Zurich selects Chisel and zesty.ai North America regional winners of first-ever Zurich Innovation World Championship

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Jan 10, 2019, 17:10 ET

Two strong contenders with innovative solutions move forward to Zurich's global insurtech competition

SCHAUMBURG, Ill., Jan. 10, 2019 /PRNewswire/ -- Zurich North America has selected Chisel and zesty.ai, two tech companies in the insurance space, to represent North America in the first-ever Zurich Innovation World Championship.

Chisel, an AI-based solution provider for the global insurance industry based in Toronto, and zesty.ai, a startup using property analytics powered by artificial intelligence based in Oakland, Calif., will now move forward to compete against each other and two insurtechs from each of the following three regions: Latin America; Asia Pacific; and Europe, Middle East & Africa.

Over 450 startups from 49 countries signed up for Zurich's first ever global insurtech startup tournament. After evaluation, 16 were invited to present their innovative technology at the North America regional round.

"Chisel and zesty.ai are strong contenders to represent North America and win it all in our first-ever, global innovation competition for insurtechs," said Anurag Batta, head of Strategy, Innovation and Business Development for Zurich North America. "These two companies represent the spirit of innovation that Zurich continues to foster as we look for new and innovative ways to better serve our customers."

Winners of the Championship will have the opportunity to pilot their innovation with Zurich. If the pilot proves successful, Zurich will help scale the service across regional or global markets.

"Collaborating with insurtechs is an important component of our overall innovation strategy," said Sumeet Bhatia, head of Innovation for Zurich North America. "The solutions brought forth by Chisel and zesty.ai augment our own innovation capabilities in enhancing products and services for our customers and distributors."

Chisel presented an innovation that can take data from statements of value, various underwriting applications, and first notices of loss and automatically input the information in whatever format is needed, enabling submission prioritization and triage.

Ron Glozman, founder and CEO of Chisel said, "We're excited by the proven results our AI solution is bringing to the global commercial insurance community by enabling them to shape their book of business by minimizing their risk, expanding their underwriting capacity, and delivering a better customer experience. Leveraging our purpose-built AI solution for insurance enables carriers to double their business by augmenting their human workforce with digital employees. Doing more with the same staff and less costs is a win-win."

Zesty.ai presented an innovative tool to assess and evaluate a property's wildfire and flood risk. According to zesty.ai, they use the latest advancements in computer vision, deep learning and digital imaging to capture billions of data points on properties which can be used to enhance underwriting rules, loss ratios, and reinsurance analysis.

Attila Toth, founder and CEO of zesty.ai said, "We're confident in our cutting-edge technology and understanding of the market. We're determined to win the right to work with Zurich and its customers."

The global competition will take place in Zurich, Switzerland at the end of January, where three global winners of the first-ever Zurich Innovation World Championship will be announced.

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SOURCE Zurich North America