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Zurich Insurance coverage Group’s Zurich Innovation Championship is again for its fifth version.

Described as the most important open innovation contest for startups within the business, the Zurich Innovation Championship has attracted over 8,000 submissions since its launch in 2018. Greater than 50 startup collaborations are ongoing because of the worldwide program.

“Constructing on the success of the primary 4 editions, which have led to over 50 ongoing collaborations, our program continues to evolve and develop its influence,” group chief technique officer Paolo Mantero stated in a launch. “This makes me much more excited for this yr’s version and the initiatives we are going to see come out of it in consequence.”

The classes for 2024 are industrial insurance coverage, digital simplification, life & well being, and retail property & casualty. A complete of 10 winners might be chosen.

Startups and scaleups from all phases of maturity can apply till February 14, with the worldwide spherical winners to be introduced in Could and the Innovation Demo Day occurring in September.

“Every of the startups chosen for the acceleration part will undergo a 12-week program to mature the initiative by validating the desirability, feasibility, and viability of the speculation created for the worldwide finals,” Zurich famous.

“This can occur in shut collaboration with the Zurich enterprise unit that has chosen the startup. In contrast to a conventional accelerator, this part will focus additionally on accelerating the adoption inside Zurich Enterprise worldwide.”

Ericson Chan, group chief data and digital officer at Zurich, believes they’re “redefining insurance coverage on the daybreak of hyper-innovation” by becoming a member of forces with prime innovators and startups.