Two 23-Year-Old Students Win Blockchain Insurance Contest in Switzerland

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A pair of 23-year old students, Hugo Moreau and Paul Nicolet, came out on top in the final round of an inaugural blockchain competition held in Switzerland.

The two Swiss masters students at École Polytechnique Fédérale de Lausanne (EPFL) successfully pitched their Ethereum-based peer-to-peer coverage scheme before a select jury panel of seven blockchain, legal, investment and insurance experts at the inaugural inaugural Blockchain Summit, held in Crypto Valley, in Zug.

The winning team, called ShieldIT, beat out a competitive field comprised of nine other blockchain teams from Germany, UK, the U.S. and Italy. Second place was awarded to Dennis Knochenwefel of Reportix (Mannheim, Germany) and third place went to LoyaltyCoin, another Swiss team led by Thomas Goetschmann.

“These guys really rocked the show with their presentation and their display of entrepreneurship,” said Mathias Ruch, managing partner at Lakeside Partners, an early-stage investment group which focuses on blockchain technology and its applications. The competition was initiated by Lakeside and inacta AG, a Swiss IT consulting firm.

“We can’t wait to bring ShieldIT to Crypto Valley Labs and see them grow,” added Ruch.

The winner of the competiiton takes home US$100 000 and receives an incubation package of coaching and free office space in Crypto Valley Labs for one year. The Blockchain Competition was made possible with the support of five partners from the insurance industry: Pax, Suva, Basler Versicherung, Helsana and Die Mobiliar.

Crypto Valley is described as a global center where emerging cryptographic, blockchain and other distributed ledger technologies and businesses can develop.