Zurich uses accelerator to influence strategies of insurtech start-ups
Major Swiss insurer Zurich is working with accelerator Startupbootcamp to influence the strategy of insurtech start-ups, group head of business transformation Antony Elliott told Intelligent Insurer.
“A few years ago, the insurance sector thought that these start-ups were coming to eat our lunch, now we see them more collaborating and joining us for lunch,” he said.
Zurich is collaborating with accelerator Startupbootcamp, which supports early-stage tech founders to rapidly scale their companies by providing direct access to an international network.
Zurich sponsors the accelerator, participating in the annual selection, short listing, and paring the start-ups with partners from within the company. The collaboration includes an intensive coaching for three to four months where the start-ups receive advice and technological input from Zurich.
"At earlier stages, you've got much better chances to influence the direction of the start-up, where it would be advantageous for us as a company," Elliott said.
As an established market player, Zurich can give insurtech start-ups helpful advice.
"Some of the start-ups are unaware of some of the complexity and regulations in the market. The exchange can be hugely beneficial," Elliott noted.
Through the exchange between Zurich and the start-up, the Swiss insurer can generate new business ideas.
“We see interesting and great collaboration opportunities with start-ups leading to better propositions for our clients,” Elliott said.
Zurich is looking at areas where it can cooperate with start-ups, some of which are focusing on customer interaction, on proposition for millennials or on the back office, looking at how to improve areas such as claims litigation. Investing in them is also seen as a potential option.
Elliott believes that insurtech companies can help the industry become more efficient, effective and customer-centric. New ideas coming from insurtech start-ups can solve many problems and offer opportunities to improve products and increase efficiency.
"I do absolutely think that there is potential,” he says. “Across the industry, a lot can be done better.”
Antony Elliott will be speaking at the InsurTECH Europe conference in London on October 3rd.
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