The Financial Academy (TFA) and the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) have celebrated the graduation of 70 contestants who took part in the Artificial Intelligence (AI) and Innovation Hackathon. The event is an outcome of a joint strategic partnership to nurture a qualified generation of national talents capable of advancing the insurance industry in the Kingdom. It comes as the two organizations pursue the achievement of the goals of Saudi Vision 2030.

The hackathon program spanned five months and included several key rounds. It started from data collection challenge identification, proceeding through designing the program, holding awareness sessions, calling for ideas, screening, selecting the best candidates, and finally holding the action-packed hackathon activities, which lasted for consecutive five days and saw creative output by the participants.

During the closing ceremony, the finalist competing teams pitched 12 innovative prototypes and solutions. After deliberation, winners were announced. The ( Conversia) team won the top prize, earning a whopping SAR 150,000; followed by the (PREMA) team, who received SAR 100,000. In the third spot came the ( An Al-powered chatbot for hospital fraud detection   ) team, getting SAR 50,000.

“We are proud of the remarkable efforts made by participants in the AI and Innovation Hackathon, which showcases the innovative spirit and potential of our country’s ambitious youth,” commented Mr. Mana AlKhamsan, CEO of The Financial Academy.

He heralded the graduation of such a galaxy of creative minds as “a significant step forward” towards achieving the targets of Saudi Vision 2030, which focuses on empowering young people and revolutionizing the vital sectors - mainly insurance - by adopting cutting-edge technologies and digital solutions.

“The partnership between TFA and MEDGULF demonstrates our shared commitment to driving innovation and entrepreneurship in FinTech, as well as equipping national talents with necessary AI skills and knowledge. Thus, we contribute to creating a prosperous future for the insurance industry and advancing economic development in the Kingdom,” concluded AlKhamsan.

From his part, Mr. Umar Al Mahmoud, CEO of MEDGULF, underscored the importance of innovation as a cornerstone for modernizing the insurance industry.

“This hackathon reflects MEDGULF’s unwavering commitment to fostering national talents and enabling them to embrace AI technologies and consequently lead the digital transformation drive. Today, we are proud to attract such an excellent group of innovative young people, who we count on to develop unique solutions that would improve customer experience and make a measurable difference within insurance industry.”

Finally, Al Mahmoud hailed The Financial Academy’s critical and strategic role in developing and refining the capabilities of the financial sector human capital, indicating that those efforts are aligned with the Kingdom’s aspirations of building a thriving and sustainable knowledge economy.