Against a backdrop of unprecedented technological advancement, Zurich Insurance Group (Zurich) is launching the fifth edition of its global startup program, the Zurich Innovation Championship. As the largest open innovation contest for startups in the industry, the Innovation Championship invites startups from all across the globe to sign up for one of four categories for the chance to work with Zurich locally and globally – joining more than 50 already ongoing collaborations.
Joining forces with top innovators and startups, we’re redefining insurance at the dawn of hyper-innovation. Beyond this global championship, we’re reaching new heights to make life better and simpler.
Ericson Chan, Group Chief Information and Digital Officer
What sets the Zurich Innovation Championship apart are its matchmaking approach, global reach and the 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. Then ten members of Zurich’s executive leadership team choose the global winners (the startup and the business unit judged together) where they see the greatest global potential.
The ten winning startups now enter a validation phase, stretching four months from end-May to end-September 2024, receiving project funding of up to USD 100,000. During this phase, the startups work closely with the country teams and receive further coaching from subject matter experts, high potential intrapreneurs as well as 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 Championship culminates in an Innovation Demo Day in September 2024 where the successful initiatives will present their achievements.
Building on the success of the first four editions, which have led to over 50 ongoing collaborations, our program continues to evolve and grow its impact. This makes me even more excited for this year’s edition and the initiatives we will see come out of it as a result.
Paolo Mantero, Group Chief Strategy Officer
This year’s 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 & Health: How might Zurich fortify its position within the life sector by addressing the evolving needs of its customers, and fostering sustainable growth?
- Retail P&C: How might Zurich grow in the retail sector by protecting the things people love and interacting where and when they choose?
For more details on the Zurich Innovation Championship and how to sign up, please click here1.