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    ZURN   CH0011075394

ZURICH INSURANCE GROUP LTD

(ZURN)
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Delayed Swiss Exchange  -  11:30 2022-11-30 am EST
452.90 CHF   +0.20%
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Zurich picks 12 startups to work with on future of insurance

04/29/2022 | 07:20am EST

Startups selected from 2,600 applicants to Zurich Innovation Championship.

Businesses now enter accelerator phase to validate their proposals

Zurich Insurance Group (Zurich) has selected 12 startups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.

They were selected as part of Zurich's global startup tournament, the Zurich Innovation Championship. The tournament, now in its third edition, received approximately 2,600 applications in four categories - insurance reimagined, prevention and mitigation, simplicity, and sustainability.

'The breadth of ideas that we received from startups around the world was incredible and gives us a glimpse of what tomorrow's insurance will look like,' said Ericson Chan, Group Chief Information & Digital Officer. 'Our winners have well thought-through and innovative solutions, and we look forward to developing these together to provide new solutions to our customers and simplify the way we interact with them.'

As Zurich celebrates its 150th anniversary this year, the Zurich Innovation Championship is focusing on the future. The 12 chosen startups are exploring solutions including technology to detect and prevent cyberbullying; smartphone access to video-based health and wellness monitoring; tools to measure and reduce the carbon footprint of companies and individuals; and settling insurance claims automatically using AI and blockchain.

What's next?

They are now working with Zurich to further prove themselves and prepare an operational plan in a three-month accelerator phase, a new addition to this year's competition. During this phase, the 12 startups will benefit from both financial and non-financial support such as mentoring by Zurich executives and experts and access to business use cases, after which an implementation phase will bring the successful ideas to life and scale them globally.

'This is when it gets really exciting as we collaborate to test, grow and execute, allowing for a joint adoption of the most promising use cases,' said Stuart Domingos, Head of Group Innovation.

The winners in each category are:

Insurance reimagined: Caruso, Garanteasy, Keepers.ai

Prevention and mitigation: Adapt Ready, Binah.ai, One Concern

Simplicity: Anagog, Democrance, LISA Insurtech

Sustainability: Deedster, Dynamhex, Salient

Zurich is also in touch with other participants in the Zurich Innovation Championship globally to explore ways to collaborate together in the future.

More information

Find out more about the Zurich Innovation Championship on https://www.zurich.com/zic.

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 55 461 M 58 378 M 58 378 M
Net income 2022 4 675 M 4 921 M 4 921 M
Net Debt 2022 9 873 M 10 392 M 10 392 M
P/E ratio 2022 14,6x
Yield 2022 5,23%
Capitalization 67 161 M 70 694 M 70 694 M
EV / Sales 2022 1,39x
EV / Sales 2023 1,35x
Nbr of Employees 56 000
Free-Float 98,4%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 452,90 CHF
Average target price 489,87 CHF
Spread / Average Target 8,16%
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Managers and Directors
Mario Greco Group Chief Executive Officer
George Quinn Group Chief Financial Officer
Michel M. LiŔs Chairman
Ericson Chan Group Chief Information & Digital Officer
Stephan van Vliet Group Chief Investment Officer
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