Zurich Insurance Group has announced that Chisel AI is the gold winner in the first Zurich Innovation World Championship, for its work to improve processing of unstructured data sources using artificial intelligence technology.

Zesty.ai was the silver winner, while LifeNome and Soldier.ly were named shared bronze winners.

The winning InsurTech firms will work together with Zurich’s business units to develop pilot programs that will make their products and services available to Zurich's customers in selected countries and regions.

The competition was launched in August 2018 and attracted more than 450 startups from across the world.

Zurich group chief executive Mario Greco said: “We received applications from Argentina to Australia, demonstrating the breadth of talent, ideas and people who recognise the opportunity to work with and learn from Zurich.”

Group chief strategy, innovation and business development officer Giovanni Giuliani added: “Each of these InsurTech startups demonstrated they can fully support Zurich and its customers with pioneering ideas and products.”

• 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.
• 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 analysed more than 115 billion data points.
• 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.
• Soldier.ly has developed the world’s first smartwatch stress detection app that provides users with real-time assistance.

During the past five months, competition entrants competed in five categories: smart homes and buildings, digital health, financial planning, mobility and a wildcard option.

The eight global round finalists were: Chisel AI, Habit Analytics, LifeNome, Nubihome, Shayp, Soldier.ly, Vymo and zesty.ai.

In previous rounds, 22 local winners were selected and Zurich will also start working with many of these companies on a local basis and share their expertise globally.

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