We investigate the role of electron-electron interaction in a two-band Hubbard model based on the Bernevig-Hughes-Zhang Hamiltonian exhibiting the quantum spin Hall (QSH) effect. By means of dynamical mean-field theory, we find that a system with topologically trivial noninteracting parameters can be driven into a QSH phase at finite interaction strength by virtue of local dynamical fluctuations. For very strong interaction, the system reenters a trivial insulating phase by going through a Mott transition. We obtain the phase diagram of our model by direct calculation of the bulk topological invariant of the interacting system in terms of its single-particle Green's function.