QBE has opened applications for its annual AcceliCITY Resilience Challenge, now in its fifth year.
The QBE AcceliCITY Resilience Challenge is a global challenge run by the QBE Foundation in partnership with non-profit organisation Leading Cities. It aims to find and support start-ups with innovative technological solutions to address the complex environmental, social, and economic challenges facing cities.
Chris Esson, chief financial officer (CFO) of QBE Australia Pacific and co-chair of the Australia Pacific QBE Foundation, emphasised the need to build more urban resilience as risks evolve and grow dramatically.
“As a global insurance leader, QBE's purpose to enable a more resilient future highlights how sustainability is integral to us. We strive to help communities and businesses understand and protect themselves from risk,” Esson said. “The challenge is just one way the QBE Foundation is supporting and encouraging impactful initiatives in our communities, and we look forward to seeing the innovative solutions that come from this year's entrants.”
For this year's global challenge, primary challenge competitors have a chance to win up to US$150,000 ($221,199) in funding for a city pilot project, expert monitoring and collaboration opportunities to help scale their initiatives, and QBE's support – including engagement with the insurer's venture investment and development arm, QBE Ventures.
“Cities are on the front lines of combatting the impacts of climate change, a real threat to humanity. The tools communities have to reduce risks, increase sustainability, and ensure resiliency are being developed by talented entrepreneurs globally. The QBE AcceliCITY Challenge connects those solutions with city leaders and prepares them for faster deployment in communities everywhere,” said Leading Cities president and CEO Michael Lake.
QBE will also launch two new breakout tracks with prizes of US$25,000 each, complementing its focus on commercial property protection and agriculture.
The insurance (commercial property) track seeks loss-mitigation innovations that will allow QBE to identify or minimise potential hazards more quickly, lessen the effects of property damage, and decrease business disruption or home evacuation. Meanwhile, the agriculture track seeks solutions for farmers, including Agtech, distribution channel solutions, risk management, and data tracking.
Applications close on April 30, 2023.
