Innovators from the Isle of Man are being urged to take part in the fifth edition of the biggest open contest for startups in the insurance industry.

The Zurich Innovation Championship invites applicants from across the world to sign up for one of four categories to be in with a chance of working with Zurich locally and globally – joining more than 50 collaborations which are already taking place.

Applications close on February 14.

The Zurich Innovation Championship is run by the Zurich Insurance Group, and is being promoted locally by Zurich in the Isle of Man.

Startups can sign up for the following categories which each offer different challenges:

· Commercial insurance: How might Zurich maintain its success in Commercial Insurance by improving its technical insights and providing a better experience to customers?

· Digital simplification: How might Zurich continue the digitalisation of its core to ensure efficiency and agility while supporting an exceptional experience for both customers and employees?

· Life and health: How might Zurich fortify its position within the life sector by addressing the evolving needs of its customers and fostering sustainable growth?

· Retail property and casualty: How might Zurich grow in the retail sector by protecting the things people love and interacting where and when they choose?

Glen Cochrane, head of market management at Zurich on the Isle of Man, said: “In the past, we have received a really positive response from the local businesses on the island to the championship, and throughout this journey, we have encountered numerous remarkable entrepreneurs.

‘We are really looking forward to seeing the submissions from Isle of Man based startups this year. Given the success of recent fintech and employee benefits initiatives here on the island, coupled with its reputation for innovation, it is set to be an exciting year for the innovation championship.’

After the applications have been reviewed, Zurich executive teams select the startups they are most passionate about working with, and these successful applicants then have the opportunity to collaborate with business units that are the best fit for them and their specific challenge.

After this stage of the Championship members of Zurich’s executive leadership team choose the global winners (the startup and the business unit are judged together) where they see the greatest global potential.

The 10 winning startups then enter a validation phase from end-May to end-September 2024, receiving project funding of up to US$100,000.

During this phase the startups work closely with the relevant country teams and receive further coaching and mentoring.

Together, they prove how their joint solution can deliver customer and business value and prepare a plan to adopt it locally and ultimately across the group.

The championship will culminate in September this year with an innovation demo day where the successful initiatives will present their achievements.