Re-Imagining Commercial Health Insurance Quoting with New and Novel Data
March 16-17th, 2017 Cincinnati, Ohio
$5,000 GRAND PRIZE, PITCH TO HUMANA SENIOR LEADERSHIP!
SETTING THE STAGE: PROBLEM & BIG PICTURE
Many sources of data and predictive analytical models (both home grown and available for purchase) exist within and outside our industry. Yet, the data and approach we utilize to set health insurance premium rates for prospective customers has been slow to evolve. Reliance is placed on individuals providing many details regarding their personal health status, often on long paper forms, a process which puts significant burden on insurance agents, employers and employees alike, and which creates a very lengthy application timeline. We believe significant opportunity exists to contemporize the approach to identifying, predicting and pricing future health risks. Humana, in partnership with Spry Labs, has set its sights on improving the risk model by utilizing other novel data sources to produce a proposal and rate quote to customers.
The primary focus of this Data Jam is targeting new commercial group medical business, with a focus on fully-insured empl0yers with 2-99 employees.
This is an industry-wide problem. Resolving this systemic problem would be a game-changer – making agents and employers receive underwritten quotes faster, with less stress, and more predictable ways to price the cost of a new small commercial employer group.
Create a better and more streamlined risk assessment model to produce a firm quote to customers. To do this, utilize alternative data sources and create a risk model that:
- Secures authorization for us to access consumer data and securing it through an electronic, non-invasive means.
- Accesses the right type of data which will allow us to underwrite the financial risk of a new customer and produce a confident rate quote.
We are seeking teams with as many of the following talents and experiences as possible. While all are welcome to apply, the following will be closely considered when inviting teams to participate.
- Skillsets: teams should have the following strengths, collectively:
- Data Science, Big Data, Fast Data
- Risk Modeling and Predictive Analytics
- UX/UI Design
- Relevant Credentials
- Experience in healthcare workflow, data architecture and risk modeling
- Understanding of risk assessment and ability to attribute an appropriate financial measure to that risk
While a working risk model (piping in real data) is desirable, given the time constraints we would only expect:
- Data sources used and appropriate supporting academic or empirical research to validate the data’s value in a risk model
- Data architecture diagram and explanation (with an emphasis on proving you can reliably source accurate data).
- Bonus points if you can demo pulling in live data
- Design mockups showing the UX/UI of all of the key screens and experiences used to collect / display data
Criteria: Each hackathon team will be judged based on the following criteria:
- Completeness of all deliverables requested
- Scalability and believability of the data scheme, as well as how well-tested and documented it is.
- How organized, intuitive, and modern is the user experience and user interface design.
- Commercial Leadership: Tami Quiram - Commercial Segment VP & President, Small Business and Large Group
- Data Expert and Investor: Kyle Schlotman, CIO, Connectic Ventures
- Spry Labs Judge: Emily Geiger, Managing Director, Spry Labs
- Risk Leadership: Justin Newton - Actuarial Management
- Agent: Susan Robben - Sales Director
PRIZES & OPPORTUNITY
One winning team (based on criteria outlined above) will be selected to win a $5,000 cash prize. In addition to the cash prize for winning the data jam, any teams who complete the hackathon may also be invited to bid on any projects related to this initiative that move to a formal RFP process.
- Challenge Open for Application: Friday February 3rd
- Participating Teams Chosen and Notified of Acceptance: Tuesday February 28th
- Full Challenge Brief Released: Friday March 3rd
- Data Jam Challenge:
- Data Jam Opening Briefing at 10 AM Thursday, March 16th
- Data Jam Submissions Due at 11 AM with Presentations at 12PM Friday, March 17th
- Data Jam: Winners Announced: 2 PM Friday, March 17th
Date: March 16-17th, 2017
Location: Union Hall, 1313 Vine St, Cincinnati, OH 45202
Humana Inc., headquartered in Louisville, Ky., is a leading health and well-being company focused on making it easy for people to achieve their best health with clinical excellence through coordinated care. The company’s strategy integrates care delivery, the member experience, and clinical and consumer insights to encourage engagement, behavior change, proactive clinical outreach and wellness for the millions of people we serve across the country.
Humana's products, services, and partnerships are focused on consumers. These innovations and partnerships represent how Humana translates its unique perspectives on health and benefits to real products and services.
Humana has a mission for mobile health. As technology continues to evolve, so will its ability to help people transform their health. Humana believes healthcare mobile technology should empower people with the tools they need to manage their health and wellness.
ABOUT SPRY LABS:
Spry Labs is modeled as a venture-building studio. Born from Cintrifuse, Spry lives at Union Hall, the epicenter of startup innovation and creative output in Cincinnati, Ohio. Unlike accelerators and incubators, our structure allows leading industry talent to partner with companies to innovate around unique challenges and ideas with rigor and discipline.
Our team is a diverse set of boots-on-the-ground thought leaders. We are clinical experts, product leaders, data geeks and designers. We are doers who design and solve for the consumer first. With an eye on the future - Spry tackles problems with speed, focus and agility.
Event Host - Spry Labs:
Emily Geiger, Managing Director, Spry Labs
Patrick Henshaw, Director, Spry Labs
Event Sponsor – Humana, Inc.
Jennifer Day, Director of Strategy and Innovation for Humana Employer Group Service Operations
Total prize fund