Number of submissions for Zurich innovation prize triples to more than 1,300
Startups eager to work with Zurich on fresh ideas to protect the next generation in second edition of Zurich Innovation Championship.
The Zurich Innovation Championship has cemented its reputation as an attractive global contest for startups, with applications rising three-fold from the level of the inaugural 2018/19 competition.
A total of 1,358 submissions were received with ideas reflecting the tournament theme of ‘Protecting the Next Generation’. They include businesses as varied as a manufacturer of paints that use sunlight for cooling, an insect farm, and a community driven platform that empowers women by strengthening their financial knowledge.
“When we launched the Zurich Innovation Championship in 2018, we were excited to see where the journey would take us, but nowhere did we expect the kind of response we have received. It’s incredible!” said Stuart Domingos, Group Head of Innovation. “And it’s not just about numbers. Many exceptional ideas were submitted and we are looking forward to hearing about how they can help us pioneer in delivering truly tailored services to our customers.”
Applications to the competition, launched in September 2019 at InsureTech Connect in Las Vegas, came from 68 countries and territories, well above 49 in the first edition. Participants come from Nepal, Uganda, Peru, Gambia, the Åland Islands and Tuvalu as well as better-known and established tech centers such as the U.S., Spain and the UK.
Opportunity of a lifetime
The strong response reaffirms the validity of Zurich Insurance Group’s goal to explore new frontiers of innovation through this competition. Now in its second edition, the contest offers startups the opportunity of a lifetime to grow their customer base on a commercial scale as well as provide them with the industry knowledge that Zurich has garnered over a period of almost 150 years.
By the end of February 2020, Zurich will select 26 startups and work with them to develop their ideas. In June 2020 the field will be narrowed to eight finalists, with the three global winners announced later in 2020.
Innovation influences all aspects of our lives, including how we protect ourselves. It is changing the insurance industry and inspiring Zurich to go beyond merely paying out claims to actively keeping customers out of harm’s way. Zurich aims to provide solutions that will help revolutionize the insurance industry, while also establishing itself as one of the world’s most responsible and impactful companies.
Additional information on the Zurich Innovation Championship is available at: www.zurich.com/zic. This website will be updated regularly.
- Media RelationsZurich Insurance Group
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Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.