PennApps XX Hackathon: Innovations in Insurtech and Resilience

Insurtech Category Winners

The PennApps XX Hackathon, co-sponsored by the Wharton Risk Center and the Insurance Information Institute, saw 18 student teams compete in creating innovative solutions for natural disaster risks and customer-friendly insurance products. The Insurtech category winner, Wildfire Protect, offers a parametric wildfire insurance product that provides immediate payouts for property damage. Prophet Profit and Navig8 tied for second place, with Prophet Profit focusing on financial savings through stock market allocation and Navig8 aiding the visually impaired during disasters.

Resilience Category Winner

In the resilience category, Phoenix took first place with an autonomous drone designed to detect and extinguish fires. This innovative solution addresses the growing concern of wildfires, which have increased in frequency and severity globally. According to the National Interagency Fire Center, in 2020 alone, there were over 58,000 wildfires that burned approximately 10.1 million acres in the United States.

Implications and Recommendations

The PennApps XX Hackathon underscores the potential of technology to address pressing global issues like natural disasters and insurance accessibility. For readers interested in leveraging technology for similar solutions, it's crucial to stay updated with the latest advancements and consider interdisciplinary approaches. Additionally, engaging with hackathons and similar events can provide valuable insights and networking opportunities.