OIC announces results of the best insurance technology innovation “OIC InsurTech Award 2024”
Scamtify team from student category Students Win the championship with the innovation “AI platform to prevent online fraud Detect and give warnings Effectively increase safety for users” and the Sati team from the general public category Win the championship with innovation “Platform to increase work efficiency for hospitals As well as helping insurance companies reduce the risk of fraud. and approve claims faster.”
On November 4, 2024 at the conference room, 2nd floor, Institute of Advanced Insurance Studies, OIC Office, Ratchadaphisek Road, Bangkok, Mr. Chuchat Pramphonphon, Secretary-General of the Insurance Business Regulatory and Promotion Commission (Secretary-General of the OIC), Chairman of the Jury Committee. Awarded the best insurance technology innovation “OIC InsurTech Awrd 2024” under the theme “Raising the level of insurance with digital technology. for quality of life and good health of the people” by dividing the contest into 2 categories: student category Student and general person type This time there were more than 400 teams applying to participate in the competition, competing for a total prize money of over 500,000 baht along with a plaque. There are a total of 10 awards, with 5 criteria for consideration, including (1) Wow factor & Pitching Presentation, presenting the project in an interesting way. within the specified time along with answering questions clearly and completely It’s exciting to hear. Can create a good first listening experience. (2) Problem & Pain Point The proposed problem actually exists. and have an impact on a large number of people (3) Product & Solution Able to solve problems completely, in all dimensions, and is feasible in the Thai context. (4) Market Opportunities How many market opportunities are there? And (5) the technology used is new technology that is interesting, modern, and can be applied to meet needs. and is not yet widely used in the insurance business
There was a jury of 7 experts as follows: Mr. Pariwat Wongsamran, Deputy Director of Innovation Systems National Innovation Agency (NIA), Dr. Orachat Liangpiboon, Director of Smart City Promotion Department Digital Economy Promotion Agency (DEPA), Ms. Thippawan Vejjakaran, Manager of the Technology and Innovation Entrepreneurship Development Fund (TED Fund), Ms. Kanlaya Jukhom, Deputy Executive Director of the Thai General Insurance Association, Mr. Chanrit Santinanalert Representative from the Thai Life Assurance Association, Mrs. Mayurin Suthiratanaphan Special experts from the Office of the OIC, with Mr. Chuchat Pranamphon, Secretary-General of the OIC, as chairman of the judging committee. and announcement of awards
For the judging results of the insurance technology innovation contest “OIC InsurTech Award 2024” in the student category Student The first prize goes to the Scamtify team for presenting “AI online fraud prevention platform. Detect and give warnings Effectively increase safety for users.” Received a prize worth 100,000 baht and a plaque. First runner-up goes to the TeleHalfBies team that proposed the idea “Carbon Neutral Insurance, managing carbon emissions with AI and IOT technology, helping businesses achieve their carbon neutrality goals. and receive the benefit of reduced insurance premiums.” Receive a prize worth 70,000 baht and a plaque. The 2nd runner-up went to the HealthGuard team for their “Postoperative rehabilitation platform using Machine Learning and Computer Vision to track wounds. and increase the efficiency of recovery Ready to reduce the burden of insurance costs” received a prize money worth 50,000 baht and a plaque. First honorable mention goes to the Lingang Lae team, which proposed the idea of “Insurance that combines technology to reduce risk. Increasing safety protection for fishermen” received a prize of 15,000 baht and the second honorable mention went to the Log(x) team for proposing the idea of “insurance for drug transportation on the Cold Chain system, using AI and IoT to control quality, reduce risk, and maintain safety. Safety and efficiency of medicine” received a prize money of 15,000 baht.
As for the results of the decision for the general person category The winner of the award went to Team Sati, who proposed a “platform to increase work efficiency for hospitals. As well as helping insurance companies reduce the risk of fraud. and approve claims faster.” Receive a prize worth 100,000 baht and a plaque. First runner-up goes to the PoliSEE team presenting “AI Assistant, a tool that helps insureds understand and take full advantage of their insurance policies. By converting complex information into easy to understand” received a prize money worth 70,000 baht and a plaque. The 2nd runner-up award goes to the No Worries team, which proposed the idea of “Platform to help those who have been in an accident. Increase the opportunity to access quick treatment Reduce injuries and compensation costs.” Receive a prize worth 30,000 baht and a plaque. The 1st honorable mention award goes to the MMAT team who proposed the “MR.Rehab: AI application for physical therapy for stroke patients at home and helping insurance companies reduce the burden of compensation costs” receiving a prize of 15,000 baht and the 1st honorable mention award. Second place is the ManGroveAI team under the concept “AI assesses coastal flood risk. Insurance link and accurate insurance premium calculations” received a prize money of 15,000 baht
Based on operations over the past 2 months, this year the Office of the OIC has expanded the results of the OIC InsurTech Roadshow activities to 4 regions throughout Thailand. Makes it possible to access educational institutions both central and provincial. and a wider variety of subjects than in previous years. To distribute and pass on more InsurTech knowledge to create learning. application and create “innovations” to meet the needs of each target group. As a result, this year’s OIC InsurTech Award 2024 competition has many people interested in applying to participate. In total there are more than 400 teams and the number of interested people increases every year.
After intensive selection, 30 final teams were selected and an Intensive Bootcamp activity was organized where every team would meet with expert speakers to workshop on the topics of Pitch Deck Structure, Minimum Viable Product (MVP), Pitch Like a Pro, presentation techniques and There is a team of expert advisors to act as mentors, giving advice and advice in the form of Intensive Coaching to help stimulate thinking. and strengthening the work to be able to answer questions in various areas precisely and can present innovations in insurance technology To be interesting and have the possibility of expanding into the full business sector.
Even though the contest has ended, applicants and those interested can still access the learning website. https://course.oicinsurtechaward.com To study additional knowledge and can be applied to continuously expand and develop insurance technology or InsurTech. The OIC Office and the CIT Center are ready to be mentors and give advice. To promote the development of innovations that can be put into practice and work together to create a stronger future for the Thai insurance industry. This will be of great benefit to the Thai insurance business in the future.
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