Zurich Insurance Group launches the fifth edition of the Zurich Innovation Championship, inviting startups worldwide to collaborate locally and globally. With a unique matchmaking approach and global reach, the championship aims to pioneer groundbreaking partnerships in the insurance industry. The program, spanning from May to September 2024, will see ten winning startups working closely with Zurich teams, showcasing joint solutions, and potentially scaling innovations across the Zurich Group.
31 January 2024 – Zurich Insurance Group is set to unveil the fifth edition of its renowned startup program, the Zurich Innovation Championship. Recognized as the largest open innovation contest in the insurance industry, this championship beckons startups worldwide to collaborate with Zurich locally and globally, fostering groundbreaking partnerships in an era characterized by hyper-innovation.
Ericson Chan, Chief Information and Digital Officer at Zurich Insurance Group, underscored the organization’s commitment to redefining insurance through collaboration with top innovators and startups. He stated, “Beyond this global championship, we’re reaching new heights to make life better and simpler.”
What sets the Zurich Innovation Championship apart is its distinctive matchmaking approach, expansive global reach, and close collaboration between startups and the most compatible business units within Zurich right from the start.
Country executive teams play an active role in selecting startups based on compatibility, enabling tailored collaborations that address specific challenges within each business unit.
The global winners, chosen by ten members of Zurich’s executive leadership team, will represent startups and business units with the greatest global potential.
The ten winning startups will embark on a four-month validation phase from end-May to end-September 2024, receiving project funding of up to USD 100,000.
During this period, startups will collaborate closely with country teams, benefit from coaching by subject matter experts, intrapreneurs, and expert mentors. Together, they will showcase how their joint solutions can deliver customer and business value, preparing plans for local adoption and potential scaling across the Zurich Group.
The pinnacle of the Championship will be an Innovation Demo Day in September 2024, where successful initiatives will demonstrate their achievements.
Paolo Mantero, Chief Strategy Officer at Zurich Insurance Group, emphasized the program’s evolution and impact, building on the success of the previous four editions that resulted in over 50 ongoing collaborations. He expressed excitement about this year’s edition and the innovative initiatives that will emerge.
This year’s challenges span various categories, inviting startups to participate in Commercial Insurance, Digital Simplification, Life & Health, and Retail P&C. Each category presents unique challenges, encouraging startups to devise creative solutions aligning with Zurich’s strategic goals.
The Zurich Innovation Championship collaborated with leading players in the startup ecosystem, including F6S, Plug and Play Tech Center, and SOSA, enhancing the program’s reach and impact.
As Zurich pioneers this global initiative, the industry anticipates groundbreaking solutions that will shape the future of insurance and digital transformation. – ref: Business Today
