The Lab will have the fintech and insurtech track running concurrently and applicants can apply to either track or both.
Specific areas of interest for financial institutions are (but not limited to):
Cloud: Including cloud management, migration and security
Data: Alternative data sources to improve underwriting analytics, as well as tools for data management, governance, privacy and visualization
Digitization: Automating and scaling internal processes to drive operational and engineering efficiencies
Engagement: Tools focused on clients, employees or agents, including for customer acquisition and experience, product customization, predictive analytics and talent development
Security: Solutions focused on cyber, risk and identity management, and fraud
Specific areas of interest for insurance companies are (but not limited to):
Automation: Claims and underwriting automation (including tech enabled processing, policy administration & management)
Collaboration: Tools connecting various parties including carriers, agents, brokers, third-party administrators, re-insurers and creating a more seamless front-end experience for the consumer between those areas.
Customer experience: Tools and offerings focused on customer experience including digital brokerage, value-added services, delivery, engagement and servicing platforms / tools
Data: Tools focused on data management and analytics for underwriting, claims, and new products
Risk: Solutions focused on risk management including identification, quantification and mitigation of risk
Solutions to the focus areas can incorporate AI/Machine Learning, Blockchain, Mobile, Robotic Process Automation and other technologies. In general, there is an interest this year in more comprehensive end-to-end solutions rather than one-off point solutions.
Source: FinTech Innovation Lab New York
Illustration Photo: Samsung Pay app presented at Mobile World Congress 2016, Barcelona (credits: Pierre Metivier / Flickr Creative Commons Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0))