21 July 2022
Inaugural 3-day FutureX Hackathon challenges tertiary students in Southeast Asia to create value for consumers in insurance using blockchain technology 

NTUC Income (Income) is launching its inaugural regional FutureX Hackathon, supported by Plug and Play APAC and Amazon Web Services (AWS), taking place virtually from 25 – 27 July 2022. FutureX is open to all tertiary students from Southeast Asia who will come together to reimagine the future of insurance through blockchain technology, under the mentorship and guidance of industry leaders. This hackathon aims to seek solutions to embed blockchain in insurance innovation, including applications in new insurance business models, which Income hopes to bring to markets overseas via our Insurance-as-a-Service (IaaS) platform, HIVE by Income.
Digital consumption is growing at an unprecedented speed in Southeast Asia (SEA). Some 40 million new internet users came online in 2021 alone, bringing internet penetration in SEA to 75% and digital users in SEA now consume an average of 2.9 to 4 times more online services since the pandemic. Digital insurance is also picking up at a remarkable pace and it is estimated that the industry in SEA is forecasted to reach $9 billion in Annual Premium Equivalent by 2025.  
In view of consumer shifts towards being increasingly digital-first, FutureX aims to further Income’s purpose of empowering better financial wellbeing for all through customer-centric solutions by sharpening digital-first propositions and leveraging opportunities in blockchain technology to stay relevant to the local needs of different customer segments.

“While Singapore is our home ground and R&D hub, we are constantly looking to tap into data, local insights and perspectives from across Southeast Asia via HIVE by Income. We recognise that blockchain technology has huge potential to fundamentally transform insurance business models and reinvent the insurance value chain. The importance of this technology will only continue to grow, and Income wants to be at the forefront of this revolution,” said Edlyn Khoo, Vice President, Digital Transformation Office, NTUC Income.
“With FutureX, we aim to foster a community of like-minded individuals and groom the next generation of changemakers who can continue to shape the future of insurance. To accelerate this journey, we invite students to come together to challenge themselves in pushing the boundaries of innovation in insurance through design-thinking and creative problem-solving. Through FutureX, they will not only gain deeper insight into insurance products, design and pricing principles, but also hone their skills in blockchain as part of a holistic learning experience. We are excited to see what new ideas and innovative use cases participants will bring to the table,” added Khoo.

“Technologies, such as blockchain, are driving transformation across multiple industries, including digital insurance. AWS is proud to be the cloud provider powering FutureX Hackathon, enabling the students to build on AWS Cloud and solve business challenges.  Such initiatives are integral in building a strong pipeline of digital talent in the region. I look forward to seeing the bright young minds of Southeast Asia get creative and bring exciting ideas into the insurance sector,” said Vikram Rao, Head of Enterprise, ASEAN, Amazon Web Services Singapore Private Limited.
“This regional hackathon builds on the strategic partnership between Income and Plug and Play APAC. NTUC Income is a corporate partner of Plug and Play APAC's Insurtech programme where it engages with regional insurers, start-ups and digital ecosystem partners within Plug and Play APAC's network to scale its innovative products and services in serving the insurance needs of consumers in Southeast Asia. We look forward to this hackathon and how its energy, creativity and innovation will positively catalyse the ecosystem over the 3-day programme,” said Manav Narang, Corporate Partnerships Director & Financial Services Lead, Plug and Play APAC.

Income’s FutureX will see leading technology, accelerator, and innovation experts providing mentorship and guidance to participants, through customised masterclasses hosted by AWS and Plug and Play APAC, as well as mentor clinics hosted by AWS to offer advice and support to students on their business proposals. As part of the programme, the three-day hackathon will feature guest speakers including Andrew Yeo, Chief Executive Officer of Income, Tek Yew Chia, Partner, Vice Chairman, Oliver Wyman Singapore and Head of Insurance, Asia Pacific, Jie Lun Ong, Director of Ventures of Plug and Play APAC, as well as Keshav Baweja, Senior Solutions Architect of AWS who will host an educational session on emerging technologies. The final round on 10 August 2022 will be judged by an esteemed panel comprising senior executives from NTUC Income, AWS , and Plug and Play APAC. Participants stand a chance to win the top prize of SGD$8,000, second prize of SGD$5,000, or third prize of SGD$3,000, as well as one of three Special Category prizes at SGD$500 each. Winners will also score personalised workshops by AWS, complimentary passes to 101 Start-up workshops by Plug and Play APAC, as well as tickets to the APAC Summit in November 2022.