ICICI Lombard and IIT Bombay Launch ‘IL IGNITING MINDS 2025’ Case Study Competition- Season 3

Mumbai, 27th Nov: ICICI Lombard, one of India’s leading private general insurers, has concluded the latest edition of its business case-study competition ‘IL IGNITING MINDS – Season 3’, conducted in partnership with IIT Bombay’s Entrepreneurship Cell. This industry-academia initiative, designed to provide practical problem-solving experience, attracted over 4,000 student registrations from more than 500 premier institutions nationwide.

This year’s challenge centered on “Unlocking SME Insurance Growth in India,” addressing critical gaps in a sector comprising over 63 million enterprises that contribute significantly to GDP and employment. With insurance adoption remaining low among SMEs due to awareness gaps, product-market fit challenges, and distribution barriers, participants were tasked with innovating across product design, digital solutions, and outreach strategies to enhance accessibility and relevance.

The competition expanded its reach through IIT Bombay’s partnership following previous editions with leading institutions including IIM Calcutta, IIM Lucknow, and NMIMS. The initiative has now engaged more than 8,500 students across 1,200+ campuses in its three seasons.

Ms. Sheena Kapoor – Head Marketing, Corporate Communications & CSR, ICICI Lombard, stated: “IL Igniting Minds continues to reveal exceptional talent across India’s academic landscape. The depth of analysis and practical solutions presented by finalists demonstrated remarkable understanding of industry challenges. Engaging with these bright minds reaffirms our confidence in India’s future leadership.”

The grand finale held at ICICI Lombard’s Mumbai headquarters featured finalist teams presenting solutions to senior leadership. IIT Delhi claimed the championship title while IIM Ranchi secured first runner-up position, with both teams receiving recognition from company executives.