AIA Insurance hosts industry’s first ever hackathon challenge for local and international IT companies and start-ups!

31st August 2021: Calling all fintech and insurtech companies! Sri Lanka’s Best Life Insurance Company (awarded by Global Banking and Finance Review for 2019 and 2020), AIA Insurance kicked off the ‘AIA Sri Lanka Hackathon Challenge 2021’ on the 19th of August 2021. Both local and international technology companies and start-ups are invited to submit their proposals before the 19th of September 2021 to stand a chance to win a total cash prize of USD 5,000 and be given an opportunity to pioneer industry transforming solutions by being a part of AIA’s Technology, Digital and Analytics (TDA) Journey.  

Participants will go head to head in identifying solutions to the two categories of problem statements available in the challenge, ‘E-KYC and Smart OCR’ and ‘Gamification based Customer Recommendation’. Ten finalists will then battle it out in an eight-week POC phase to bring their solution to life before the two winners are announced on the 6th of December 2021 at the AIA Demo Day. 

The two winners will be awarded commendation plaques, a chance at winning a total cash prize of USD 5,000 and more importantly, the opportunity to work with AIA Sri Lanka to implement their solution.

Nikhil Advani, Chief Executive Officer at AIA Sri Lanka said, “At AIA we are transforming the life insurance industry in Sri Lanka through our promise of helping our customers, employees and the communities that we serve to live healthier, longer, better lives. With innovations like the introduction of telemedicine services and other app based unique health and wellness offerings to our customers, implementing robotic automation processes and offering advanced payment systems and solutions, AIA is truly ahead of the competition in terms of technological innovation. With the ‘AIA Sri Lanka Hackathon Challenge 2021’ not only do we shine the spot light on deserving fintech and insurtech companies for their innovative solutions but it also allows us to implement better solutions and make improvements in our processes, which translates to our customers being able to enjoy a superior service experience.”

“Digital technology has evolved to be a significant enabler in closing gaps in access to finance. The on-going global pandemic has made digital financial services even more relevant. At IFC, we are committed in promoting financial inclusion through new and innovative solutions in the emerging markets,” said Victor Antonypillai, Acting Country Manager for IFC Sri Lanka and Maldives. “We are happy to partner with AIA for their ‘AIA Sri Lanka Hackathon Challenge 2021’ on the APIX platform, that brings together technology and financial institutions to accelerate digital transformation—while helping to create a resilient, inclusive and a sustainable financial sector in Sri Lanka.”

Sharing his thoughts Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore said, “Insurance sector innovation is key to sustainable and inclusive financial services. The industry needs transformation in all three areas of its life cycle: manufacturing, distribution and processing. In partnership with APIX and IFC, the ‘AIA Sri Lanka Hackathon Challenge 2021’ is a significant step forward to accelerate the transformation process and bring best-in-class ideas quickly to production in Sri Lanka”.

For information and to register, visit https://hackolosseum.apixplatform.com/hackathon/aiasrilanka or call Krishanth on 0774899168.