Entrepreneurship is not an occupation. It’s a way of thinking. A mind-set that spurs change and fuels opportunity.
The Journey Re Reinsurance Reinvented Competition aims to unearth the global talent and solutions that will define reinsurance going forward. It starts in March 2016. It is open to anyone who believes they have the talent to create disruptive innovation for the sector. It specifically addresses young professionals, new graduates and students.
The brainchild of international reinsurer Hannover Re, the competition will take place across four destinations worldwide i.e. Johannesburg, Boston, Dublin and Berlin. These cities are seen as hubs for raw talent and innovative thinking in the sector.
Young professionals will be selected to participate in the competition from around the world. They will work in teams of three people and be based at one of the above cities. During a six-month period, starting in July 2016, their goal will be to develop cutting edge innovation for the reinsurance space. The winning team will receive 50,000 € in prize money and the runner-up team will receive 20,000 €. Participants will also receive attractive benefits for the six-months in which the project runs and a dedicated working space in the allocated city. Candidates selected will spend a week in Hannover (Germany) from 4 - 8 July 2016, as an introduction to the competition and the sector.
Achim Klennert, CEO of Hannover Re, says: “As far as we know, this is the first initiative to create a hub for re-insurance innovation on a global scale. It is an impressive opportunity to shape an entire industry. Disruptive innovation is fast changing how a very traditional sector has worked.”
Outlining some disruptive trends defining the sector, Klennert states: “We are seeing many new, emerging risk types for which products need to be developed. This, for example, includes risk exposure from cyber, including cybercrime and cyber catastrophe, ; rapidly spreading viral pandemics, but also the ever growing impact of natural catastrophes in regions where traditional reinsurance capacity is limited or other regions where exposures are not insured or underinsured.
But the most far-reaching changes have come from new enabling data-gathering mechanisms, stronger analytics capabilities and other technological breakthroughs. The recent World Insurance Report 2015, published by global consulting firm Capgemini states: “78% of interviewed executives cited big data analytics as the disruptive force that will have the biggest impact on the insurance industry. The industry faces a flood of market disruptors that have the potential to challenge and undermine businesses unless insurers are prepared for them.”
This is in addition to challenges the industry is already working on such as effective ways to merge traditional and digital channels to offer clients a seamless, all channel integrated product. It is the same challenge that the rest of the financial services industry must meet.
A sector on the cusp of such big change heralds exciting prospects. International exposure plus global collaboration makes this an unmissable opportunity. The ideal candidate for the competition must have a strong understanding of business and finance; must be the kind of person that thinks outside-the-box and, of course, must be interested in reshaping the re/insurance industry. Anyone interested in the competition can find out more at the Journey Re introductory event, being held in Jo’burg on 31 March 2016 or online at www.journey-re.com.
Get the latest issue of FAnews