IoBM student teams earn top spots at Insurtech Challenge 21
Seven student teams from across Pakistan entered the final round of the Insurtech Challenge 21 held by TPL Insurance. Among them, five student teams were from IoBM; the other two were from IBA and Habib University. We are proud to announce that two teams from IoBM have become the winner and the second runner-up of this competition.
Team Med-surance (Areeba Javed and Neelofar Gul) were the winners while the second runner-up were Team Phoenix (Gohar Irfan, Laiba Nishat, Nida Fatima). TPL invited business plans from students (first-year graduate; second and third-year undergraduate). The other three teams from IoBM were: Team Maximizers (Zaryam Anjum and Farzan Zahid); Team ES (Esha Sachdev and Sohasi Kamnani), and Team Hustlers (Khushi Ashok Kumar and Komal Sakhija).
The participants were asked how to evolve the Insurtech ecosystem of Pakistan in a nationwide contest. IoBM’s Team Med-surance and Team Phoenix emerged victorious by presenting a practical plan using their insights and learning gained while studying at IoBM.
TPL Insurance National Business Competition was a rigorous 3-week long competition, consisting of three rounds. Each round comprised of a mix of marketing, finance, supply chain, distribution channels, product management, and market research about the insurance market.
During the final round, the teams had to develop a product for Generation-Z.
Team Med-surance’s idea was about students’ travel insurance. Team Phoenix presented an idea for Laptop Insurance. Both ideas were backed with a complex financial plan, detailed marketing mix, targeting Gen Z in various segments with a complete plan of marketing, financing, management, distribution, among others.
The winning team will receive a cash prize of up to 100,000 PKR. The 2nd runner-up will receive 25,000 PKR.
IoBM is proud of its students who diligently pursue extracurricular activities including such events as this competition. Students follow the concepts learned through classroom lectures combined with their insights gained through experiential learning activities, that are a part and parcel of their academic journey at IoBM.