The Zimnat Insurance Assurance Challenge by #ZindiWeekendz
$300 USD
Predict when an insurance policy will lapse in Zimbabwe
314 data scientists enrolled, 97 on the leaderboard
InsurancePredictionStructured
Africa
22 May—24 May
59.983333333333334 hours

During a crisis like COVID-19, we recognize the crucial role that insurance can play in our ability to weather an unexpected storm. Insurance products help people and their families access the financial and medical support they need when they need the help the most.

Insurance companies rely on monthly premiums from their clients as their principal source of income; these premiums buy the client insurance against accidents, fires, injury or theft. However, insurance is a competitive market, and there are many factors that can cause a customer to leave an insurance provider, be it poor service delivery, competitive pricing, personal financial stress such, or other environmental factors. This customer loss is known in the business as ‘churn’.

In this hackathon your objective is to develop a predictive model that determines the likelihood for an insurance customer to churn - to seek an alternative insurer or simply drop out of the insurance market altogether. In light of the current pandemic, churn prediction can be used to offer targeted support and tailored services to certain customers vulnerable to churning. This means more people can continue to be covered when they most need it most and insurance companies can be more efficient at serving and retaining their customers.

About #ZindiWeekendz

The Zindi community is joining the fight against COVID-19! #ZindiWeekendz are virtual weekend hackathons hosted by Zindi. This series of #ZindiWeekendz throughout April and May 2020 focuses specifically on COVID-19.

In a time of lockdowns, remote work, and general uncertainty, #ZindiWeekendz offer data scientists the opportunity to continue to develop their skills while contributing to practical, open-source AI solutions to help in the battle against COVID-19.

Most of the winning solutions will be shared as a public good on GitHub. We are committed to supporting partners to implement these solutions and encourage anyone who is interested to reach out to us at zindi@zindi.africa.

About Zimnat (www.zimnat.co.zw)

Zimnat has been a leading player in the Zimbabwean life assurance and short-term insurance industries since 1946. For over 70 years, Zimnat has been protecting the assets of Zimbabweans, managing their wealth and ensuring that their assets and funds are passed onto future generations, should that be their wish.

About Microsoft (microsoft.com)

This hackathon is sponsored by Microsoft (Nasdaq “MSFT” @microsoft). Microsoft enables digital transformation for the era of an intelligent cloud and an intelligent edge. Microsoft has operated in Africa for more than 25 years. In that time they have built strong partnerships across the continent, helped bridge gaps in infrastructure, connectivity and capability, and are working to empower countries in Africa to digitally transform while creating sustained societal impact. Earlier this year, Microsoft opened Africa’s first hyper-scale data centers in Johannesburg and Cape Town, South Africa. Most recently, the company also announced the opening of two Africa Development Centers in Nairobi and Lagos, where world-class African talent can create innovative solutions for local and global impact.