By Brent Carris, Research Assistant, Insurance Information Institute
The Wharton Risk Center and the Insurance Information Institute co-sponsored the second annual Hack-for-Resilience at PennApps XX, the nation’s oldest and largest student-run college hackathon. Presentations were given by Carolyn Kousky and Brett Lingle of the Wharton Risk Center School; and the I.I.I.’s James Ballot.
From September 6 – 8, 18 student teams used software and hardware technologies to “hack”—conceive and build new apps and devices—ways to combat the risks posed by natural disasters, such as hurricanes, wildfires, and floods. The students also vied to create either a product or service that provided insurance in a customer-friendly manner, a category generally known as Insurtech.
A panel of judges from the I.I.I. and the University of Pennsylvania’s Wharton Risk Management and Decision Processes Center selected the winners.
First place in the Insurtech category was Wildfire Protect– a parametric wildfire insurance product designed to provide immediate payouts to insureds that experience property damage from wildfire.
Second place was a tie between Prophet Profit and Navig8. Prophet Profit is an app designed to help households save money by allocating funds in all sectors of the stock market. The Navig8 team created an app to assist the visually impaired communicate during a disaster.
First place in the resilience category was awarded to a hack called Phoenix. This team created an autonomous drone which detects and extinguishes fires.
You can see all other entries and winners here.