30Hacks 2020: GlobalLogic and Insurity foster InsurTech
With the event now in its 14th year, organisers chose ‘InsurTech in 2020: Commercial Property & Casualty’ as the theme, seeking to encourage talented coders and innovative tech experts to find new solutions within the insurance space.
GlobalLogic, a large San Jose, California-based software company, and Insurity, a leading provider of cloud and data analytics solutions for insurance firms, were reportedly both extremely happy with the results of the event:
Sumit Sood, Snr VP and Head of APAC, GlobalLogic: “We were extremely delighted with the quality of ideas and the expertise that was brought to the table by the Top 30 teams and it was a very tough decision for our esteemed jury to come up with the unanimous decision. I would like to congratulate all our winners and wish the teams good luck in their future.”
Talin Bingham, CTO at Insurity: “Insurance digital transformation is achieved through the collaboration of systems, data, and, of course, people.
“We were thrilled to partner with GlobalLogic for this year’s 30Hacks, providing a platform for the best and brightest minds in India’s coding community to come together and deliver innovative technology concepts to address the challenges faced by the insurance industry today.”
Top three winners and innovators
Entry for 30Hacks 2020 opened in June and closed in early July. From 5,800 registrations, the panel shortlisted it down to just 30, who subsequently took part in the 30-hour coding marathon from which the event’s name is partially derived (25th to 26 of July).
Although the competition was fierce throughout, the organisers selected three outright winners who received a cash prize of USD$7,000 each.
- Team Mavericks (Subodh Pandey, Tushar Jain, Rupesh Gupta and Swati Gupta) which developed an AI capable of independently making approval or rejection decisions in the underwriting process.
- Team Code Commando (Anurag Joshi and Rutuja Deo) for its innovative customer feedback and social media analytics that helped to identify and remedy pain points in the insurance process quickly.
- Team RegTechies (Mukul Sharma, Anurag Khurana, Md Wasif and Avinash Singh) for a regulations-focused AI (artificial intelligence) and ML (machine learning) solution to ease compliance.
In addition, GlobalLogic and Insurity paid tribute to the teams which hadn’t won but still exhibited the strongest scores for innovation:
- Team ARTIFUTECH (Rahul Kumar and Gunjan Arora) for a platform capable of analysing property damage in real-time.
- Team The Unknowns (Arti Kumari and Sumit Rai) for a machine learning model that can determine driver rebates for exhibiting safety on the road.
- Team CG_SIZZLERS (Ramkumar RN and Vinay Sheel) for designing a chatbot which can augment the customer experience and drive engagement.
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)