Zurich Insurance Group has launched the fourth edition of its Innovation Championship, a global open innovation contest with start-ups in the insurance sector.
Following past successes, Zurich is inviting start-ups once again to compete for the opportunity to collaborate on solutions tailored to the needs of customers and the insurance industry. It is an opportunity for them to grow their business and pitch technology-driven solutions that can help meet emerging and evolving customer needs.
The championship will occur between January and December this year. Ten members of Zurich’s global leadership team will pick two or three winning initiatives per category by the end of April.
In the subsequent accelerator phase, stretching four months from the end of May to the end of September, project funding of up to US$100,000 ($140,000) will be provided for each of the winning start-ups, together with mentorship from Zurich leaders and external experts. This will allow the start-ups, 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.
By the end of December 2023, the proven initiatives will have kicked off, bringing to life the joint proposition.
Start-ups can sign up in one of five categories:
- Customer experience;
- Distribution partnerships;
- Digital enablement; and
The five challenges to be solved are:
- 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?