HSBC Life Insurance Innovation Competition 2023

Background:

The HSBC Life Insurance Innovation Competition was launched in 2019 to encourage young talent to come up with innovative ideas for the future of the insurance industry. The competition aims to provide a platform for participants to interact with senior HSBC Life executives and gain insights on the new trends of insurance product propositions, especially knowledge related to customer-centric innovation. Themed “Inspire ‧ Innovate ‧ Influence”, teams of non-final year undergraduates from local universities were invited to submit insurance design proposals for judges review. Top 8 teams from the first round were advanced to the final round pitching on March 3, 2023. HKU Business School students who won the 1st Runner-up received the opportunity to be fast tracked to the final round interview for the HSBC Hong Kong Student Work Placement.

 

Website / Image URL:

https://retailbank.hsbc.com.hk/ins/en/innovation-competition/home/

 

Award(s):

1st Runner-up, Best Use of Technology Award

 

Faculty Advisor:

Dr. Winnie Leung

 

Awards and awardees:

Ms. Yan Yu, BEcon&Fin, Year 2 (Team Leader)

Ms. Shum Wa Ching, BBA(Acc&Fin), Year 1

Ms. He Ye, BBA(Acc&Fin), Year 1

Mr. Wong Yin Ki, BBA(Acc&Fin), Year 2

From left to right (Mr. Wong Yin Ki, Ms. Yan Yu, Ms. Shum Wa Ching, Ms. He Ye)

Students Sharing:

“As a team, we have all made great efforts and dedicated ourselves to perfecting our proposal, presentation deck, and final presentation. We are honoured to clinch the 1st Runner-up and Best Use of Technology Award in the HSBC Life Insurance Innovative Competition 2023 after rounds of competition. As the team leader, I have also accumulated more experience in being the facilitator who managed the process of every group meeting and organized the information, as well as the idea developer who provided/further developed ideas and directions.

 

I have been inspired by the process of competition and communication with other top students from world-leading universities. Immensely impressed by all those other innovative ideas presented by the participants and the insightful comments provided by the judging panel, my enthusiasm and motivation to proceed have been further ignited. More importantly, I am grateful for all the support we have received from HKU Business School. Those opportunities have enabled me to develop as an all-rounded individual and to realize my rigorous academic and extra-curriculum pursuits.”

(by YAN Yu)

 

“Participating in the HSBC Life Insurance Innovation Competition was such a precious opportunity for us to learn and progress. To tackle the challenge of providing new insight for the industry leader, HSBC Life, in a creative yet feasible manner, we were encouraged to challenge ourselves, explore new possibilities, and develop a more solid understanding of business knowledge. It indeed drilled our skills of implementing the knowledge we acquired into actual use. I learned so much from all the other elite teams’ brilliant ideas and was deeply inspired by the insightful feedback from the judging panels formed by respectable scholars and industry insiders to always be eager learners and create a sustainable impact on society. Kudos to my excellent teammates and all who have supported us throughout our way. It is our honor to share the joy with you.”

(by SHUM Wa Ching)

 

“Through the HSBC Life Insurance Innovation Competition, we learned a lot of knowledge related to emerging technologies and applied these digital products with untapped potential in the Web 3.0 era to the insurance design proposal for HSBC Life. This knowledge closely related to the trend of digital development not only expands our vision but also fully stimulates our imagination and creativity, which greatly benefits us.”

(by HE Ye)

 

“If I can use only two words to summarize my experience in HSBC Innovation Competition, they would be – inspiring and rewarding. After numerous case studies, several market researches, numerous sleepless nights, and rounds of demo preparations, we came up with our own innovative strategy that successfully helped us to win the 1st Runner-up of the competition. Huge thanks to my amazing teammates, who are extremely supportive and collaborative throughout the process, and assistance provided by the HKU Business School. Our achievements would not be possible without your presence. Winning this competition does not mark an end but a brand-new start for my future chapters. I will keep on putting my best efforts into every future endeavor.”

(by WONG Yin Ki)

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