Zurich Insurance Group has announced a strategic partnership with U.K. startup accelerator Startupbootcamp Insurtech.
The deal adds Zurich to a slate of insurance carrier partners that offer mentorship and industry expertise to startups, in exchange for a chance to get early access to these industry disruptors. Startupbootcamp announced the latest cohort of 10 startups for its three-month accelerator program in December.
“From what we have seen so far, this year’s selection of startups have some really innovative approaches to improving how the insurance industry works for customers [and] how to increase operational efficiency,” said Antony Elliott, Zurich’s group head of business transformation, in a statement. “For us, it’s great to work with startups that are solving industry problems with propositions and services our customers desire.”
Other carrier partners for Startupbootcamp include The Admiral Group, Allianz, Munich Re, and Swiss Re. Each company is working to improve its customer experience and expand product offerings using artificial intelligence, telematics and other emerging technologies. In return, startups receive real-world knowledge of the inner workings of insurance companies.
“This collaboration will enable us to provide more international resources to our startups and drive innovation in the insurance industry through collaborative projects,” said Sabine VanderLinden, managing director of Startupbootcamp InsurTech says, "We look forward to working alongside such a notable, global insurer.”