Zurich North America Insurance has selected two InsurTechs offering climate resilience and claims efficiency to represent North America in its second Innovation Championship.
Jupiter Intelligence provides catastrophic risk modeling that factors in ongoing climate change. It delivers risk-focused and actionable climate-related insights that Zurich said have the potential to enhance efforts to create climate change resilience for its customers.
ClaimFlo powered by Safekeep Inc. is a rules-driven, straight-through processing platform for property/casualty claims. Zurich said ClaimFlo applies machine learning to complex regulatory and special handling rules and has the potential for increasing efficiency and cost effectiveness in identifying and processing claims for investigations and recovery.
“Safekeep and Jupiter provide the wow factors we were looking for to represent Zurich North America in the global competition and ultimately to augment our innovation capabilities in bringing new products and services to our customers,” said Zurich Head of Innovation Sumeet Bhatia in a statement. “Jupiter provides us the opportunity to enhance climate change resilience for customers and communities. Safekeep’s ClaimFlo solution offers the potential for increasing efficiency and effectiveness in identifying and processing subrogation claims.”
The global finals for the Zurich Innovation Championship will take place virtually this year in October.
The North America Innovation team received 240 submissions from companies in 43 countries. In February 2020, they invited 16 InsurTechs to the Innovation Lab at the company’s North American headquarters in Schaumburg, Ill., to present to 30 senior leaders about how jointly working with them on new concepts would help further drive innovative solutions at Zurich.
Source: Zurich North America