At 2pm today, we started our 5th annual Kanetix Ltd. hackathon. We form teams and work on ideas that will make the insurance industry better. Teams work for 24 hours non-stop. At the end, they have 8 minutes to present their project and business value to myself and our leadership team. Projects do not have to be technical in nature. Some projects involve building a business case or building an improved operating process with measurable business results. Winners get great prizes from cash to gadgets.
This year, the Kanetix team was very inspired by achievements of the SpaceX team when they used the Falcon Heavy to launch a Tesla into space. As a result, our theme of the Hackathon is "DON'T PANIC"!
Some of our best ideas are invented at our hackathons. We always end up commercializing the best projects that show innovation and business value for our industry and our customers. Here are some of the ideas that ended up being implemented for commercial purpose.
Insurmap - This technology is a map that show comparative auto insurance quotes in a given municipality in Ontario. Try it. The media frequently use our tool to give money saving tips.
Artificial Intelligence - Our award winning work using AI to build better customer experiences for shopping for auto insurance online started as a hackathon project. We tried a few cognitive machine learning tools that did not give us the results we wanted but we always knew we had the data to build a great artificial intelligence. Our work with Integrate.AI has been game changing. We are getting 13% more sales and growing using their AI with our operating metrics and processes tightly coupled. Details of our success has been written up in Strategy Online magazine.
Compare Cars - During a single hackathon, a team designed and built the ability to compare insurance quotes for different cars. Guess what? It is possible that turbo models have lower insurance than normally aspirated cars. This hackathon project also led to helping auto dealers provide insurance quotes for the cars they sell. Check out Toronto Hyundai.
Loan Comparison Tool - Need a personal loan? On Ratesupermarket.ca, you can now compare loans and find a lender that meet your needs.
This year we have some of these tools to play with. What should we build? Enter your comments below. Would love to hear your ideas.