Toronto-based Chisel AI was the gold winner for its work in improving the processing of unstructured data sources using AI technology. Zesty.ai, based in Oakland, California, was the silver winner for developing an AI-based solution that provides insurers with detailed and accurate real estate evaluations. LifeNome and Soldier.ly jointly shared the bronze prize for their digital health-related solutions.
The Zurich Innovation World Championship was launched in August 2018 and attracted more than 450 Insurtech startups from around the world. The winning companies were announced on 30 January.
Each winner now has the opportunity to develop pilot programs in local businesses to make their products and services available to the group's customers in selected countries and regions, Zurich said in a statement.
"We are very excited to work with our winners to develop advanced new services, approaches and capabilities that enable us to better respond to the evolving needs of our customers, employees and other stakeholders globally," said Mario Greco, Group Chief Executive Officer .
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, showing each of these Insurtech startups. that they can fully support Zurich and its customers with groundbreaking ideas and products, we are determined to encourage transformation and innovation in the insurance industry and I am pleased to see what our winners' pilot programs will bring to Zurich and the industry. "
The global round of the Zurich Innovation World Championship was judged by the Zurich Executive Committee, which together decided on the four winners.
Details of the products of the winning companies follows:
- Chisel AI has developed a natural language, an 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 man claims.
- Zesty.ai has developed an AI-based solution that can offer insurers and other users detailed and accurate property evaluations to improve acceptance, pricing and response after the event. Using satellite and drone images, 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 care for health and well-being with the aim of making customers healthier and saving money for insurers; 70 percent of the company's staff has been promoted.
- Soldier.ly has developed the world's first smartwatch app for stress detection that provides users with real-time assistance. The Soldier.ly app detects stress and intervenes when stress signs are detected. Worldwide, mental health problems now affect an estimated 700 million people.
Participants in the Innovation World Championship in Zurich competed in five categories: Smart Homes and Buildings, Digital Health, Financial Planning, Mobility and a Wildcard option.
Source: Zurich Insurance Group
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