Karachi, August 5, 2024 – Jubilee Life Insurance, Pakistan’s largest private sector insurance company, hosted the Jubilee Life Insurance University Challenge (JLIUC) at the British Deputy High Commission in Karachi. This transformative initiative, established in collaboration with SEED Ventures, aims to empower students from Karachi’s top universities by providing them with a platform to present their innovative research and products designs focused at transforming Pakistan’s insurance segment. The competition, which offered students the opportunity to be mentored by industry professionals in various domains to craft innovative insurance products, culminated in this grand event where finalists competed for a cash prize of PKR 150,000 and an internship opportunity at Jubilee Life Insurance.
Founded in January 2024, the JLIUC is a pilot program that is a pioneering effort by Jubilee Life Insurance and SEED Ventures. This initiative serves as a catalyst for unlocking the insurance industry’s untapped potential by recognizing talent, providing them access to an effective mix of resources that can ultimately encourage developments to increase insurance penetration rates in Pakistan. By engaging the brightest minds from universities, the initiative aims to drive sustainable growth and positive transformation within the local insurance landscape.
The objectives of the JLIUC is to identify future leaders in the insurance industry and giving them access to mentorship opportunities, encourage creative and forward-thinking solutions to industry challenges, increase awareness about the importance and benefits of insurance, strengthen ties between academia and the insurance industry, and contribute to the overall growth and competitiveness of Pakistan’s insurance sector.
Mr. Farhan Faridi Group Head – Retail Operations, Marketing and Administration Jubilee Life Insurance, expressed his appreciation for the participating students and their mentors: “We are incredibly proud of the dedication and creativity shown by the students in the Jubilee Life Insurance University Challenge. Their innovative approaches and commitment to excellence are truly inspiring. Jubilee Life Insurance is dedicated to empowering the leaders of the future, and through this initiative, we aim to drive transformative and sustainable change in the insurance sector. By mentoring young talent and fueling a culture of innovation, we are confident in our ability to contribute positively to the industry’s growth and evolution.”
Highlighting the significance of such initiatives the British Deputy High Commissioner, Ms. Sarah Mooney stated: “The Jubilee Life Insurance University Challenge is a commendable effort to bridge the gap between academia and industry. By allowing local talent to innovate, this program not only empowers students but also contributes to the broader economic development of Pakistan.”
CEO Seed Ventures Ms.Shaista Ayesha, also shared her thoughts: “Our partnership with Jubilee Life Insurance has been a journey of mutual growth and shared vision. The University Challenge is an extension of our commitment to developing entrepreneurial skills and allowing fresh ideas to emerge from the young minds in the country. We believe this initiative will set a benchmark for industry-academia collaboration and drive meaningful change in the insurance sector.”
Beneficiaries of the program include 36 students selected from 180 applicants across IBA and SZABIST, two of Karachi’s top schools. Fourteen professionals from Jubilee Life Insurance offered guidance and expertise as mentors to the students in finalizing their pitches for the jury.
