Faced with accelerating climate challenges, growing digitalization, and the pressing need for economic inclusion, the insurance sector finds itself at a turning point. Far from its traditional role as a mere safety net, sustainable insurance is now emerging as a strategic driver of innovation, resilience, and socio-economic transformation.
A global issue, a critical Mediterranean challenge
Climate change is a global challenge, but the Mediterranean region is among the most vulnerable in the world. Increasing droughts, repeated floods, and coastal erosion are all phenomena weakening ecosystems, infrastructure, and local economies.
In this context, insurance players have a unique opportunity to specialize, by developing solutions tailored to the climatic and socio-economic realities of the Mediterranean basin. This specialization can become a competitive advantage at the regional level, while responding to urgent needs.
Why talk about sustainable insurance in Algeria?
Algeria, facing high levels of economic informality and increasing climate risks, remains largely uninsured, especially in rural areas. The insurance sector still struggles to offer accessible, innovative products that align with the specific needs of local populations, SMEs, or farmers.
Sustainable insurance, grounded in inclusion, technological innovation, and climate awareness, offers a structural response to these challenges.
Open Innovation: an opportunity for co-creation and collaboration
In a rapidly changing environment, open innovation offers a strategic framework for rethinking traditional models. It relies on a simple but powerful principle: innovate not alone, but by engaging with external partners, startups, research centers, institutions, or experts.
For the insurance sector, this means moving from a closed mindset to a collaborative approach, capable of identifying weak signals, integrating breakthrough innovations, and accelerating development cycles.
Collaborating with startups represents a major opportunity: they bring agility, creativity, and the ability to explore new innovation frontiers. By fostering these synergies, insurers can not only better respond to current challenges (climatic, technological, social) but also position themselves as drivers of sustainable, inclusive, and competitive transformation.
The flagship program for insurance stakeholders in Algeria is back!
As the Algerian insurance sector is called to reinvent itself in the face of climatic, technological, and social challenges, the 2nd edition of the Innov & Insure Challenge — organized in collaboration with the Algerian Union of Insurance and Reinsurance Companies (UAR) and sponsored by CASH Assurances · Société Nationale d’Assurance (SAA) · Compagnie Algérienne des Assurances (CAAT) , stands out as a strategic initiative to surface high-impact, innovative solutions.
This true open innovation platform aims to connect insurers, startups, and innovators around four key themes:
- Data & Digitalization
- Artificial Intelligence applied to insurance
- Inclusive Insurance
- Climate & Agricultural Insurance
A call is launched to all startups, developers, project leaders, or Algerian experts who wish to contribute to a more modern, accessible, and resilient sector.
What's at stake? Concrete collaboration opportunities with partnering insurers, a financial grant of up to 500,000 DZD, and tailored support from industry experts.
→ Application deadline: June 7, 2024
→ More info and applications here: soolvit.com/innov-insure-challenges-2/aowfOhqB3oNDiGXA
