The Malaysian Insurance Institute (MII) in collaboration with FortNynja will be hosting its inaugural Insurance Innovation Hackathon beginning 31st March 2022 till 10th April 2022 as part of its ongoing efforts to accelerate innovation and adoption of technology within the Malaysian insurance and takaful industry.

The hackathon is expected to attract over 200 participants comprising tech experts, industry professionals, students, Insurtech startups, and investors. Among the challenges participants can expect include a Cybersecurity “Capture-The-Flag” treasure hunt and a “Build-your-best-solution” in the nine-day challenge.

The hackathon aims to unleash innovation and catalyze growth of the Malaysian insurance industry in the age of Digital Insurance. Participants will also be able to share their ideas with players within the insurance industry and create unique solutions within the competition period. Judges will be looking for solutions that incorporate the latest advancements in cloud, cybersecurity, fintech for health, embedded insurance, telematics and more, in crowning winners who can produce practical and workable solutions that are much needed by the industry. The solutions created should address the problems raised in Bank Negara Malaysia on Licensing Framework for Digital Insurers and Takaful Operators which aims to improve financial inclusivity, drive competition and enhance efficiency.

The objectives of the Hackathon are to:

• Generate ideas, MVP (minimum viable product), start-ups projects that may help solve key pain points within the industry.
• Raise awareness on problem statements in the insurance/takaful industry.
• Promote collaborations between different stakeholders namely consumers, regulator, industry, academics and investors.