By James Ballot, Senior Counselor, Strategic Communication, Triple-I
For the third year in a row, the Insurance Information Institute (Triple-I) and the Wharton Risk Management and Decision Processes Center (Wharton Risk Center) at the University of Pennsylvania are co-sponsor of a student competition aimed at developing innovative solutions to real disaster problems.
The third annual "Hack-for-Resilience" is practically held on Friday, September 1
"This event enables Triple-I and its Resilience Accelerator partners to bring together insurance companies and student innovators with the same goal – to create new products and services that reduce the risks people face from natural disasters," said Sean Kevelighan, CEO, Triple-I. Triple-I & # 39; s Resilience Accelerator was launched in 2019 to reduce the effects of extreme weather events on households and communities through insurance.
The 2020 edition of this competition gives participants from midnight on Saturday 12 September to 9 on Sunday September 13 to demonstrate their skills, during which time teams of up to four students will devise, test and deliver work apps while others develop hardware solutions, Internet of Things (IoT) protocols and computer tools that can save lives and reduce property damage. in the wake of a natural disaster.
"Building resilience to disasters is more important than ever," said Dr. Carolyn Kousky, executive director. nth Director, Wharton Risk Management and Decision Processes Center, University of Pennsylvania.
A team of judges from Wharton Risk Center and Triple-I will award first and second place cash prizes in two categories: "Best Overall Hack" and "The Most Outstanding Application by Insurtech", which is broadly defined as either a product or service that improves the insurance's customer experience. The winning teams will be announced on Sunday evening, September 13.
New in this year's "Hack-for-Resilience" is that both first prize winners will participate in Resilience Accelerator & # 39 ;s Lightning Round Innovation Show on Thursday, October 22, 2020.
The first prizes 2019 were awarded to the creators of Phoenix, an autonomous drone with the ability to track and extinguish fires (Best Overall Hack) and WildFire Protect, a parametric insurance product that would pay a policyholder immediately after suffering a wildfire-related property loss (The Most Outstanding Application of Insurtech).
You can follow this year's competition on social media via the hashtag # H4R2020