Zurich has launched its Zurich Innovation Championship for the fifth time and it is looking for start-ups across the globe.

The Zurich Innovation Championship invites start-ups to work with the firm locally and globally, joining more than 50 ongoing collaborations.

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Since the first edition in 2018, the programme has attracted more than 8,000 submissions.

Country executive teams select the start-ups they are most passionate about working with which allows business units to collaborate with those that are the best fit for them and their specific challenge.

Afterwards, ten members of Zurich’s executive leadership team choose the global winners (the start-up and the business unit judged together) where they see the greatest global potential.

In addition, the ten winners enter a validation phase with project funding of up to $100,000. During this phase, the start-ups work closely with the country teams and receive further coaching from subject matter experts.

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The Zurich Innovation Championship ends with an Innovation Demo Day in September 2023, where the successful initiatives will present their projects.

“Building on the success of the first four editions, which have led to over 50 ongoing collaborations, our programme continues to evolve and grow its impact. This makes me even more excited for this year’s edition and the initiatives we will see come out of it as a result,” said Paolo Mantero, group chief strategy officer.

Ericson Chan, group chief information and digital officer, added: “Joining forces with top innovators and start-ups, we’re redefining insurance at the dawn of hyper-innovation. Beyond this global championship, we’re reaching new heights to make life better and simpler.”

2023 was big for Zurich and technology as customers have had waiting times for claims slashed after the insurer implemented video and WhatsApp messaging.