The inaugural edition of SBI Life IdeationX saw the active participation of 1000 young talents from B-Schools nationwide.
In a significant development, SBI Life Insurance, a leading private life insurance company in India, introduced the first installment of ‘IdeationX’. This groundbreaking venture is poised to transform the insurance landscape by engaging and inspiring future industry leaders from various B-Schools to innovate and present unconventional life insurance solutions that cater to the changing needs of consumers and contribute to reshaping the life insurance sector in India.
The primary aim of this initiative is to involve the youth, who represent the future leadership of the nation, in identifying diverse insurance requirements and devising product solutions to meet those needs effectively.
As India gears up to become the world’s third-largest economy by 2030, the life insurance sector stands at a crucial juncture with immense growth potential, offering financial security, digital advancements, employment opportunities, and income generation for millions. Aligned with IRDAI’s vision of ‘Insurance for All by 2047’, SBI Life’s ‘IdeationX’ strives to engage, inspire, and empower young minds by fostering a culture of innovation and thought leadership that can benefit consumers and the sector in the long term.
The debut edition of SBI Life IdeationX witnessed enthusiastic participation from over 1000 students representing esteemed 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. Following a rigorous selection process, 320 students were shortlisted, and the final competition comprised eight teams, each consisting of five members. Ultimately, XIME-Bangalore emerged victorious, clinching the prestigious title of SBI Life Ideation X winner for their innovative idea aimed at addressing contemporary insurance needs.
Mr. Subhendu Bal, Chief Actuary & Chief Risk Officer at SBI Life Insurance, expressed his gratitude for the overwhelming response to the inaugural edition of SBI Life Ideation X. He emphasized the importance of platforms that encourage students to think creatively and problem-solve, underscoring the significance of early exposure to innovative thinking for aspiring industry leaders. He further highlighted the necessity of inspiring future leaders to pave the way for universal insurance coverage, in line with the regulator’s vision. The exceptional ideas presented by the students not only have the potential to reshape the life insurance landscape but also to drive socio-economic progress in the country.
IdeationX exemplifies SBI Life’s dedication to nurturing a culture of innovation among young minds. By leveraging the diverse viewpoints and fresh ideas of budding talent, SBI Life aims to develop life insurance solutions that lead in industry innovation and cater effectively to evolving consumer needs. Through this platform, the company aims to cultivate the next generation of insurance leaders who will shape the industry’s future trajectory and foster sustainable growth.
Following the success of the inaugural edition, SBI Life plans to expand its engagement to more B-Schools across the country, involving and empowering young minds to contribute to the nation’s growth story.
About SBI Life Insurance
Established in October 2000, SBI Life Insurance (‘SBI Life’ / ‘The Company’) is a trusted life insurance provider in India. The company obtained registration with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
Serving numerous families nationwide, SBI Life offers a diverse range of products catering to individuals and groups through Protection, Pension, Savings, and Health solutions.
With a ‘Customer-First’ approach, SBI Life prioritizes maintaining world-class operational efficiency and ensuring a seamless claim settlement experience for customers by upholding high ethical service standards. The company is committed to enhancing digital experiences for customers, distributors, and employees alike.
SBI Life aims to make insurance accessible to all, boasting a widespread presence across the country through its 1,028 offices, 24,060 employees, and a vast network of approximately 243,590 agents, 74 corporate agents, and 14 bancassurance partners with over 41,000 partner branches, 150 brokers, and other insurance marketing firms.
Apart from its customer-centric initiatives, the company focuses on providing a conducive work environment for its employees to thrive both personally and professionally.
Emphasizing corporate social responsibility, SBI Life actively contributes to various social causes such as child education, healthcare, disaster relief, and environmental conservation. In the fiscal year 2022-23, the company impacted over 1.1 lakh beneficiaries through its CSR interventions.
Listed on the Bombay Stock Exchange (‘BSE’) and the National Stock Exchange (‘NSE’), SBI Life boasts an authorized capital of Rs. 20.0 billion and a paid-up capital of Rs. 10.0 billion, with Assets under Management (AuM) amounting to Rs. 3,714.1 billion.
For more details, visit the company’s website and engage with SBI Life on social media platforms including Facebook, Twitter, YouTube, Instagram, and LinkedIn.
(The numerical data mentioned above pertains to the period ending December 31, 2023)