1000 young minds from B-Schools across the nation participated in the first edition of SBI Life IdeationX
Chandigarh, April 16, 2024: SBI Life Insurance, one of the most trusted private life insurance companies in the country, launched the 1st edition of ‘IdeationX’, a pioneering initiative that promises to revolutionize the future of the insurance industry. The innovative platform aims at engaging and encouraging future leaders from B-Schools across the country to think, innovate and present unconventional life insurance solutions that address consumer’s evolving insurance needs and contribute towards reshaping India’s life insurance sector landscape.
The key objective behind this initiative is to involve the young minds who are the future leaders of the country, to identify various insurance needs and conceptualize product solutions addressing those needs.
India’s impending ascent to become the 3rd largest economy by 2030 presents a vast opportunity for the life insurance industry. With an insurance penetration of 3% in India, there is an immense growth potential, offering financial security, digital transformation, job creation, and income generation to millions. In alignment with IRDAI’s vision of “Insurance for All by 2047”, SBI Life’s ‘IdeationX’ aims to involve, inspire & empower the young minds by nurturing a culture of innovation and thought leadership that would prove beneficial for consumers and for the sector, in the long run.
The inaugural edition of SBI Life- IdeationX witnessed enthusiastic participation from over 1000 young minds representing B-Schools such as NIA in Pune, NIRMA in Ahmedabad, SIES in Mumbai, KJ Somaiya in Mumbai, IMI in Kolkata, BML Munjal in Gurgaon, IMT in Hyderabad, and XIME in Bangalore. Around 320 budding students were selected post the screening test and the final round consisted of eight teams of five members in each team. From these eight finalist teams, XIME-Bangalore emerged as the winner claiming the coveted title of SBI Life Ideation X winner, for its unconventional idea that aims to address unique insurance needs of today’s consumers and the industry at large.
Mr. Subhendu Bal, Chief Actuary & Chief Risk Officer, SBI Life Insurance, expressed that “We are humbled by the overwhelming response for the very first edition of SBI Life Ideation X, the one-of-its-kind initiative that catalyzes creative forces of B-School students across the country to innovate out-of-the-box solutions for insurance sector. The extraordinary ideas presented by the budding students showcases the importance of platforms which encourage early initiation into problem solving and creative thinking to spring-board management students as industry leaders.” He further added, “To realize the regulator’s vision of Insurance for all by 2047, it is imperative that we inspire the future leaders to draw up the map for universal insurance coverage. IdeationX has witnessed the commendable passion and dedication of our nation’s young individuals who have showcased exceptional creativity and ingenuity. Their ideas not only have the potential to reshape the life insurance landscape but also to stimulate the socio-economic fabric of our nation. Together, we are not just securing lives; we are shaping a future where insurance becomes a cornerstone of financial planning for every individual and enterprise in the country.”
IdeationX represents SBI Life’s commitment to fostering a culture of innovation among the young minds. By leveraging the diverse perspectives and fresh ideas of young talent, SBI Life aims to create life insurance solutions that stay at the forefront of industry innovation and better serve the evolving needs of every consumer. Through this platform, the company seeks to nurture the next generation of insurance leaders who will shape the future of the industry and drive sustainable growth.
Post the success of the first edition of SBI Life’s IdeationX, the company aims to engage and empower more such B-Schools across the country and involve the young minds to contribute in the growth story of our nation.
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
