Calling insurance innovators Zurich seeks startups for 5th annual competition
Winners of the Zurich Innovation Championship can receive up to $100,000 to fund their projects.
The Zurich Innovation Championship, the largest open innovation contest for startups in the insurance industry, launched this month. Startups from around the world are invited to sign up for one of four categories for the chance to work with Zurich locally and globally, joining more than 50 ongoing collaborations.
The deadline to apply for the fifth annual global startup competition is February 14, 2024.
The Zurich Innovation Championship employs a matchmaking approach to selecting winners that includes close collaboration from the outset between participating startups and the most compatible business units within the organization.
Country executive teams select the startups they are most passionate about working with. This allows business units to collaborate with startups that are the best fit for them and their specific challenge. A global final round then takes place, where the startup and business unit are judged together for the selection of the winners.
“We are excited to have launched the fifth edition of our global startup program,” Zurich North America CEO Kristof Terryn said. “As in previous years, we look forward to identifying startups that can help Zurich build on its success with its commercial customers.”
This year’s Zurich Innovation Championship challenges
As in previous years, startups can sign up for different categories, with ten winners across the following categories:
- Commercial Insurance: How might Zurich maintain its success in Commercial Insurance by improving its technical insights and providing a better experience to customers?
- Digital Simplification: How might Zurich continue the digitalization of its core to ensure efficiency and agility while supporting an exceptional experience for both customers and employees?
- Life and Health: How might Zurich fortify its position within the life sector by addressing the evolving needs of its customers and fostering sustainable growth?
- Retail Property and Casualty: How might Zurich grow in the retail sector by protecting the things people love and interacting with them where and when they choose?
After the winners are announced, the winning startups will enter a validation phase, stretching four months from May to September 2024, receiving project funding of up to $100,000. During this phase, the startups work closely with Zurich’s teams in the different countries and receive further coaching from subject matter experts, intrapreneurs and expert mentors. Together, they prove how their joint solution can deliver customer and business value and prepare a plan to adopt it locally and ultimately across the Group. The Zurich Innovation Championship culminates in an Innovation Demo Day in September 2024, where the winners will present their achievements.