Both insurers and insurtechs have a viable future, and lots to learn from each other. The forces affecting businesses and individuals today (climate change, pervasive digital technology, changes to how we get around, e.g., mobility, etc.) will profoundly affect everything around us, including the types of risks insurers cover, to how they connect and interact with customers. Companies, even well-established ones like Zurich, can learn much from young, quick and focused new ones. Startup ventures are not challengers. They are valuable friends.
Through the Zurich Innovation Championship, Zurich, as a global insurer, can draw on its own expertise dating all the way back to when it was founded in 1872. Its experience can also benefit smaller companies, including those over 4,500 that submitted entries for the previous three Championships. These have given rise over the past five years to more than 40 global pilot projects and 29 active initiatives currently underway. The Zurich Innovation Championship has thus shown it can bring together the best of both worlds: Zurich’s strengths gained from 150 years in business, and the bold thinking and ideas that startups bring, some with the explosive potential to transform both our industry and our lives.