B3i is Proud to Sponsor the 2020 Insurtech Corda Challenge
For the second year in a row, B3i are proud to sponsor R3’s Insurtech Corda Challenge. The challenge welcomes startups from across the globe to compete and solve pain points in the insurance industry using the Corda blockchain platform.
B3i will be supporting the challenge by providing experts from the Insurance and Blockchain industry to engage with throughout the process and judge the challenge. B3i’s own Antonio Di Marzo (Head of Products) and Alessandro Spadoni (Chief Architect) will join the panel of judges.
Fraud Detection in a Distributed Ledger Technology (DLT) environment
How can DLT enable insurers to win the battle with Insurance fraud? Insurance fraud is a global issue resulting in $Billions of unnecessary cost to the industry.
Insurance is based on the principle of mutual benefit and is designed to protect against significant, but uncertain, losses. Insurance fraud undermines this system, as fraudulent applications and claims deplete the funds paid in by the many honest customers to cover genuine losses.
The Insurance industry strives to remove fraud by using machine learning to examine fraud data. The exchange of such data between insurers can produce high quality results, however the industry is limited as it lacks a common language between data exchanges and the need for centralization.
B3i are looking for a solution that can enable the insurance industry to privately and securely exchange data on fraudulent activity and work together to reduce it.
Reasons to Apply
R3’s initiative gives successful applicants the opportunity to accelerate their app development and connect with the customer. Winning startups will receive a $20k grant, a one-year Corda Enterprise license to support you in getting your application live, and an opportunity for a commercial pilot with the sponsors.