Hack solutions to pressing Finance and Insurance challenges
and win funding for your Proof of Concept!
A Company Track and an Open Track
Startups and specialized companies can apply to be part of the Company Track. Register your team members and submit your idea for a solution to one of the challenges and perhaps our jurors will invite you to come to Brussels.
Ambitious individuals, such as developers, designers, entrepreneurs, technologists and futurologists, can apply to take part in the Open Track. Our jurors will put together a diverse mix to hack the challenge of making mobile payments technologies accessible and mainstream.
Challenges in the Company Track
Pattern detection for Insurance fraud :
Insurance fraud is a phenomenon occurring within every stage of the insurance lifecycle: At policy subscription, giving fake identity data and fraudulent objects are among the many strategies that we see applied today. But also the stages of claims declaration (overclaiming, fake identities) and payout processing (identity theft, interception of payments) are not without threat.
Notwithstanding today’s technological advances, capabilities to detect such fraud attempts remain vastly unexploited. The ways in which we gather, use and share relevant data within and across industries remains a key obstacle for fraud detection strategies to reach their full potential.
So how might we effectively detect fraudulent claims using innovative approaches such as AI and natural language processing?
We are not looking for a “one size fits all” solution. Every form of fraud detection is different and may require a specific solution. Combine all your technical expertise and ingenuity to uncover a variety of solutions that could help in this fraud detection process.
Can you come up with a solution to:
- gain additional intelligence within large datasets (structured and unstructured data) to automatically flag suspicious claim declarations (pattern detection)?
- detect fraudulent claim submissions using pattern detection across insurance policy datasets?
- enrich the fraud detection system with external datasets? They can vary from open source datasets to other private datasets.
- use unstructured datasets (such as claims descriptions, voice to text from calls, …) to detect possibly fraudulent claims?
Your solution must be applicable in at least one of these insurance domains:
- Car Insurance
- Home Insurance (theft, fire, natural disasters…)
- Labour/Liability Insurance/Guaranteed Income
- Life/Health Insurance
"Know Your Vendor" platform :
Procurement processes are often (rightfully) long and tedious for both parties involved. The corporates have heavy, often highly manual processes to screen the companies, while the tech companies have to go through this process for each customer again and again. In the current environment, speed of innovation is key, and API based systems facilitate a faster “plug and play” integration. Hence, the procurement processes need to be reviewed and adapted for this new challenge. As such, we need to find enablers to help speed up the entire process, while ensuring the right level of security/risk at each moment. We could, for instance, define a step by step approach, gradually increasing the level of detail of the assessment, linked to the phase of engagement (eg: Basic screening for a POC, deeper screening for pilot and full screening for full implementation tracks, etc).
In this challenge, we want to chop up the process in manageable pieces, and try to find a technology driven solution to assist or speed up the process for each part of the procurement journey:
- Submission of company information: how to use external datasets or analytics to get a validated 360 view of the company (shareholder structure, funding, team, existing customers, …)
- Financial analysis (how healthy is the company?): can we use A.I. or external datasets to speed up the financial assessment of companies?
- Risk & security assessments: tooling to assess basic and advanced security:
(Regulatory) Compliance checks:
Any other regulatory compliance (eg PSD2, IRFS9, …)
Financial Management for SMEs and Professionals :
SMEs and independent professionals face a tremendous administrative burden with regard to the management of their finances: think invoicing, payment, expense management, accounting, financing, and managing cash flow and liquidity. While there are many solutions available in the market that solve individual aspects of this wider challenge (such as online accounting software), the fragmented nature of the market makes it difficult for banks to play a more proactive role supporting their customers.
Ideally, banking services should be integrated in end-to-end financial management platforms, so that more tasks can be automated, more data can be leveraged for better insight and prediction, and liquidity is always optimised. In this challenge we are looking for solutions that could help banks serve their SME and professional customers better, especially with regard to:
- sending/receiving the invoices digitally
- facilitating the decision to pay the invoice
- initiating payments
- tracking open invoices and payment status
- optimizing expense management of employees
- keeping a real-time overview of the cash flow and liquidity
- getting financing
- optimising working capital needs
- decreasing Days Sales Outstanding
- predicting and solving liquidity issues
- connecting to tax and accounting platforms
Detecting transactions fraud by combining data from multiple sources
The goal of this challenge is to detect fraud in a transactional environment by combining and analysing multiple data types and sources. The Hackathon partners will provide you with anonymous transactions data (both fraudulent and clean transactions) and detailed descriptions of other transactions data, but your task is to propose a viable approach and method for combining and analysing data from multiple financial institutions and external, publicly available data.
You will work with the partner’s experts to address IT issues, data issues (including proposals on external data sources), security/privacy issues, analytical issues, and business model issues. To succeed, your proposed initiative will have successfully withstood technical and business scrutiny by the partners during the hackathon, meaning it could be viable and is thus worthwhile to explore further in a proof of concept.
Challenge for the Open Track
Electronic payments adoption & financial inclusion :
Belgium is struggling to adopt new mobile payment technologies. Whether it's payments via mobile phones or via contactless card, the mass consumer market is still not convinced. In this open challenge we are looking for solutions that will increase adoption of mobile payment technologies, but always keeping in mind one very important rule: the solutions must be inclusive.
That means that solutions most be found for the physically impaired, the mentally challenged, the unbanked (such as refugees, homeless, ...). And even children often are overlooked when it comes to digital payments (they cannot get a regular bank card...). So how can we make sure that we are fully inclusive with our payment solutions?
All participants will have the opportunity to pitch for and meet with key decision makers of major European Finance and Insurance institutions.
• The winner of the Company Track will get funding for the development of their Proof of Concept in partnership with B-Hive or one of our partners.
• The winner of the Open Track will win a €5000 cash prize.
Applications are open and the jury will select participants in 3 waves: mid July, mid August and mid September.
Selected individuals can start ideating and forming teams online ahead of the hackathon.
The physical event will happen on September 24 - 25, as part of the Digital Week.
These senior decision makers will select the most promising teams and offer the chance to win funding for a Proof of Concept or a cash prize of €5000. More to be announced...