Karachi, Jubilee Life Insurance, Pakistan’s largest private sector insurance company, hosted the Jubilee Life Insurance University Challenge (JLIUC) at the British Deputy High Commission, Karachi. Established in partnership with SEED Ventures, this transformational initiative aims to empower students from top universities in Karachi by providing them with a platform to showcase their innovative research and product designs aimed at transforming Pakistan’s insurance segment. The competition, which offered students the opportunity to be mentored by industry experts in various fields to create innovative insurance products, culminated in a spectacular event where finalists competed for a cash prize of PKR 150,000 and an internship opportunity with Jubilee Life Insurance. Established in January 2024, JLIUC is a pilot program pioneered by Jubilee Life Insurance and SEED Ventures. This initiative serves as a catalyst for unlocking the untapped potential of the insurance industry by identifying talent and giving them access to an effective mix of resources that can ultimately spur development to increase insurance penetration rates in Pakistan. By engaging the brightest minds from universities, this initiative aims to drive sustainable growth and positive transformation within the local insurance landscape. JLIUC aims to identify future leaders in the insurance industry and provide them with access to mentoring opportunities, encourage creative and progressive problem solving in the industry, raise awareness of the importance and benefits of insurance, and strengthen links between academia and the insurance industry. 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 to the participating students and their mentors: “We are incredibly proud of the dedication and creativity the students have shown in the Jubilee Life Insurance University Challenge. Their innovative approaches and commitment to excellence are truly inspiring. Jubilee Life Insurance aims to empower the leaders of the future and through this initiative we aim to drive transformational and sustainable change in the insurance sector by guiding young talent and fostering a culture of innovation, we are confident in our ability to make a positive contribution to the growth and development of the industry.” British Highlighting the importance of these initiatives, Deputy High Commissioner Sarah Mooney said: “The Life Insurance University Challenge is a commendable effort to bridge the gap between academia and industry. By enabling local talent to innovate, this program not only empowers students but also contributes to to the wider economic development of Pakistan.” Seed Ventures CEO 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 enabling new ideas to emerge. from the country’s young minds We believe this initiative will set the benchmark for industry-academia collaboration and lead to meaningful change in the insurance sector. The beneficiaries of the program include 36 students selected from 180 applicants across IBA and SZABIST, two of the top schools in Karachi. Fourteen professionals from Jubilee Life Insurance offered guidance and expertise to the students as mentors as they finalized their proposals for the jury.
