Zurich Insurance Group is inviting SMEs from around the world to enter the Zurich Innovation Championship for a chance to collaborate on solutions to some of the insurance industry’s biggest challenges.
One of world’s largest insurance start-up competitions, the third edition of the Zurich Innovation Championship has been launched. Calling on innovative Irish small to medium sized businesses (SMEs), the competition offers the opportunity to work with Zurich to grow their business.
Here in Ireland, Zurich is looking for business owners with commercially viable technologies and innovative business offerings that tackle challenges around climate, health, automation and other issues that could shape the future of the insurance industry. Zurich is hoping that these ground-breaking solutions will help make a lasting impact.
The Zurich Innovation Championship will provide up to 12 promising enterprises with financial support and the opportunity to collaborate with Zurich to apply their solutions for Zurich’s customers. The Innovation Championship is a further step in Zurich’s aim to transform the insurance industry.
How to apply
Applications from Ireland can be made via the Zurich Innovation Championship webpage until 23rd December 2021 under the four categories related to: simplicity, sustainability, prevention and mitigation and insurance reimagined.
In the simplicity category, businesses will propose simple solutions that improve the insurance value chain from risk assessment to distribution. The sustainability category is for entrants who have sustainable solutions for our customers, communities, brokers and employees, as well as solutions to help build confidence in today’s society. The prevention and mitigation category aims to find solutions that will improve the customer experience and help prevent and manage risks. And the final category – insurance reimagined – welcomes all other initiatives designed to create solutions related to Zurich’s purpose to ‘build a brighter future together’.
How it works
When applying under one of the four challenges, applicants must state in which countries they would be able to launch their solution.
If you meet the criteria and are selected for the Irish round, you will present your solution to the leadership team in Ireland. A number of entrants from Ireland will be put forward to the global round.
From the global round of entries, Zurich will select up to 12 promising enterprises in early 2022 for an intensive three-month Innovation Championship Accelerator phase.
A unique financial support of up to $100,000 will be provided for each of the 12 SMEs in a three-month accelerator phase, together with support from Zurich experts. This phase will allow entrants to develop their idea and prepare an operational plan to grow the joint business proposition.
The accelerator phase is a new exciting addition to the Zurich Innovation Championship, taking place from April to June 2022; followed by an implementation phase until September 2022.
Speaking about the launch of this year’s competition, Group Head of Strategy, Innovation and Business Development, Giovanni Giuliani said: “Matching our reach and scale with the new ideas of start-ups has proven to be a winning combination for the Zurich Innovation Championship and we are proud that it has become one of the must-attend programmes of the global start-up tournament scene. I expect a great line-up again this time around.”
For more information and to enter the competition, visit the Zurich Innovation Championship webpage.