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[Insurance News] 4 Insurance Innovation Competitions You Should Know About

Tue, 29 Mar 2016 16:00:00 +0000 / by Megan Gardner

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We recently attended the European Insurance Forum where discussion focused on the ever-changing and innovating insurance landscape. Technology has been a driving force of this change but not without the innovative minds of those coming up with solutions, products and ideas. As agents of change ourselves, we are always excited to hear about opportunities for innovation in the industry.

This got us thinking – where do these opportunities for innovation exist? Given these hubs for innovation have the potential to majorly influence and shape the future of our industry, we wanted to keep you in the loop. Without further ado, here are four events encouraging innovation in the insurance world that YOU should know about!

1. Journey Re

This is an international entrepreneurship competition that encourages young professionals, graduates and students to create new innovative business models for the re/insurance market. As we know, millennials are already playing a huge role in reshaping the insurance industry. Journey Re, presented by Hannover Re, is an amazing opportunity for this generation to create a game changing idea while learning from industry influencers in a six month program.

Selected applicants will work in teams of three in either Berlin, Boston, Dublin and Johannesburg to build a business case for an innovative solution. At the end of their six month working period, Hannover Re employees will hear their pitches. 

 

2. ACORD Insurance Innovation Challenge

Last year ACORD sparked a conversation around insurance innovation by inviting challengers to submit ideas that promote industry change. This year they continue the momentum. Your ideas can inspire change across numerous aspects of the industry including technology, operations and process improvements. This challenge is unique because it’s a hybrid of a competition and business incubator. Which means you have a real opportunity to not only dream up an innovative idea that could transform the industry BUT you can actually make that change happen as well. Take it from last year’s winners: Livegenic who claimed the prize for the industry disruptor category and Insurity who won the industry innovator category.

 

3. Global Insurance Symposium

Given that the theme of the 2016 symposium is ‘Inspiring Innovation in the Insurance Industry’, we had to include it on our list! The event is certainly focused on driving the conversation on innovation and is giving attendees plenty of opportunities to do so. They are offering a specific Innovation Track that will feature prominent industry speakers including Jennifer Fitzgerald, Co-Founder and CEO of PolicyGenius. Attendees will also get introduced to some of the participants in the ACORD challenge discussed above. Finally, they’ll hear pitches from start-ups in the Global Insurance Accelerator program. There will be no shortage of innovative ideas here!

 

4Fund for Rural Prosperity Innovation Competition

That was a mouthful! But nonetheless a unique opportunity, presented by the MasterCard Foundation, to have a positive impact on poverty stricken areas through financial innovation. The purpose of this challenge is to find solutions that can reach financially underserved markets including Ethiopia, Kenya, Rwanda, Sierra Leone and 20 others. While the focus is on finance, non-financial institutions, HINT HINT insurance companies, are also invited to participate.  Doing the right thing is one of our maxims and therefore a driving force in our everyday business which is why we were drawn to sharing this competition.

Well there you have it, four industry events that are encouraging innovation and positive change in the world of insurance. Who knows, the next big game changer could come from you!

To stay up to date with the latest in industry news follow our newly started [Insurance News Series] on twitter with the hashtag #L3InsuranceNews

 

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Topics: Reinsurance, Industry News, Life Insurance

Megan Gardner

Written by Megan Gardner

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