RGA Reinsurance, a subsidiary of Reinsurance Group of America, recently launched RGA Market Innovation Challenge which aims to generate new ideas on how to promote individual protection insurance products to Americans.
The competition is set to crowdsource an idea on how to promote insurance to young Americans. The competition is open to all U.S. citizens who are 18 years old and above. The winners will receive cash grants of more than $50,000, including the $25,000 for the grand prize.
The problem is many young Americans who are most probably just starting a family and beginning a career do not have life and health insurance to lean on. Also at this stage of their lives, they are unable to determine which individual protection products they really need to have.
The goal of the RGA Market Innovation Challenge is to educate the public about individual protection and insurance products. The competition also aims to explain to the younger generation the benefits and the need of availing of these products.
To those who are interested to join the RGA Market Innovation Challenge, the requirement is either a written essay or an original video that includes a written abstract of no more than 400 words that includes a proposal on how to sell individual protection insurance to Americans aged 35 and below.
All entries will be judged by an independent panel composed of leaders from the business industry and the academe.
- One Grand Prize: $25,000
- Four Runner-up Prizes: $5,000
- One Award to a participant aged 18 to 25: $10,000
Brendan Galligan, Executive Vice President, Business Development, RGA: “We believe the RGA Market Innovation Challenge will help educate the public to this need, and will generate new ways to communicate the benefits of life insurance products to younger consumers. We believe the success of this initiative will be advantageous to the entire U.S. insurance industry.”
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