Artificial Intelligence Startups Win Zurich’s 1st Global Insurtech Competition

Zurich Insurance Group announced that the gold and silver winners for its first global insurtech competition were startups that have developed artificial intelligence-based solutions.

Toronto-based Chisel AI was the gold winner for its work in improving the processing of unstructured data sources using AI technology. Oakland, Calif.-based Zesty.ai was the silver winner for its development of an AI-based solution that provides insurers with detailed and accurate property evaluations. LifeNome and Soldier.ly jointly shared the bronze award for their digital health-related solutions.

The Zurich Innovation World Championship was launched in August 2018 and attracted more than 450 insurtech startups from across the world. The winning companies were announced on Jan. 30.

Each winner now has the opportunity to develop pilot programs in the local businesses to make their products and services available to the group’s customers in selected countries and regions, said Zurich in a statement.

“We are very excited to be working with our winners to develop cutting-edge new services, approaches and capabilities that will help us better meet the evolving needs of our customers, employees and other stakeholders globally,” said Group Chief Executive Officer Mario Greco.

Group Chief Strategy, Innovation and Business Development Officer Giovanni Giuliani said: “We are pleased that Chisel AI, zesty.ai, LifeNome and Soldier.ly are the winners of the first Zurich Innovation World Championship. Each of these insurtech startups demonstrated they can fully support Zurich and its customers with pioneering ideas and products. We are committed to drive transformation and innovation in the insurance industry and I am excited to see what our winners’ pilot programs will deliver for Zurich and the industry.”

The global round of the Zurich Innovation World Championship was judged by Zurich’s executive committee, who together decided on the four winners.

Details of the winning companies’ products follows:

• Chisel AI has developed a natural language, AI processing tool that allows commercial insurers and brokers to extract, identify and classify unstructured data sources, such as insurance documents, 400 times faster and much more accurately than a human, the company claims.
• Zesty.ai has developed an AI-based solution that can provide insurers and other users with detailed and accurate property evaluations to improve underwriting, pricing and post-event response. Using satellite and drone imagery, combined with information collected by aircraft and weather data, zesty.ai has analyzed more than 115 billion data points on 140 million structures.
• LifeNome has created an XHealth platform that combines precision health and wellness underwriting with the aim of making customers healthier and saving money for insurers; 70 percent of the company’s staff hold PhDs.
• Soldier.ly has developed the world’s first smartwatch stress detection app that provides users with real-time assistance. Soldier.ly’s app detects stress and intervenes when stress signs are detected. Worldwide, mental health problems now affect an estimated 700 million people.

Participants in the Zurich Innovation World Championship competed in five categories: Smart Homes and Buildings, Digital Health, Financial Planning, Mobility and a Wildcard option.

Source: Zurich Insurance Group