Driving the Insurance Innovation Advancements, Zurich Invites Startups to Collaborate in a Competition with Prizes Billions of Rupiah

Jakarta, 26 January 2024 - Zurich Insurance Group is holding the 2024 edition of the Zurich Innovation Championship (ZIC), a global insurance innovation competition for start-ups. Held since 2018, the competition is one of the largest in the industry, providing start-ups the opportunity to obtain project funding (equity free) of up to USD 100,000 or more than IDR 1 billion to develop solutions to address the dynamics in the insurance industry.

In its fifth edition, ZIC 2024 is open for registration from January 8, 2024, to February 14, 2024. Through this competition, winners are eligible to collaborate with Zurich locally in certain countries and on a global scale, as well as tap into over 50 existing collaborations with various startups worldwide.

Edhi Tjahja Negara, President Director of PT Zurich Asuransi Indonesia Tbk (ZAI), explained, "Through this ZIC competition, Zurich have successfully collected 8,000 inventions from start-ups around the world. Given its significant participation, we invite start-ups, particularly from Indonesia, to participate in the competition and provide innovations as well as solutions in the insurance sector that would benefit society."

In contrast to other competition programs, ZIC provides global reach, close collaboration from the outset between participating start-ups and business units in Zurich, as well as an approach based on the alignment of solutions with the needs of business unit in which participating start-ups can submit solutions for implementation in other countries.

As in previous years, startups can sign up for different categories, with ten winners across the following categories Life and Health, Commercial Insurance, General Insurance, and Digital Simplification. Participating start-ups will be assessed by Zurich's executive team in each country based on the most suitable innovations for their country’s insurance industry. The nominated start-ups will then be paneled by Zurich's executive leadership team to decide the worldwide winners. The winners then demonstrate how their innovation may benefit customers and the insurance industry by implementing the innovation locally and eventually throughout all Zurich Insurance Group business units. This commitment is not only global, but also implemented in Indonesia.

In 2023, an artificially intelligent/AI-based visual survey firm from India, CamCom Technology Pvt Ltd (CamCom), is proposing a vehicle assessment (survey) innovation to aid in the insurance policy application process with AI technology that will be deployed in Indonesia through the ZIC competition. Therefore, CamCom was assessed by the Zurich Indonesia executive team until it was finally selected as the flagship in Indonesia at the 2023 ZIC. In mid-last year (2023), Zurich Indonesia collaborated with Camcom to launch AI technology that helps the process of vehicle policy submission be appropriate, faster, more accurate, and minimize errors caused by humans.

"Through this competition, we prove Zurich's commitment to create a brighter future, particularly for our customers to have an easier and simpler insurance experience", conclude Edhi.

Zurich Innovation Championship is open to all startups all over the world. Further information on ZIC and results from previous years, please visit www.zurich.com/zic.

PT Zurich Asuransi Indonesia Tbk is licensed and supervised by the Indonesian Financial Services Authority