Amman, Dec. 1 (Petra) -- The United Nations Development Program (UNDP) in Jordan, in cooperation with the Central Bank of Jordan, the Jordan Insurance Federation, and the Fintech Academy– Institute of Banking Studies, on Monday launched an innovation hackathon focused on developing new insurance products. The three-day event brings together 20 participants and runs through December 3.

According to a UNDP statement, the hackathon aims to design insurance solutions that align with customer needs and adapt to the rapid shifts in the labor market, thereby supporting efforts to advance financial inclusion in the Kingdom.

Three winning ideas will be selected, with cash prizes of 3,000, 2,000, and 1,000 Jordanian dinars awarded to the top participants. Winners will also receive specialized technical support to transform their concepts into market-ready products.

The event gathers experts from the insurance sector and specialists in digital innovation to create flexible insurance models capable of addressing current and emerging challenges.

Majda Assaf, UNDP Deputy Resident Representative, underlined that innovation is a core driver in building a fair, accessible, and resilient insurance ecosystem. She said innovation is not only an idea, but a process grounded in passion, collaboration, and commitment.

She added that the participating institutions are directly contributing to the development of new insurance products that support a more human-centered financial system.

CEO of the Jordan Insurance Federation Muayyad Kloub said the hackathon is part of a cooperation agreement between the Federation and UNDP, noting that the initiative encourages the sector to innovate products that broaden the scope of insurance services available to citizens.

Riyad Hindawi, Director of the Institute of Banking Studies, said the hackathon offers a national platform for generating creative ideas, transforming challenges into opportunities, and empowering young talent to help shape the future of Jordan’s insurance sector.

The program includes training sessions on product design, customer-centric approaches, digital tools, and comprehensive insurance frameworks to support participants in developing viable, market-oriented solutions.

A final competitive presentation session will be held on December 18, during which participants will present their ideas to a judging panel representing the Central Bank of Jordan, the Jordanian Federation of Insurance Companies, UNDP, and the Fintech Academy.

//Petra// AJ

01/12/2025 15:10:18