Innovative Solutions to Enhance Disaster Resilience: A Deep Dive into the Triple-I and U Penn Student Competition

Triple-I and U Penn Join Forces for Disaster Resilience

For the third consecutive year, the Insurance Information Institute (Triple-I) and the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania have co-sponsored a student competition aimed at developing innovative solutions to real-world disaster resilience problems. This year's event, held virtually, began on September 11 and concluded on September 13 as part of PennAppsXXI, the nation's oldest student-run hackathon.

The Role of Technology in Disaster Resilience

The term 'hack,' in the context of a hackathon, describes how multiple technologies can be used in new and innovative ways. This event allows the Triple-I and its Resilience Accelerator partners to bring together insurers and student innovators who share the same goal—to create new products and services that will reduce the risks people face from natural disasters. The 2020 edition of this competition gave entrants from midnight on September 12 through 9 a.m. on September 13 to show their skills. During this time, teams of up to four students conceived, tested, and delivered working apps while others developed hardware solutions, Internet of Things (IoT) protocols, and data tools that can save lives and reduce property damage in the wake of a natural disaster.

Prizes and Future Prospects

A team of judges from Wharton Risk Center and Triple-I awarded first- and second-place cash prizes in two categories: 'Best Overall Hack' and 'The Most Outstanding Application of Insurtech.' The winning teams were announced on Sunday evening, September 13. New to this year's 'Hack-for-Resilience' is that both first-place prize winners will participate in the Resilience Accelerator's Lightning Round innovation showcase on October 22, 2020. The first-place prizes in 2019 were awarded to the creators of Phoenix, an autonomous drone with the capacity to track and extinguish fires, and WildFire Protect, a parametric insurance product which would pay a policyholder immediately after they incurred a wildfire-related property loss.

According to recent data, the frequency and severity of natural disasters have been increasing globally. For instance, the number of weather-related disasters has increased fivefold over the last 50 years. This underscores the importance of initiatives like the Triple-I and U Penn student competition in fostering innovative solutions to enhance disaster resilience.

For readers interested in participating or following such competitions, it is advisable to stay updated with the latest technological advancements and trends in the insurance industry. Engaging with platforms like hackathons can provide valuable insights and networking opportunities.