Applications to Zurich Innovation Championship double as startups look to collaborate with insurance industry
- More than 2,600 applications received
- Interest in collaborating with Zurich from entrepreneurs globally shows insurance industry is an exciting and attractive space
- Selection of the most promising entrants is now underway
The first round of the Zurich Innovation Championship 2022 has concluded with a record number of submissions compared with previous years, confirming its status as one of the largest startup events in the world and the insurance industry as an attractive sector on the brink of change.
There were 2,672 applications, up from 1,350 in the previous edition and led by startups from the U.S., U.K. and Spain. Rounding out the top 10 are Switzerland, Italy, Canada, Germany, Singapore, Israel and Brazil.
"The interest has been tremendous and demonstrates the importance of the Zurich Innovation Championship on the international innovation scene,” said Paolo Mantero, Group Chief Strategy Officer at Zurich Insurance Group (Zurich). “Now it’s up to Zurich’s businesses around the world to identify and collaborate with the entrepreneurs and the startups, which are most promising in helping us move forward and share our passion to create value for customers and the planet.”
The championship offers startups a chance to collaborate with Zurich on solutions for three specific challenges: Prevention and Mitigation; Sustainability; and Simplicity. Plus, there’s an open challenge for Reimagining Insurance.
The insurance industry is well-known for being stable. But the buzz around the Zurich Innovation Championship makes it clear that the sector is also exciting and attractive. Insurance is in the midst of a disruption, and Zurich – by collaborating with innovative startups from different types of industries and matching them with our various businesses across the globe – is at the forefront of this transformation.
Evaluation and acceleration
After a detailed evaluation of the startups, 12 will be chosen for the acceleration stage, which will run from March to July. The competition will conclude with the implementation stage in August and September, before the winners are announced in October 2022, on the occasion of Zurich’s 150th anniversary.
Zurich currently has more than a dozen innovation projects underway with entrants from the first two editions of the Zurich Innovation Championship, demonstrating the Group’s commitment to collaboration.
Further information
For additional background and regular updates: www.zurich.com/zic
Contacts
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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 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 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.