Zurich North America is inviting InsurTech startups to apply for the third annual Zurich Innovation Championship.

Registration via www.zurich.com/zicis open through Dec. 23, 2021. Zurich will select up to 12 promising applicants in early 2022 for the program, which starts with an intensive three-month Innovation Championship Accelerator phase.

The accelerator phase is a new addition to the program and will take place from April through June 2022, followed by an implementation phase that will run through September 2022.

Zurich explained that the program is designed to help make known the next innovative ideas that can help it, and others.

“The Zurich Innovation Championship allows us to connect with transformative innovations that can address the evolving needs of our customers, brokers, employees and the planet,” said Neeren Chauhan, Head of Strategy, Innovation & Business Development for Zurich North America.

Held in conjunction with parent Zurich Insurance Group, the program is designed to offer young entrepreneurs substantial benefits in terms of funding, promotion and implementation. Financial support of up to $100,000 will be provided for each of the 12 startups in a three-month accelerator phase, together with support from Zurich professionals. These will allow the startups to prove themselves and prepare an operational plan to grow the joint business proposition.

Startup applicants and their initiatives must address business challenges that fall within one of four categories:

• Prevention and Mitigation:Solutions that will improve the customer experience and help better understand, prevent and manage risks.
• Simplicity:Simple solutions that improve the insurance value chain from risk assessment to elements of insurance distribution.
• Sustainability:Dedicated to sustainable solutions for our customers, communities, brokers and employees, as well as solutions to help build confidence in today’s society.
• Insurance Reimagined:All other initiatives designed to create differentiating propositions related to Zurich’s purpose to “build a brighter future together.”

Source: Zurich North America