The La Segunda Insurance Group (Argentina) launches a project to promote transformation through open innovation.

Argentinian member of ICMIF, La Segunda Insurance Group, has launched “Hack2In”, the first Insurtech Hackathon in Argentina. The Hackathon event will be held on 28 and 29 July at the City Centre Hotel in Rosario, Argentina.

Over a period of 30 hours, 20 interdisciplinary teams of young programmers, designers, marketing professionals and enthusiasts of new technologies will create software solutions and business ideas aimed at transforming the insurance and agricultural industry.

What is a HACKATHON?

The word Hackathon derives from the conjunction of `hack’ and `marathon’, referring to an event organised in order to build solutions to defined issues in a collaborative way; during a specific period of time; and preferably in the same physical space. Effectively, it’s a race to find the best possible solution to a problem.

Starting in the early hours of Saturday 28 July, the participants will be given their challenges by the organiser, La Segunda. Then, guided by specialised mentors, they must focus on developing a prototype of a technological solution which will meet and support the needs and expectations of La Segunda customers.

The Hackathon concludes on Sunday afternoon with the ‘pitch’ or presentation of the proposals and the selection of the winning teams, which will receive an significant monetary prize to finance their ideas.

La Segunda Insurance Group and its link to the InsurTech Ecosystem

Insurance and Technology are the two words that gave rise to the term InsurTech, which refers to the technological transformation that insurance companies are undertaking to adapt to current demands from customers and offer innovative products and services which meet their needs.

InsurTech is reshaping the traditional insurance market through new players, products, services and also new processes which involves the implementation of new technologies, adoption of new business models and corporate structures.

Currently, it is possible to identify three major players in the InsurTech world:

(a) start-ups

(b) technology leaders

(c) insurance companies

Insurance companies are redesigning their strategies to adapt to this new technological context. According to the BBVA* 2016 report, the new strategy would be characterised by three main axes: collaboration and generation in agreement with other companies in the sector; investment in venture capital (i.e. the commitment to innovative start-ups); and the development of start-up incubators and accelerators.

Within this framework, the La Segunda Insurance Group, as part of its transformation and innovation strategy, aims to build ties with and strengthen the community of entrepreneurs, following a model of co-construction and open innovation.

It is therefore calling upon start-ups, entrepreneurs, universities, companies, government institutions and social organisations to take part in the HACK2In initiative.

This project will allow the La Segunda Insurance Group to scout start-ups and new talent; begin to form the L2 Entrepreneurial Community; work on the co-construction (thanks to the Open Innovation model) of customer-focused technological solutions; and continue to improve its positioning and relationship with stakeholders.

Challenges

Hack2in presents two different themes: Insurtech and Agtech. Each theme has its own challenges but the workspaces and agenda will be shared between the two sets of teams working on these themes to generate synergy among the attendees.

Insurtech

❖ New customer experiences

❖ Internet of things (IoT)

❖ New consumption models

Agtech

❖ Agro data

❖ Climate risk and early warnings

❖ Sustainable agriculture

Hack2in is the result of the work of an interdisciplinary team of young people from La Segunda who, with a great amount of effort and enthusiasm, were trained in the subject and co-created the project. The members of the Hack2In team at La Segunda are also members of the ICMIF Young Leaders Forum.

While Hack2in targets external audiences, the Hack2in Team is also constantly working with La Segunda’s Internal Communication Network and the group of Young Leaders at La Segunda which has formed since the ICMIF Young Leaders Forum was established. The La Segunda Young Leaders are currently working on initiatives that focus on La Segunda customers and improving the service that the organisation gives them.

Through Hack2In the La Segunda Insurance Group aims to lead the digital transformation in the insurance market by promoting the cooperative values of Mutual Aid, Responsibility, Democracy, Equality, Equity and Solidarity.

ICMIF is proud to be an Institutional Partner for the Hack2In Hackathon.

*Banco Bilbao Vizcaya Argentaria S.A.