In a bid to make the city of Visakhapatnam the fintech hub for the country and the world, Andhra Pradesh’s Fintech Valley Vizag has launched the first Fintech innovation challenge for India’s leading insurance firm, Bharti AXA Life Insurance Co. Limited (Bharti AXA Life). As insurance services companies are adapting to the transition of India to a digital economy – since the introduction of debit cards, ATMs and e-commerce – they are simultaneously seeking partners to collaborate for innovative Insurtech solutions. This challenge is an opportunity for start-ups, insurtech firms and individuals to develop a solution to identify adverse selection of lives, where insurance policy is taken with an intention of making fraudulent claims.
With their problem statement – ‘Fraudulent Behaviour Detection – at the point of insurance policy login’, Bharti AXA Life is inviting Insurtech firms to recognize solutions related to the problem area of identifying adverse selection of lives, wherein individuals or groups take insurance policies with the objective of making deceitful claims.
Speaking about the challenge Ms. Latha Ayyar, Chief Operating Officer, Bharti AXA Life said –“In the recent past the industry has come across situations wherein organized groups indulge in fraudulent activities, resulting in increased adverse selection for insurers. This phenomenon has pre-dominantly been observed in certain geographies. We are looking for a smart tool to identify such prospective profiles, who are likely to be a potential claimant before the issuance of a policy. At Bharti AXA Life we are constantly working to build better technology to prevent and identify frauds.”
All shortlisted fintech firms and individuals will be invited to showcase and demonstrate their solutions to the Indian industry leaders at the Fintech Spring Conference organized by Fintech Valley, to be held on March 9-10, 2017 at Visakhapatnam. That is not all; the winner of the challenge will be awarded a cash prize of INR 5 lakh. The winner will also receive coaching and mentoring by the corporate partner and free space for six months in the Fintech Tower.
Special Chief Secretary & IT Advisor to the Chief Minister, Government of Andhra Pradesh, Mr. J A Chawdary said “India is witnessing a surge of early stage start-ups in the Fintech space and it’s essential that we forge partnerships with them in the gestation period of their ideas. Going forward Fintech Valley Vizag intends to create a co-working space for fintech start-ups in the Fintech Tower and this challenge is a stepping stone for that.”
About Fintech Valley Vizag
The next wave of digital disruption in Fintech and innovation is taking place in Fintech Valley Vizag.
The Fintech Valley brings together public and private players, state of the art incubators and accelerators, innovation labs, mentorships, angel investors and anyone willing to break free from traditional processes. The self-sustained global Fintech Ecosystem provides more than just access to Fintech and its innovators; it nurtures an oasis in which cyber security, block chain, digital education and research thrive at international standards. The Fintech Valley was built to equip individuals and businesses with a unique set of opportunities to grow through enabling market access for start-ups to angel investors, and providing world-class infrastructure, funding, human capital and innovation.
Driven by Chief Minister Nara Chandrababu Naidu’s vision to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services, the recently established Fintech Valley is a playground for start-ups and innovators looking to disrupt traditional business processes. Vizag is set in the #1 ranked state for ease of doing business and boasts a strong IT industry with a turnover of Rs. 2,000 crore, supported by a robust industrial base and educational infrastructure that is continuously expanding. Fintech Valley is the destination in India to achieve unmatched business goals and successes that can compete internationally.