The Insurance Institute of Canada (IIC) has announced the winners of its inaugural NextGen Risk: Insurance Case Competition, focusing on cyber risk challenges in the insurance industry.
The competition featured 14 teams of four students from colleges and universities in British Columbia, Alberta, Saskatchewan, and Ontario. Sponsored by HUB International and Wawanesa Insurance, the event challenged students to address real-world cyber risk scenarios.
Winning teams were:
"The NextGen Risk competition enables students who are interested in pursuing insurance careers the opportunity to apply their critical thinking, communications and public speaking skills as they tackle a significant risk scenario that's facing the insurance industry today," said Peter Hohman, president and CEO of the Institute.
The competition format challenged students to prepare and present case scenarios within a tight timeframe. On the first day, teams received their assignment at the IIC's offices and prepared presentations to be delivered the following morning. Each team presented to a panel of judges working in the cyber risk space within property and casualty insurance.
Although none of the students had taken the specific Cyber Risk (C20) course, the Institute provided them with preparatory content from the textbook to support their research and analysis.
Many participants are currently enrolled in the Institute's Chartered Insurance Professional (CIP) courses, which are offered as credits towards their academic degrees or diplomas. Some students are also members of their schools' Insurance Risk clubs.
The Institute, which boasts a membership of over 41,000, includes more than 18,000 active students in its formal programs. It serves as the premier professional education body for the property and casualty insurance industry.
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