NICs are in combination of Sinhala and English. Currently Sinhala OCR capability is weak.
  3. Limited access to central database  for KYC validations – Currently there is a trial ongoing with commercial banks to validate KYC through a platform offered by the government agency.
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Gamification based Customer Recommendation

Use of Gamification to identify customers long term savings, protection and health insurance needs and provide interactive recommendations. The solution will be used to facilitate discussions with the customer and for upselling.

Prior to a sale, an agent connects with the customer and does a need analysis to make a recommendation on the suitable product and budget.

This process is relatively non-interactive, and customers are not able to dynamically self-navigate with the recommendations to further refine their product features, rider covers etc.

We are looking to empower the customer with a set of dynamic calculators to assess their health, life insurance and retirement savings needs. This will then allow the customer / agent to further refine the products and covers based on their needs and budget.

Prizes

Win up to US$5,000 in Cash Prizes!

Winners will be selected by a panel comprising of industry experts.

A Grand Total of US$5,000 in Cash Prizes
Commendation Plaque
Opportunity to implement solution in AIA Sri Lanka

Eligibility

We welcome start-ups, small and medium-sized enterprises (SMEs) and multinational corporations (MNCs) from all geographies to participate in the AIA Sri Lanka Hackathon Challenge 2021.


Participants must be a legally incorporated entity.


As the Hackathon will operate in English, all materials and communications submitted must be in English.

FAQ

Am I eligible to participate in the AIA Sri Lanka Hackathon Challenge?

We welcome all companies with the ability to solve any of the problem statements to apply for the AIA Sri Lanka Hackathon Challenge

Is there any geographical restriction on who can participate?

No. The physical location of the participant does not matter. We welcome solutions from all jurisdictions and will work with the participants to facilitate an effective presentation of the solution during the judging phase. Do take note the entire challenge will be conducted virtually due to ongoing travel restrictions.

Can my company submit more than 1 proposal to different problem statements?

Yes, you may submit more than 1 proposal. However, each individual proposal should be specific to a one problem statement.

What are the judging criteria?

Judging of your solution will be based on these 6 criteria: (1) Investment Required - How feasible and do you foresee a good future for adoption? (2) Originality & Creativity - How creative was the team in developing a unique/innovative solution? (3) Presentation - Ability to clearly articulate the desired functions and ideas and outcomes of the project? (4) Implementation - Ability for team to reach a conclusion on the viability of the project? (5) Time frame (Time to market) - How realistic are the timelines to bring product to market .All decisions made by the judges are final and not subject to review.

Is it mandatory to leverage the sandbox for our solution prototype submission?

Participating teams can leverage these technologies in the design and development of their solution prototypes. However, this is optional and not mandatory. Participants are also free to augment the provided data sets with their own externally sourced data. Participants are encouraged to propose solutions that best address the problem statements.

Will participants be able to retain all Intellectual Property (IP) rights of the proposal?

Any Intellectual Property (IP) rights of a solution remain vested in the participant that has submitted the solution. However, the participant should make available a sufficient amount of information that is necessary to fairly and accurately evaluate the solution against the evaluation criteria. The participant should also allow some details of the solution to be featured in any report that may be issued as part of the hackathon.

Contact

For AIA Sri Lanka Hackathon Challenge related queries, please reach out to

For technical queries during registration or proposal submission process, please reach out to