UK insurtech startup among multiple firms to secure Zurich backing

A UK insurtech startup will be among more than a dozen firms to get the backing of Zurich as they develop initiatives that can be used in the insurance industry.

Zurich announced the winners of the fourth edition of its Innovation Championship yesterday (22 May 2023), which the insurer says has become one of the largest open innovation contests for startups in insurance.

Selected companies will demonstrate solutions to challenges where insurance can take a proactive role, such as using digital tools to overhaul customer care.

This year, a total of 13 startups were selected in five categories – commercial insurance, customer experience, digital enablement, distribution partnerships and sustainability.

Among those chosen was Hence – a London-based insurtech looking to overhaul legal operations. The insurtech will work with Zurich’s Group Claims team and Zurich Canada in its next phase. 

Meanwhile, nine of the winners were EMEA based.

Ericson Chan, Zurich’s group chief information and digital officer, said: “Through collaborating with startups, we continue to source the bold and forward-thinking ideas that are needed to create a real impact for our customers.

“With this year’s winning initiatives, we continue to push the boundaries of today’s insurance.”

Accelerator phase

The winners will enter a four month accelerator, during which they will test the practical viability of their initiatives and prepare a business plan together with the Zurich business units that selected them.

The 13 startups will recieve both financial and non-financial support, including coaching by Zurich executives as well as internal and external topic experts. 

Paolo Mantero, Zurich’s group chief strategy officer, said: ”In recent years, the insurtech market has bloomed and we see many opportunities to leverage those new ideas and technologies and embed them in the way we work.

“These initiatives tackle important areas where we believe embracing transformation is crucial for the future of insurance.”

The chosen firms

The full list of chosen startups for the 2023 Zurich Innovation Championship are:

Distribution

4Screen: A Munich-based in-car communication platform that focuses on bridging the gap between drivers and their infrastructure.

Minalea: Founded in 2015 and based in the Alps – the insurtech provides commercial insurance solutions and customer care tools for insurance distribution networks, call centres and websites.

Sustainability

Agave Biosensors: A California-based startup specialising in the design of advanced wearable sensors for remote patient monitoring.

Wysa: This Boston-based insurtech is an artificial intelligence (AI) enabled coach for mental and emotional wellness.

Customer Experience

Miss Moneypenny: The Berlin-based insurtech is a Software as a Solution (SaaS) provider, helping firms communicate directly with users through passes in a digital wallet on a mobile phone.

EpiQMAx: A German insurtech that provides a platform for the discovery and validation of epigenetic drugs linked to aging and diseases.

Fisify: Founded in 2020, the insurtech aims to improve people’s quality of life via in-app physiotherapy.

Commercial Insurance

Spotr: An AI focussed property insights platform helping insurers and real estate owners inspect buildings at scale.

Citalid: Founded by two cyber threat intelligence specialists, it has developed a cyber risk management and decision platform for risk managers.

Hence: A London-based AI startup looking to transform legal operations and support practices.

KorrAI: A startup looking to measure ground motion such as subsidence and identify risk before it becomes a major disaster.

Digital Enablement

Omni:us : A Berlin-based startup that focuses on helping insurers expand their skills and employee capacity.

Truera: The startup has offices in London and California and helps firms fill a gap in AI and machine learning by providing a debug solution to build trust in the technology.