Harnessing technology to evaluate risk for the future.
See you this Sunday, April 9th for the ORMIR / AXIS Re Future of Insurance Hackathon!
In the insurance industry, information and data are critical to the work that underwriters perform. The ability to quickly analyze and make intelligent decisions from information and data can be the difference between underwriting at profit or taking a major loss for your company.
AXIS Re - part of specialty commercial (re)insurance firm AXIS Capital - and the University of Illinois Office of Risk Management and Insurance Research (ORMIR) are working together to provide a visualization tool for underwriters to: drill down on a geographic map of a region and quickly display key characteristics and financial impacts of risks found in that region. These risks include floods, hurricanes, earthquakes, tornadoes and other natural and manmade disasters, which can cause catastrophic damage in a region and which require specialized data analysis in order for insurance underwriters to assess the likely financial impact of each risk.
Using data provided by AXIS Re and ORMIR, we are looking for a visualization tool which automatically aggregates exposures in different locations within a risk boundary. The tool should also allow insurance underwriters to shift a boundary file (e.g., move the geographic boundary 50 minutes north) and see how the impact of a similar risk (such as a hurricane) would compare across different regions on a map.
In addition to first, second and third place prizes, we'll be offering chances for participants to win many other awesome prizes (XBox, Beats headphones, GoPro - and much more!). Just by showing up, you'll be eligible to win one of our mini challenges, including:
Most Likely to Go Viral - Applications that are most likely to ignite the industry, gaining traction quickly across the industry.
Most User Friendly - How easy is the application to use and how quickly can it be implemented?
Best Implementation of New Technology - This prize is awarded to the top solution that best implement new technology, including augmented reality (AR), virtual reality (VR), artificial intelligence (AI), drones, etc.
Global Impact - What type of global impact does your solution have? This prize will be awarded to the project offering the widest global solution.
Most Team Spirit - Show some enthusiasm! The team with the most spirit will win this challenge.
$10,000 in prizes
Grand Prize - First Place
The grand prize! The team whose project exhibits the highest level of innovation, best user interface / user experience, highest quality and best perceived impact will take the grand prize - $3,000 in cash!
The team who comes in second place will win $2,000 in cash, based on innovation, user interface / user experience, quality and polish, and quality of pitch and perceived impact.
The team placing third in terms of project innovation, user interface / user experience, quality and polish, and quality of pitch and perceived impact, will win $1,000 in cash.
The AXIS Re / ORMIR Future of Insurance Hackathon will feature a number of mini challenges, giving everyone a chance to win great prizes, including an Xbox One, GoPro HERO, Beats wireless headphones and much, much more - adding up to a value of $4,000!
Must be a current University of Illinois undergraduate or graduate student.
Details to come
How to enter
Simply register through Devpost and stay tuned for updates from the AXIS / ORMIR Hackathon Team. We'll be sure to provide you with everything you need to be prepared to get started once you arrive on Hackathon day!
Clinical Professor of Finance
Director of HackIllinois
Technical Analyst, AXIS Research Center
Senior Catastrophe Modeling Analyst, AXIS Capital
Senior Reporter at The Insurance Insider
How original, concrete or realistic is the idea or concept
How creative is the solution
How complete / thought out is the idea or concept
How applicable is the idea or concept to the insurance industry and mitigating risk
How well does the idea or concept address the presented challenge