Zurich is seeking applications from startups eager to collaborate on the “future of insurance” until February 27.

The fourth Zurich Innovation Championship competition centres on five categories – Customer Experience, Commercial Insurance, Distribution Partnerships, Digital Enablement and Sustainability.

Ten members of Zurich’s global leadership team will pick up to three winners in each category by the end of April.

"Following past successes, Zurich is inviting startups once again to compete for the opportunity to collaborate on solutions tailored to the needs of customers and the insurance industry,” the insurer says. Since the first edition in 2018, there have been more than 4500 submissions and Zurich is now collaborating with 30 of the participating startups.

Group Chief Information & Digital Officer Ericson Chan says the initiative allows Zurich “access to ideas and solutions we may not yet have ourselves”.

“For the participants, it is an opportunity to grow their business and pitch technology-driven solutions that can help meet emerging and evolving customer needs."

Project funding of up to $US100,000 ($142,000) will be provided for each of the winning startups, together with mentorship from Zurich leaders and external experts, to validate how joint solutions can meet evolving customer needs and to prepare an operational business plan to adopt it across the Group.

By the end of 2023, proven joint propositions will have launched.

"The most value comes from startups with ideas to disrupt single parts of the value chain, or enablers, rather than challengers looking to disrupt the whole industry,” Group Chief Strategy Officer Paolo Mantero said.

“Our goal is collaborating together and bringing together the best of what we and the startups have to offer. This is where innovation can make a real difference.”