Background, Problems Identified

In the United States, consumers spend on average about $998 Billion dollars per year on their lifestyle. ⁱ

The purchasing power of young adults in this market is 34% of that amount. Now more than ever, this segment is regularly using the Internet to shop for new product, home & travel deals. But the challenge we’re facing is that these consumers are buying up products and booking trips that are usually uninsured yet worth thousands of dollars.

They are cancelling their flights without reimbursement, working without health coverage & getting their expensive gadgets stolen with nothing to show for it in return because they don't trust the monolithic structure of insurance at all.

We're going to change that.

By combining the power of predictive AI, Computer Vision and the advanced APIs Solartis offers, PolicyWallet can change the way consumers insure their life smartly and effectively in the 21st Century with the use of smart wallets and home item catalogs.

What We Solve For Organizations & Consumers

It's like eBay for digital insurance.

PolicyWallet stands out from the competition because as a smart product insurance platform, we are not only servicing insurance organizations but providing a kickass solution for their potential customers as well!

Consumers can filter through dozens of policy providers' offerings in a open marketplace interface to find what works best for their home, travel & lifestyle, save their policies into one centralized wallet and monitor their appliances/trips on a catalog powered by unique visual data insights.

Organizations on the other hand can offer unique policies to individual users. This is empowering organizations because the platform is connecting young adults specifically to policy administrators as well as providing consumers with options to insure their lifestyles.

How I Built It & Why I Choose My Software Stack

The website is built on CoreML/Vision, Swift & Python scripts for iOS.

It provides the following functionality:

  • Wallet dashboard interface for all the policies you hold
  • Amazon integration for speech-based product search engine
  • Predictive analytics for image-based item cataloging and value estimation for ratings/quotes

...thanks to libraries and technologies like:

As a developer I can confirm that while the code is powerful and efficient, the platform has a simple interface that is easy for non-tech users to use recurrently.

Challenges I Ran Into

I ran into a couple of problems, but the most notable was that I didn't have time enough to make both a functional website & native iOS app for PolicyWallet, so I settled for making the iOS app instead. I also decided to make the app consumer-facing but to highlight the future power it held for organizations to make smart decisions based on data.

Software Accomplishments That I'm Proud Of

Inevitably, by running into all the aforementioned troubles, I was able to come up with some pretty dope solutions and innovative ways of creating business logic for PW.

Here's some of them:

  1. I successfully trained a machine learning model to recognize common household objects, tested on iOS CoreML and configured the app to take the data fed from the camera/model to the item generation module for the PolicyWallet catalog. This included its value and model manufacturing date, data intelligence aided by the Amazon API.

  2. I created a slick interface for policy administration/management that complemented the consumer while collecting data intelligence for the organization offering these ratings. This will allow insurance companies to come onto the platform much quicker and provide an incentive for them to do so.

It was pretty difficult but I think all of this added a sweet touch in the end!

What I Did Different, and Learned

After receiving the sandbox email & discussion posts from Carol, I realized that I didn't want to just hack together any "one" solution for consumers or businesses. I didn't want to throw buzzwords like "blockchain" into the infrastructure for the sake of saying I used them, either.

I decided to create a MVP for a platform that Solartis could build, that would be a true innovation in #InsurTech for both consumers AND businesses.

I learned how to work with the branding of an idea to match the software direction of a project, and bring together two opposing problems (organizations, consumers) to one centralized solution for a distributed platform.

What's Next: Future Improvements

I hope to add a number of improvements to PolicyWallet in the near future:

  • Opening up the platform for policy organizations to join with new integrations, features, etc.
  • Provide better insights and perhaps a physical camera that monitors homes for data intelligence in future claims
  • Make it cross-platform for both the Web and Android & further the use of the Solartis API in the policy process

The objective for this hackathon project has always been to change the way consumers insure their belongings/travel, and ultimately their lifestyle, as well as empowering organizations to easily manage existing policies and administer new ones.

I hope that this will help PolicyWallet stand out. Thank you for the opportunity!

Statistic Sources

[i] https://www2.deloitte.com/content/dam/Deloitte/in/Documents/CIP/in-cip-trendsetting-millenials-noexp.pdf

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Updates

Markia Theus posted an update

Struggling to find out how to empower administration organizations on the PolicyWallet platform besides directly connecting to potential customers. I need to research more about the problems these organizations face and how the Solartis APIs fixes this for them.

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Markia Theus posted an update

Got all the use cases laid out, creating all the image assets in Sketch to match for the image gallery. Also have the node.js server/API running. Gonna start connecting the Solartis microservices and getting some business lgoic running.

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Markia Theus posted an update

Figuring out how to flesh out the PolicyWallet platform for a minimum-viable product to submit. Also looking at statistics for consumer spending on products from e-commerce/the Internet. The numbers are crazy lol

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