The following are the eligibility criteria for the event:

1. Anyone – Individuals or teams and enterprises (including startups) from all geographies are welcome to apply under this global challenge.
2. International Entities/Companies incorporated and regulated in Financial Action Task Force (FATF) compliant jurisdictions by a financial services or banking or capital market or insurance or pensions regulator OR
3. Individuals from FATF compliant jurisdiction 

1.Fraud mitigation/ prevention in motor insurance by using technology:

•   Substantial difference in premium between various motor segments incentivizes fraudsters to mis-declare vehicle class or segment, resulting in premium leakage for the industry or any other frauds.
• Tech based solution to address frauds in motor insurance.

2.Identifying uninsured motor vehicles by using technology and ensuring for mandatory Motor Third Party:

Tech enabled solution for

• Identifying the uninsured vehicles (motor third party).
• Ensuring and facilitating insurance third party coverage of the uninsured vehicles to ply on the road.
• Providing communication about the uninsured vehicles to the law enforcement agencies as well as to the vehicle owners.

3.Automatic death claim processing using Technology:

•  Immutable authentication of the death of the policyholder using technological concept such as Distributed Ledger Technology (DLT).
• Identification and authentication of the nominee.
• Auto processing of the claim.

4.Technology based distribution of insurance products including micro insurance in “difficult terrains, less penetrable and potential areas”:

• Insurance penetration as well as coverage is very low in difficult terrains and less penetrable areas such as Ladakh, North Eastern States and Desert Areas etc.
• A technology-based solution/ distribution model is envisaged.

5.Use of technology to curtail mis-selling of insurance products:

• To address the problem of mis-selling of insurance product, a tech-based solution is the need of the hour.
• Customers are in need for assistance to fill application, proposal forms etc. a tech-based solution can address the issue of mis-selling.

Start Registration
August 16th, 2022 
Apply for the Hackathon at the webpage here: Bima Manthan 2022 – Home (apixplatform.com)
Register to participate in Bima Manthan 2022. Registration closes on September 6th, 2022

Submit Proposals
September 20th, 2022
Submit your proposal (s) for one or more selected problem statement (s) Proposal (s) can be submitted after registration by September 20th, 2022.

Shortlist Finalists
November 4th, 2022
Proposals will be reviewed and shortlisted by a panel of experts and the results of the shortlisted solutions will be declared on November 4th, 2022.

Submit Solutions
December 5th, 2022
Shortlisted solutions to be developed and submitted for evaluation. The last day of submission is December 5th, 2022.

Announce Winners
December 30th, 2022
Final evaluation and announcement of Winner/s

1. Cash Prize: The top 3 winners will be awarded a cash prize:
Winner: ₹ 20 Lakh
1st Runner-up: ₹ 15 Lakh
2nd Runner-up: ₹ 10 Lakh

2. Rewards:

• Direct entry into the IRDAI Regulatory Sandbox regime; or
• Demo-day in front of Insurers/Intermediaries and other Stakeholders; or
• Collaboration with Insurer(s) on the winning project/platform.