The American Dream is the idea that through hard work and determination, you can achieve financial security for your family and a fairly comfortable retirement. However, for many families in America today, this idea no longer holds true.
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Idea campaign by our client, Munich Re:
Almost 9 million households in America do not have a bank account, and one in five American families with bank accounts still turn to fringe financial services like payday loans for emergencies. Worldwide, it is estimated that over 2 billion people lack access to traditional financial services, including insurance products and services that can protect them from catastrophic events.
This lack of financial inclusion is both an economic drain and a significant opportunity.
Munich Re’s Innovation team has launched a global idea campaign focused on financially inclusive insurance, and we invite you to join us. Collaborate with others, invite colleagues to participate, and contribute your own ideas to develop new ways of serving financially vulnerable people around the world.
What is the goal of the Financially Inclusive Insurance Campaign?
The goal of the campaign is to gather ideas for new risk management/insurance products and services from our employees, strategic partners and financial inclusion experts and advocates. We need YOUR help to develop new business models to serve both low-income customers and the emerging middle class around the world.
All participants will have the unique opportunity to collaborate with a global community of insurance experts and financial inclusion advocates. In addition, participants who are legal residents of the continental United States have the ability to compete for a small award and to present to a select group of Munich Re’s U.S. leadership team.
Anyone can participate in this open challenge – the idea submission phase continues through July 4, after which collaboration among the campaign community continues until idea evaluations begin.