We know. The name is not easy to pronounce if you’re not an Icelandic-native (to make it easier, “Lausnarmót Nýsköpunarvikunnar” translation is Innovation Week’s Tournament).
The focus of this hackathon – supported by Iceland’s Directorate of Health, Arion Bank, and the country’s Fintech cluster – that we had the opportunity to host was to come up with two solutions: one oriented for the Financial market, and another for the Health market. It was an interesting road to follow and we’re pleased to let you know more about the winners and their solutions:
Treatably, the winning team formed by a team of three innovators, developed a mobile Health (mHealth) platform that aims to make the life of people with thyroid disorders easier. The mobile app lets people log all the most important data to keep track of their health and get access to their healthcare service.
Why thyroid? Ragnheiður Lilja, one of the team members, knows the problem in the first person, being a patient of such an illness. As an insider of the disease, she knows exactly the problems one faces when dealing with this incurable and chronic trouble.
Here’s the main problem the mHealth platform solves: to efficiently deal with the illness, a patient needs to keep track of data such as symptoms, medication intake, and sleep every single day. It’s a tiring process that often leads people in the opposite direction – not keeping track and therefore not having a good insight into how their health status is at any given time. Moreover, when people are on a medical appointment, they usually only have a couple of minutes to explain what happened in months, which tends to end with the patient walking out feeling like they didn’t get a proper consultation.
Treatably is changing this by not only keeping track of the medication, symptoms, nutrition, sleep, vitals, and movement, but also by storing test results, insight from analysis, and access to their chosen healthcare service.
Græni Sjóðurinn were the fintech winners. The dynamic duo developed “The Green Fund”, an investment option that helps customers from the Icelandic Arion Bank make their lifestyles more environmentally friendly by micro-investing in a green fund that complies with their individual consumption habits and values.
Here’s how it happens: every time a user signs up for an automatic carbon offset at Arion Bank, the Græni Sjóðurinn will contribute to the fund. The carbon footprint of each transaction will be estimated from the type of transaction and amount – per year, the average Icelander only needs about 28,000 ISK (~170 euros) to make their expenses carbon neutral. The data is then presented via practical, and behavioral economic methods, and recommended actions will be shown to users so they can become carbon neutral.
The Green Fund will function like all other Arion Bank’s portfolios, but what differentiation points between this one and the rest are its goals. The fund is managed with the objective of reducing greenhouse gases emissions as much as possible. To achieve that, it will include green bonds, carbon bonds, and environmentally friendly innovation projects.
We’re pleased to see the two projects were used to create a social and environmental impact in Icelanders’ life and we couldn’t be happier with the outcome of this challenge.
If you’re looking for an open-innovation partner to make it happen, make sure to reach us via [email protected].