Zurich Insurance Group has selected 13 startups to take part in the latest edition of the Zurich Innovation Championship.
According to reports, the global startup programme that offers a four-month accelerator phase to help startups develop their solutions and prepare for market launch later this year, received a record 3,500 submissions.
Zurich’s global startup programme was first launched in 2018 and has since grown to become the largest open innovation contest for startups in the insurance industry.
The selected startups are the 2023 winners of the launch of its fourth edition, with winning initiatives selected in five categories: commercial insurance, customer experience, digital enablement, distribution partnerships and sustainability.
Zurich Innovation Championship Programme encouraging innovation
This year’s winners present solutions to a range of challenges where insurance can take a proactive role, from using biosensors to improve health outcomes to interactive content marketing for drivers, and digital tools to improve commercial performance and customer care.
The winners in each category are:
• Commercial Insurance: Citalid, Hence Technologies, KorrAI, Spotr
• Customer Experience: EpiQMax, Fisify, Miss Moneypenny Technologies
• Digital Enablement: Omni:us, TruEra
• Distribution Partnerships: 4.screen, Minalea
• Sustainability: Agave Biosensors, Wysa
Speaking about the winner announcements, Ericson Chan, Zurich’s Group Chief Information & Digital Officer, “Through collaborating with startups, we continue to source the bold and forward thinking ideas that are needed to create a real impact for our customers. With this year’s winning initiatives, we continue to push the boundaries of today’s insurance.”
Zurich Innovation Championship sees ongoing collaborations
In addition to 2023’s winners, Zurich has ongoing collaborations with 30 of the previous Zurich Innovation Championship winners and participants, with some of the initiatives already scaled across multiple countries.
“In recent years, the insurtech market has bloomed and we see many opportunities to leverage those new ideas and technologies and embed them in the way we work,” said Paolo Mantero, Group Chief Strategy Officer. “These initiatives tackle important areas where we believe embracing transformation is crucial for the future of insurance.”
Zurich Innovation Championship winners explore practical viability
As part of the programme, winners enter a four-month accelerator during which they will test the practical viability of their initiatives and prepare a business plan together with the Zurich business units that selected them.
The 13 startups will benefit from both financial and non-financial support, including coaching by Zurich executives as well as internal and external topic experts. Those who can successfully validate their initiatives will then work locally and globally with Zurich towards joint adoption.
In addition to working with the winning initiatives, Zurich will also explore ways to collaborate with other participants of this year’s Zurich Innovation Championship. From last year’s tournament, Zurich is currently working with six additional participants alongside nine of the global winners.
Source: Zurich
