Sahamati BuildAAthon Themes and Format

13 Sep 2024

Themes:

Democratizing Insurance and Investment Advisory for Indians
Empowering Customers to Leverage their Digital Footprints
Risk Management Solutions for the Ecosystem

1: Democratizing Insurance and Investment Advisory for Indians

Insurance penetration is only 4.2% of GDP, compared to the global average of 7.2%, with higher premiums and claim rejection rates. Similarly, less than 5% of the population in India access investment advisory services. Markets like the U.K. have seen improvements in insurance penetration through Open Finance initiatives. The Account Aggregator (AA) ecosystem in India presents opportunities to develop innovative financial services and foster financial inclusion in India.

This hackathon theme challenges participants to create innovative solutions that make financial services, especially insurance and advisory services, more accessible and affordable for all Indians. The focus is reducing fraud claims, enhancing process efficiency, and leveraging new technologies to democratize financial services. Participants are encouraged to develop customer experience innovations that significantly improve usability and accessibility.

Expanding Insurance Penetration in India
Expanding Advisory Services beyond HNIs and UHNIs

Focus Area: Accessibility & Inclusion

2: Empowering Customers to Leverage their Digital Footprints

The DPDP Act 2023 empowers customers to control and share their personal data across sectors. Through consent managers, individuals can manage their information to access services on better terms and stimulate product innovation. The Account Aggregator (AA) ecosystem is a pioneering implementation of consent managers, and the Act opens up exciting opportunities for innovation in the financial sector.

This theme focuses on leveraging the cross-sectoral potential of the AA ecosystem. We encourage participants to explore use cases allied to financial information available on the network and to explore financial applications of non-financial data, such as government records (transport, utility, land) and private data (social media, employment, e-commerce).

Explore Unifying Synchronous and Asynchronous Data Sharing
Expanding Data Empowerment beyond financial services
Complementing Financial Service Delivery with Non-financial Data

Focus Area: Innovation and Creativity

3: Risk Management Solutions for the Ecosystem

Access to real-time data is critical for risk management use cases that provide actionable insights. This theme invites participants to create cutting-edge solutions built on the AA framework for fraud prevention and risk mitigation in the financial sector. The theme also encourages teams to explore privacy-preserving technologies that ensure sensitive customer data remains secure while providing meaningful analysis and insights to customers and institutions alike. Additionally, we invite teams to offer solutions that strengthen the regulatory and supervisory functions in the ecosystem.

Risk Management Solutions
RegTech/SupTech Solutions
Privacy-Preserving Technology

Focus Area: Business Impact

Hackathon Format:

Form a Team: Assemble a team of up to 5 members and register for the AA Hackathon here. Each hacker must provide their individual details, but you can submit your application as a team (size 1-5).
Registration Confirmation: After registering, teams will receive a confirmation email to start hacking
Launch Event: Join the online kickoff on October 4th, 2024, featuring demos and sessions by industry experts. You can find the schedule here.
Hack Period:Teams will have until October 27th, 2024, to develop their projects. This hack period will be supported by online masterclasses and mentorship
Submission Deadline: Teams will submit their project prototypes and a brief explainer video (max 5 minutes) by October 27th, 2024
Evaluation: A panel of experts will review and evaluate all entries
Final Presentation: The top five entries from each theme will present to the jury in the first week of November 2024. You can find the schedule here
Winners Presentation at SamvAAd 2024: Three winning teams will present their projects at Samvaad 2024 on November 19th, in Mumbai

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