A group of Saskatchewan Polytechnic students took silver in a Canada-wide competition after designing plans for an app that would help homeowners with renovations.
WinterHack 2022 is a competition between Canadian post-secondary students who want to work in the insurance industry and was held in mid-November.
“We went up against some of the biggest universities and colleges in Canada. And this is the first time many of us have ever participated in an innovation competition,” competitor Savannah Spooner told CTV News.
“It gave us the opportunity to showcase our skills.”
In the competition, students are expected to come up with a tech solution to a problem that impacts the insurance industry.
The Sask. Polytech team was asked to “develop a subscription-based business model built upon a digital ecosystem.”
The group created an environmental, social and governance (ESG) fund with an environmental focus, according to the school’s website.
The team created plans for an app that would show customers how home improvements could reduce their insurance premiums, and help them apply for a loan to make the improvements.
“Our plan gives consumers the opportunity to invest funds and draw out loans for home improvement. By making improvements to your home, such as upgrading your roof, plumbing and electrical systems, insurance companies will lower your premiums. We call this the home enhancer financer,” Spooner explained.
“During our collaboration and innovation, it was just like problem-solving and being creative and open to every idea. We wanted to solve the problem of new and current homeowners having to foot the bill associated with updating old homes,” student Samarah Genaille said.
“Our application was really to provide an overview of the insurance, home insurance policies and renewal dates. So we incorporated a subscription option to that app that would allow the insured or the customer to apply for and be approved for a loan through our ESG fund.”
Genaille said she was proud of the work her team produced.
“The fact that we got runner-up to these other big universities and colleges, it's huge. It means a lot to all of us as students of the insurance program.”
According to Genaille, the team’s instructor, John Blommesteyn, was instrumental in their success.
“He did encourage us and motivate us. He emphasized to us how important and engaging this opportunity would be for not only us as individuals but us as a collaborative group.”
Genaille said the plans for an app could become the real thing someday.
“It can be a headache to want to catch up and fix up those things that are needing the attention around the house. So we wanted to make it convenient for our clients,” she said.
“I do believe like convenience is really big these days. I think it would be a great idea going forward to actually implement this app that we have made.”
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