Two startups focused on artificial intelligence are the big winners of Zurich Insurance Group’s first-ever innovation competition.
Chisel AI, based in Toronto, is the Gold winner in the Zurich Innovation World Championship. The company uses AI to improve processing of unstructured data sources for the global insurance industry. Zesty.ai, headquartered in Oakland, Calf., was named the Silver winner for its artificial intelligence technology designed to improve accuracy of property analysis.
LifeNome and Soldier.ly jointly won the Bronze award, with focuses on the life/health space.
Zurich said that the global competition will give winners the chance to use their products for its customers in selected countries. The global competition took place on Jan. 31 in Zurich, Switzerland, where Zurich is based, and the winners were honored during an awards ceremony at Zurich’s headquarters.
“Our work with these startups and other InsurTech companies can complement and augment the innovation capabilities we have here at Zurich,” Zurich North America CEO Kathleen Savio said in prepared remarks. “When we bring these things together, it gets to the heart of our strategy around innovation and enables us to be more customer focused in the products and the services that we deliver.”
Zurich Group Chief Executive Officer Mario Greco said that the contest underscores the insurer’s efforts to attract globally the best and brightest talent.
“We received applications from Argentina to Australia, demonstrating the breadth of talent, ideas and people who recognize the opportunity to work with and learn from Zurich,” Greco said in prepared remarks. “We are very excited to be working with our winners to develop new products, ideas and innovations that will help us better meet the evolving needs of our customers globally.”
As far as the Bronze winners, LifeNome, based in New York, has its XHealth platform that combines precision health and wellness underwriting with the aim of making customers healthier and saving money for insurers.
Australia-based Soldier.ly developed what it bills as the world’s first smartwatch stress detection app that provides users with real-time assistance. Soldier.ly’s FDA-approved app detects stress and intervenes when stress signs are detected. Worldwide, mental health problems now affect an estimated 700 million people.
The Zurich Innovation World Championship attracted more than 450 startups from around the globe. During the past five months, they competed in five categories: smart homes and buildings, digital health, financial planning, mobility and a wildcard option. Zurich’s executive committee judged the global round of the championship and jointly decided on the four winners.
Source: Zurich Insurance Group