Six applicants (4 domestic and 2 overseas) are declared winners of the InsureTechs Hackathon, post multiple round of their assessments by IFSCA (International Financial Services Centres Authority), which is India’s unified regulator for international financial services with a mandate to develop and promote India as a global financial hub.
Government of India -established IFSCA has its flagship global FinTech event called InFinity Forum and as part of this it launched I-Sprint’21, the global FinTech Hackathon.
With a focus on Insurance Sector, IFSCA launched "Sprint03:InsureTech" under I-Sprint'21, which was hosted by IFSCA and Gujarat's GIFT city in collaboration with FICCI. This Hackathon was open to all eligible FinTechs from across the globe and was one of its kind being backed by a financial sector Regulator.
Below are the winning InsurTech startups of Sprint03:InsureTech Global Hackathon -
1. Riskcovry InsureTech
MUMBAISolving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.
Founded in 2018, Riskcovry is AI-powered Platform as a Service (PaaS) startup building a 'financial infrastructure' stack for insurance distribution in India. As an "Insurance-in-a-Box" for any company, Riskcovry enables any insurance product from any insurer across any customer engagement channel.
Solving Problem Statement - Digital Innovation for Global Health Insurance Cover.
Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.
Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.
Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products. Read More Here.
Signzy is a leading provider of AI-based digitalization and automation solutions to the BFSI industry and counts globally leading banks and NBFCs as its clients. As one of the leading bank workflow automation players, The company helps more than 200 institutions make their digital regulatory processes simple, secure and compliant.
Theese winners will be allowed direct entry into the applicable IFSCA Regulatory/Innovation Sandbox. They will receive Regulatory guidance and handholding. After successful exit from the respective Sandbox, they shall get an opportunity to set up business at GIFT IFSC.
2. Livwell Asia
SINGAPORESolving Problem Statement - Digital Innovation for Global Health Insurance Cover.
Founded in 2019, LivWell is a Blockchain-based startup offering membership programme that prompts the member to MOVE by simply walking and EARN rewards in form of LivWell coins for the steps they take and calories they BURN.
3. GOQii Technologies
Solving Problem Statement - Digital Innovation for Global Health Insurance CoverKown for fitness wearable devices, GOQii integrated its wearable devices with insurance packages.
4. Onsurity Technologies
BengaluruSolving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.
Founded in 2020, Onsurity claims to be India's only healthtech company providing monthly, comprehensive employee healthcare to SMEs, MSMEs, Startups and growing businesses. Its comprehensive, monthly-based plans include benefits like group health insurance, discounts on medicine orders and health check-ups, fitness rewards, doctor teleconsultation,
5. ZignSec AB
SWEDENSolving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.
ZignSec is a RegTech (regulatory technology) company with the aim to automate the process for companies to identify their customers digitally in real-time. It offers a cloud based verification services enabling its customers to in real-time identify their users to comply with KYC.
6. Signzy Technologies
MUMBAISolving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products. Read More Here.
Signzy is a leading provider of AI-based digitalization and automation solutions to the BFSI industry and counts globally leading banks and NBFCs as its clients. As one of the leading bank workflow automation players, The company helps more than 200 institutions make their digital regulatory processes simple, secure and compliant.
Theese winners will be allowed direct entry into the applicable IFSCA Regulatory/Innovation Sandbox. They will receive Regulatory guidance and handholding. After successful exit from the respective Sandbox, they shall get an opportunity to set up business at GIFT IFSC.
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