And then there were eight: the countdown to the Zurich Innovation Championship final begins

Now in its second edition, the Zurich Innovation Championship attracts startups that have bold solutions to some of the world’s most pressing problems for the next generation, such as climate change, health care and automation. This year’s finalists are proposing a range of creative ideas, from teaching sustainable money habits and financial literacy to children, to detecting weeds in a farmer’s field through artificial intelligence, to modeling climate-related catastrophic risk.

The remaining contenders - comprising the top two entries from each of Zurich’s four business regions Asia-Pacific; Europe, Middle East & Africa; Latin America; and North America - are limbering up ahead of the competition final on October 20, when their pitching prowess will be put to the test in front of Zurich’s CEO Mario Greco and the executive committee.

“We can't wait to show the Zurich leadership what we've got,”

says Jeff To, head of New York-based fintech SafeKeep, which submitted its Claimflo solution to the competition.

The product uses machine learning to increase the efficiency and cost effectiveness of identifying and processing property and casualty claims. To prepare for the final, To says the team is “single-mindedly focusing on delivering business value”.

As well as offering three winners the chance to scale up their ideas globally, the contest also reaffirms Zurich’s commitment to use innovation to lead the insurance industry through a digital shift.

The eight finalists, who have overcome several rounds of competition as well as the disruption caused by the COVID-19 pandemic, have already been working with Zurich’s local business units to validate their concepts and develop potential pilot projects. This has brought additional benefit to the contestants, giving them the opportunity to improve and refine their products.

Mellow, a Hong Kong-based startup that aims to instil good financial practices in youngsters through a digital pocket money app, discovered a further use for its product. This would involve helping parents ensure the wellness of their children through microinsurance, life insurance, and term deposits.

“In the remaining weeks, the Mellow team will be focusing on fine-tuning the delivery of a never-before-seen insurance education solution for families that redefines Zurich’s engagement with end customers,”

says Chester Szeen, Mellow’s co- founder.

Australia finalist Pops Diabetes Care, an app-alternative to traditional blood sugar testing that works from a mobile phone, says the team has already gained “tremendous value” from participating in the contest.

“We have learned much from working with the Zurich team, and have greatly benefited from the visibility and credibility of being named a global finalist,”

says Pops chief Lonny Stormo.

US startup Jupiter Intelligence, which provides climate change-related catastrophic risk modeling, says the team are polishing their final presentation.

“During the competition, Jupiter has discussed the climate-related needs of disparate teams across Zurich,”

says Gail Pomerantz, Jupiter’s head of marketing.

“We observed that Zurich wants a single, consistent view of climate across all these teams.”

While all finalists will have the chance to interact with Zurich’s executive committee, those who win the top prizes – gold, silver and bronze - will receive funding to help bring their projects to life. They will also have the opportunity to test their solutions with potential customers.

The other finalists include: Wenalyze, which hails from Spain and provides a solution using big data to verify information and identify insurance needs; UK finalist Parametrix, which developed an insurance model for technology-dependent businesses covering a range of hazards that can cause IT service downtime; Argentina finalist DeepAgro, which uses artificial intelligence to inform the application of herbicides on crops, thus conserving agrochemicals; and DESCIFRA, a Mexico-based developer of a service that uses big data to reveal micro markets for businesses.

The global final of the Zurich Innovation Championship will take place as a virtual event this year, due to ongoing health risks, followed by the announcement of the winners and a virtual award ceremony on October 21.

Find out more about the Zurich Innovation Championship.