Zurich North America Selects Two U.S. Companies to Collaborate on Ideas to Help Shape the Future of Insurance
Zurich North America has named two U.S. companies to collaborate on innovative solutions to address the world’s ever-changing risk landscape. The announcement and collaborations are part of parent company Zurich Insurance Group’s third edition of its Zurich Innovation Championship. Among the 12 winners world-wide, the two companies selected to work with Zurich North America are:
Dynamhex – based in Baltimore, Maryland – develops software to help cities and companies target climate action and measure results. They use deep learning optimization and resource planning to provide a platform of end-to-end solutions for corporate, utility and municipal customers to identify, analyze and prioritize recommendations for reductions.
One Concern – based in Menlo Park, California – provides a resilience intelligence platform to model impacts of disasters not just to buildings, but also to communities and infrastructure they belong to and depend on. They identify the ripple effects of hazards across all levels of the complex networks and ecosystems of society, including power grids, highways, airports and more.
“We are excited to dive deeper into collaboration with these two companies who truly represent the spirit of innovation,” says Neeren Chauhan, Head of Strategy, Innovation and Business Development for Zurich North America. “Over the next three months, we will take an agile approach to jointly explore the value of these proposed solutions as we continue to seek new ways to unlock additional value for our customers.”
Winners have now entered the 12-week Accelerator phase of the tournament to further explore the desirability, feasibility and viability of their proposals. Dynamhex and One Concern will work closely with Zurich North America and its underwriting and risk engineering functions on proposed solutions and prepare an operational plan. During this phase, both companies will benefit from financial and non-financial support such as mentoring by Zurich executives and other professionals and an accelerated business use case evaluation.
With a focus on addressing climate change, Zurich has been working on product and service solutions that align with and support its own sustainability commitment while helping customers transition to a net-zero and more resilient future. The unique software solution Dynamhex provides can be used in many different capacities. During the Accelerator phase, it will be explored as a tool for helping customers measure aggregate carbon emissions and supporting meaningful conversations regarding the emissions produced from their assets. The modeling One Concern provides has the potential to uncover a holistic view of risks posed by the effects of climate change. During the accelerator phase, Zurich will explore One Concern’s ability to deliver actionable strategies that supplement traditional risk mitigation efforts.
Globally, more than 2,600 initial startups submitted applications addressing business challenges that fall within one of four categories: Prevention and Mitigation, Simplicity, Sustainability, and Insurance Reimagined. Successful outcomes will move to an implementation phase where they may be brought to life as products or solutions for Zurich and its customers.
“Looking at new ideas in a new way is the very foundation of innovation and it is a huge driver of our business strategy in North America,” added Chauhan. “We understand and value its ability to help us bring to the forefront solutions to address the ever-changing risk landscape.”