The widespread use of technology today isn’t just saving consumers more time and money, but is also saving lives. In other parts of the world, the teenSMART driving program uses computer-simulated technology to teach inexperienced teen drivers about the necessary precautions they must know as young drivers to ensure their safety on the road. Studies show those who complete it have 30 percent fewer car collisions and accidents.
The health insurance market is also growing to become one of the most innovative in technology, helping aging populations, patient demands and the rise of diseases to withstand pressure on the costs for delivering care through innovative technology that ensures quality of services at lower prices.
According to The Financial Regulatory Authority, the insurance industry is estimated to represent almost 0.91 percent of Egypt’s GDP, which is considered to be one of the most important drivers of Egyptian economic growth.
However, despite economic growth and high investment rate, the industry still faces a lot of challenges ranging from the diversification of its products to the difficulty in outreach. To meet those challenges, the industry inevitability must integrate technology to create sustainable innovative business solutions and help it grow.
Earlier last week, GIZ partnered up with the Financial Regulatory Authority (FRA), the Insurance Federation of Egypt, AUC Venture Lab, and insight2impact to launch the first hackathon InsurHack and gather entrepreneurs, techies, and designers to formulate ten teams to work on developing ten business ideas that solve specific challenges.
Under the theme of “Innovating Egypt’s insurance sector,” the hackathon addressed the insurance sector’s main challenges in Egypt that hinder its progress and the mechanisms that can help make it a significant key player in the country’s economy.
“The hackathon addressed four main challenges that face the insurance industry: developing data analysis tools for insurance companies; reaching low-income insurance segments, and creating a competitive edge for SMEs through insurance,” said Hayder Al-Baghdadi, Head of Programs: Promotion of Financial Inclusion in the MENA Region.
Out of the 12 teams that competed, Hood came in first place followed by Merq and Amanleek. Below is a list of the 5 innovative insurance companies that aim to save and change others’ lives.
Hood collects data that keeps track of your car’s mileage, gas usage, performance, and its engine health at a lower price to save time and money. On top of that, it informs you of your driving habits and keeps track of your driving score to keep you aware of possible bad driving habits and avoid any future accidents.
Mazboot is an application for people living with diabetes to help them self-manage their condition and receive consultation from doctors. They help decrease the risk in spending a lot of money on regular check-ups, and keep track of how your health is improving.
Merq claims to be an AI startup that is specialized in developing cognitive chatbots in form of virtual assistant. One of the first virtual assistants they’ve developed is Sally, an Arabic-only Facebook Chatbot that allows people to compare credit cards in Egypt.
1000Salama is a conversational agent (chatbot) for medical insurance aiming to enhance communication between patients and doctors from one side and the insurance company or TPA from the other side. Healthcare providers can scan claims, send them to the insurance company and help them process the claims through OCR and data analysis tools.
Clickmare is a customizable healthcare system and an annual healthcare program that offers different packages such as; online analysis, monthly chronic medications service as well as unique data for insurance companies.
Amanleek provides different kinds of insurance services in healthcare, car insurance, property insurance and travel insurance, with an aim to simplify insurance services and make it more accessible for a wider base of customers.