“Many younger Americans, often just beginning their careers or starting families, do not have adequate life and health insurance to protect their growing financial needs, and lack an understanding of what individual protection products can do to help them through all of the stages of their lives,” said 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. By opening up the competition to a large and diverse audience, we hope to gain a broad perspective of ideas and solutions on how to sell insurance to the younger market.”
Entries to the RGA Market Innovation Challenge may be submitted either as written essays or original videos, and must include a written abstract of no more than 400 words providing a summary of the entrant’s analysis and proposed solution to selling individual protection insurance products to Americans aged 35 and younger.
Entries will be judged by an independent panel of leaders from the academic and business communities. One grand prize of $25,000 and four runner-up prizes of $5,000 will be awarded. In addition, a $10,000 cash prize will be awarded to one individual entrant between the ages of 18 and 25, to encourage participation by young adults in the competition.
“We believe the success of this initiative will be advantageous to the entire U.S. insurance industry,” said Galligan. “Ideas generated by this Challenge will be shared with our clients to help build a stronger industry while offering greater financial security for younger Americans.”
RGA Reinsurance Company is the principal operating subsidiary of Reinsurance Group of America, Incorporated (NYSE: RGA). RGA began operations in 1973 and is now one of the largest life reinsurers in the world. The company serves clients in more than 70 countries and provides individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development. Worldwide, the company has approximately $2.8 trillion of life reinsurance in force and assets of $38.3 billion.