The European Company ERGO Insurance in Lithuania together with the Venture Capital Fund Nextury Ventures announce a contest ERGO Nextury Challenge. Innovation creators with their proposals for insurance business are welcome to participate in the contest. In case of success, insurers and investors will invite authors of the strongest proposal to implement their idea. Despite the handsome cash prizes, organizers of ERGO Nextury Challenge are prepared to allocate an initial investment of 30 thousand euros.

‘This is a challenge to everyone who may suggest innovations for insurance business. By bringing together IT and business innovators for joint work with Nextury Ventures, we seek an added value to the customer. Overseas, this is a customary practice in the field of innovation; therefore we would like to show other Lithuanian enterprises that proper use of our starters’ potential is a prerequisite to remain competitive in the future and to be able to offer innovative solutions for both, customers, business partners, and inside the enterprise itself. I sincerely believe in success of the contest and successful application of original ideas’, states Dr. Kęstutis Bagdonavičius, the chairman of the board of ERGO insurance undertakings in the Baltic countries.

The contest marks the first common investment of ERGO Insurance in Lithuania and Nextury Ventures into the development of new ideas; however, the organizers claim to have agreed on long-term cooperation in the field of innovations.

‘On many occasions I have become convinced that there is a great number of gifted businessmen in Lithuania who are always full of new ideas. Looking for persons capable of bringing the biggest value to business, we apply different criteria. However, it is also important to involve professionals of their field into this process. Insurance business is quite a sophisticated field. This, however, does not mean that innovations may not come from outside. I believe that winners of the contest, together with ERGO experts, will form a true dream team of insurance innovators’, claims Mr. Ilja Laurs, the founder of the Nextury Ventures Fund. If the fund sees that an idea serves its purpose, whereas the innovations have a potential to create a bigger value, the second investment – more than 200 thousand euros will be allocated.

Insurance business ideas for ERGO Nextury Challenge will be examined by different representatives of business, media, and academic society: Dr. Kęstutis Bagdonavičius, the chairman of the board of ERGO insurance undertakings in the Baltic countries; Mr. S. Jokubaitis, Director General of ERGO Insurance in Lithuania, Mr. Dominic Otto, Head of ERGO Insurance business processes and innovations in the Baltic countries; Mr. Ilja Laurs, famous businessman and founder of Nextury Ventures; Mr. M. Glodas, Director General of Nextury Ventures; Ms. J. Žemaitė, Head of Sales Development and Promotion Division in Lithuania; Ms. Ž. Baubonienė, Head of the business magazine Bzn Start; and Mr. U. Savickas Chief Consultant of the Head of the Innovators Base at the ISM University of Management and Economics,.

The contest already starts on March 30th, whereas all business ideas are welcome until April 17th. 15 the strongest ideas will be announced during the first stage of the contest. Their authors will have a possibility to compete further in the finals regarding a prize of 2.5 thousand euros and a possibility to implement their innovative projects together with the team of ERGO Insurance in Lithuania and Nextury Ventures.

For more information on conditions of the tender, please visit the website here.