Defi-ing Insurance

Invoice Extraction

Inspiration

This competition emphasized the importance of data collection and usage in innovative ways. We thought to ourselves: who loves collecting data the most? The answer we came up with was insurance companies. We then brainstormed ways to integrate blockchain storage, IoF verification, and AI into a product that targeted both insurance companies and plan holders. From this caffeine-fueled bender, DeFi-ing Insurance was born.

What it does

Our application strives to act as a middleman between insurance companies and consumers, ensuring that both parties mutually benefit from our intervention. First, we aim to collaborate with major insurance firms to ensure our blockchain tokens will be accepted. Then, our app will launch to their consumers. They will be able to log in with the same credentials as their purchased plan. The app will survey each user and collect responses, then using AI technology, generate a list of tasks for them to complete. These tasks will be productive, with the goal of reducing their risk in whatever insurance plan they are enrolled in. For instance, our main focus was home insurance, so one task that could be generated is checking your fire alarms or sprinkler systems. Other tasks can include reinforcing your home or installing a security camera to guard against thefts. Once these tasks are completed, an individual will send proof in the form of an invoice or other photo evidence. This will be verified by IoF technology, analyzed by us, and communicated to the insurance company. As a reward, the task-completer will get a predetermined non-fungible token (worth more value according to task difficulty). These tokens can be directly exchanged for discounts in insurance as negotiated with the insurance company. Exchanged NFTs will be returned to us, and we will only mint a limited number of each discount token, increasing their value for consumers in times of disaster while allowing consumers to pay less during safe times. This optimizes consumer spending as their plan price changes based on individual actions. The insurance companies also benefit as we will share consumer data, willingly input, to them.

How we built it

Using Python, Image Recognition Deep Learning, Web Development, AI OCR technology

Challenges we ran into

We ran into a few kinks getting the code to run.

Accomplishments that we're proud of

We're proud of our ability to think outside the box and integrate multiple hot-topic technologies simultaneously into one project. We think that our project will be uniquely innovative to the finance and insurance industry at large. We hope that our creativity shines through in this pitch.

What we learned

If you can do it, then you should do it! No additional thinking necessary.

What's next for Defi-ing Insurance

We have yet to actually integrate blockchain into our website, as no group members are familiar with it. We have also not been able to modify the open source code for an AI language model for task generation, as we cannot find ChatGPT's source code (though in the future we could also use other language models). We also hope to expand into other insurance industries, like health insurance or car insurance, as opposed to purely focusing on home ownership. Consumer data we collect can be further analyzed over time and researched to draw conclusions about peoples' behavior. Hopefully, a trend will occur that the use of our program is associated with healthier and safer lifestyles.