credit Hiscox UK

Credit: Hiscox UK

University of Exeter students winners of national competition

A team of University of Exeter students has won a national competition which seeks new innovations for the insurance industry.

The Hiscox University Challenge tasked students with developing creative solutions for some of the latest challenges faced by the industry. The teams were asked to find ways to measure and assess potential business customers in Florida in the United States. Forty per cent of all hurricanes in the US are in Florida, causing $24 billion of damage each year; over and above the normal everyday risk factors and common claims. 

Competitors had access to industry experts and information, which helped them to gain a better insight into the industry.

“All of us have learnt that there is a more human aspect to insurance,” said Alex Keen who led the winning team of four students.

“A preconception of the industry is that it is very numbers based and to some extent, soulless, but actually the work we have been doing has a real impact on people. We’ve seen insurance in a completely different light and are much more interested in pursuing it as a career because of that.”

Fellow team member George Ford added: “It’s good to get a taster of a real-life scenario where we aren’t really given much information or guidance. We just have to make our own way through it as a team.”

The finalists, which included another team of students from the University, presented their innovative ideas to experts at the final in London.

“It’s certainly been a challenge, but we have all pulled together and come up with great ideas and supported each other and I’m really proud of our team. Proud of the progress and the ideas,” said Hira Raza, who led the other finalist team of six Exeter students.

The winners received £1,000 for the Maths Society. All the entrants also received fast-tracked access to the Hiscox graduate assessment centre, as well as to leadership and presentation training.

Date: 4 April 2019

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