Wanted: startups looking to collaborate with Zurich on the future of insurance
- Zurich launches the fourth edition of its global startup competition, the Zurich Innovation Championship
- Startups can sign up until February 27 in five categories expected to shape the future of insurance
- First three editions have resulted in 30 ongoing collaborations globally
The five challenges to be solved
- Customer experience: How might Zurich provide customers with solutions and experiences that are as sophisticated and customized as the best-in-class?
- Commercial insurance: How might Zurich deliver innovative, tailored insurance solutions and risk services as risks evolve and secure the trust of its clients?
- Distribution partnerships: How might Zurich elevate its partnerships and attract new distribution partners and ecosystems to meet changing customer needs?
- Digital enablement: How might Zurich use technology to achieve greater agility and efficiency and underpin the right customer and employee experience?
- Sustainability: How might Zurich help society transition to a more environmentally, socially and economically sustainable world?
A yearly programme to champion innovation
This year, Zurich says its Innovation Championship is developing into a year-long tournament from January to December, and ten members of Zurich’s global leadership team will pick 2-3 winning initiatives per category by end-April.
In the subsequent accelerator phase, stretching four months from end-May to end-September, the insurer says project funding of up to US$100 000 will be provided for each of the winning startups, together with mentorship from Zurich leaders and external experts.
This will allow the startups, working closely with Zurich’s leaders and businesses, to validate how their joint solution can meet evolving customer needs and prepare an operational business plan to adopt it across the Group, the group says, and further explains that by end-December 2023, the proven initiatives will have kicked off, bringing to life the joint proposition.
It added that the Zurich Innovation Championship is once again working with leading players in the startup ecosystem, including F6S, Plug and Play, and SOSA. The potential for collaboration is outlined in a recent Zurich white paper from December 2022, “The Future of Insurtech Collaboration”.
- For more details and sign up, please click here.
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