SBI Life introduces IdeationX for life insurance innovation

Utkarsh Classes Last Updated 17-04-2024

SBI Life introduces IdeationX for life insurance innovation

Banking and Finance 4 min read

SBI Life Insurance, one of the country's most trusted private life insurance companies, launched the first edition of 'IdeationX'. It is a pioneering initiative that promises to revolutionize the future of the insurance sector.

Purpose of IdeationX:

This innovative platform aims to sensitize future leaders from B-schools (business schools) across the country about unconventional life insurance solutions. Also to encourage thinking, innovation and presentation which address the growing insurance needs of consumers and contribute towards reshaping the landscape of India's life insurance sector.
The main objective behind this initiative is to engage the young minds who are the future leaders of the country. Thus, various insurance needs can be identified and product solutions can be conceptualized to meet those needs.

The life insurance industry sees a significant opportunity:

India's aim to become the third largest economy by 2030 presents a huge opportunity for the life insurance industry.
Currently only 3% people in India have insurance available. It has immense potential for development because it provides financial security, digital transformation, employment generation and income generation to millions of people.

Insurance for all by 2047:

SBI Life's 'IdeationX' aligns with IRDAI's 'Insurance for All by 2047' vision, fostering innovation and thought leadership. It also aims to engage, inspire and empower young minds which will prove beneficial for consumers and the sector.

SBI Life- IdeationX launched:

The first edition of SBI Life's IdeationX attracted over 1000 enthusiastic participants. These more than 1000 youth are from various business schools of the country.
Around 320 budding students were selected after the XIMEI screening test in Hyderabad and Bangalore. The final round included eight teams, each with five members.
To ensure insurance for all by 2047, it is important to inspire future leaders to map out universal insurance coverage.
IdeationX represents SBI Life's commitment to foster a culture of innovation among young minds.
SBI Life utilizes diverse perspectives and innovative ideas from young talent to pioneer cutting-edge life insurance solutions and better meet the growing needs of every consumer.
The platform aims to nurture the next generation of insurance leaders within the company. It will shape the future of the industry and propel sustainable growth.

Preparing young leaders for the future:

Following the success of the first edition of SBI Life's IdeationX, the company aims to onboard more such B-schools across the country. Also to empower them and involve young minds to contribute to the growth story of our country.

About SBI Life Insurance:

SBI Life Insurance is widely recognized as one of India's most reliable life insurance providers. It was established in October 2000.
SBI Life Insurance became registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.