Hackathon Kuknos startup, the sole blockchain platform provider in Iran, with the general aim of boosting technology, culture, and education regarding the new distributed ledger-based techs, has conducted a programming event in order to help facilitate innovative ideas to be commercialized. The event was finalized with 16 competitors dealing with 14 challenges and in the final round of the contest, three top teams were chosen and announced on December 31, 2020.
Bimichin startup from the insurance industry with its innovative idea of “Peer-to-Peer (P2P) Auto Insurance” could win the second place based on the referees’ decision. The founders of the Bimichin startup are Haineh Karkhaneh, Iman Arastoo, Mahsa Najafi, and Dr. Mahnaz Manteghipour, IRC’s researcher, one of the pioneering professionals in the realm of modern technologies, and insurance industry specialist.
Bimichin is a P2P insurance pool that based on the blockchain technology, data analytics, and image processing, attempts to calculate fair premium and to transparently assess losses. It also strives to develop legal procedures based on the new underwriting models through which premiums are paid by cryptocurrency and new reinsurance models exploited by Central Insurance of I. R. Iran. In Bimichin, premiums are calculated based on the customers’ behavior and the policyholders with a safe driving record, get reward. The pool also partners with reinsurance companies in order to pay for the pool excess of loss and better manage the policyholders’ claims.