NTUC Income reimagine the future of insurance with blockchain
By Digital News Asia July 22, 2022
- FutureX Hackathon supported by Plug & Play & Amazon Web Services
- Open to tertiary students, aims to reimagine future of insurance
NTUC Income is launching its inaugural regional FutureX Hackathon, supported by Plug and Play APAC and Amazon Web Services, which will take place virtually from July 25 to July 27.
In a statement, the insurance firm said FutureX is open to all tertiary students from Southeast Asia who will come together to reimagine the future of insurance through blockchain technology, under the mentorship and guidance of industry leaders.
The company said the hackathon aims to seek solutions to embed blockchain in insurance innovation, including applications in new insurance business models, which Income said it hopes to bring to markets overseas via its Insurance-as- a-Service (IaaS) platform, HIVE by Income.
It said digital consumption is growing at an unprecedented speed in Southeast Asia (SEA), with some 40 million new internet users coming online in 2021 alone.
This brings Internet penetration in Southeast Asia (SEA) to 75% and digital users in SEA now consume an average of 2.9 to 4 times more online services since the pandemic, it said.
Digital insurance is also picking up at a remarkable pace and it is estimated that the industry in SEA is forecasted to reach US$9 billion (RM40 billion) in annual premium equivalent by 2025, it added.
Edlyn Khoo, vice president, digital transformation office, NTUC Income said, “We recognise that blockchain technology has huge potential to fundamentally transform insurance business models and reinvent the insurance value chain.
“With FutureX, we aim to foster a community of like-minded individuals and groom the next generation of changemakers who can continue to shape the future of insurance.”
Vikram Rao, head of enterprise, ASEAN, Amazon Web Services Singapore Private Limited said, “AWS is proud to be the cloud provider powering FutureX Hackathon, enabling the students to build on AWS Cloud and solve business challenges.”
Manav Narang, corporate partnerships director and financial services lead, Plug and Play APAC said, “We look forward to this hackathon and how its energy, creativity and innovation will positively catalyse the ecosystem over the three-day programme.”
The final round on Aug 10 will be judged by an esteemed panel comprising senior executives from NTUC Income, AWS, and Plug and Play APAC.
Participants stand a chance to win the top prize of US$5,700 (RM25,000), second prize of US$3500 (RM15,500), or third prize of US$2,000 (RM9,000), as well as one of three Special Category prizes at US$360 (RM1,600) each.
Winners will also score personalised workshops by AWS, complimentary passes to 101 Start-up workshops by Plug and Play APAC, as well as tickets to the APAC Summit in November 2022.
To participate, tertiary students can form teams of up to four people and register their interest by 23 July via the HIVE by Income website
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