KPMG’s in Cyprus Hackathon cy #InsurTech highlighted innovative technologies for the insurance industry
KPMG in Cyprus, with the technological and organizational support of the innovation company Crowdpolicy, the support of the insurance industry’s catalyst GAN Direct, the sponsorship of Cobalt, USB Bank, SAS, Microsoft, UCLan, CYBAN, Institute of Young Scientists, OINOTRIA, Pizza Hut, Digital Tree and with the participation of major stakeholders of the economy and the society, has successfully organized the first, innovative, energetic and full of talent technology marathon Hackathon cy #InsurTech. The three-day event took place at the premises of KPMG in Nicosia on the 26th, 27th and 28th of January 2018.
Around 150 people participated at the event with 17 teams competing in the Hackathon. Hackathon cy #InsurTech gave the opportunity to young entrepreneurs, developers, analysts, designers, communication, marketing and customer service specialists, business consultants, professionals, insurance and financial executives as well as students to act and network in the same place, collaborate, interact and actively contribute to the development of applications that promote innovative youth and social entrepreneurship within the insurance industry. It is important to mention that both professionals of the insurance industry as well as international executives have been involved in the process, as mentors. The first three pilot applications created were awarded with monetary prizes of €3.000, €2.000 and €1.000, respectively. The top three winning teams also participated in an investor pitch for Cyban members and interested investors or organizations on the 1st of February, 2018.
The Hackathon itself was a remarkable success, on the one hand, because participation exceeded expectations and on the other, because the solutions produced drew positive comments, with strong potential of further funding and/or networking. The ultimate goal of the event was to prepare the ground for young entrepreneurs or new start-up companies to eventually contribute to the country’s economy. In addition, the knowledge and experience of developers, new businesses, teams and executives has been fully exploited towards developing innovative applications.
Mr. Pangratios Vanezis, Board Member of KPMG in Cyprus and Head of KPMG’s Entrepreneurship & Startups in Cyprus, said: “The ever-increasing technological transformation of the insurance industry will create able prospects and opportunities for the business and the investment world as well as significantly improve our lives. Such technology intends to improve consumer experience with the insurance industry, while at the same time provide a solution to the major problem of under-insurance or no insurance. By organizing and hosting this event, we wanted to bring together – and managed to achieve that to a great extent – people engaged in the insurance industry, technology-oriented experts, stakeholders and at the same time investors, aiming to create minimum valuable products, which may in fact “inaugurated” the insurance industry’s transformation in Cyprus”.