Toronto startup Chisel AI wins gold at Zurich Innovation World Championship
Zurich Insurance group announced on Thursday the winners of the world’s first Zurich Innovation World Championship, who were honoured at an awards ceremony held at Zurich's headquarters in Switzerland. Each winner now has the opportunity to develop pilot programs in the local businesses to make their products and services available to the Groups' customers in selected countries and regions.
Over 450 startups from around the world participated in the competition’s five categories: Smart Homes and Buildings, Digital Health, Financial Planning, Mobility and a Wildcard option.
From Toronto, Ontario, Chisel AI is an artificial intelligence startup that offers the global insurance industry the only out-of-the-box solutions that apply natural language processing and AI to unstructured data sources such as insurance documents. The company’s natural language processing tool allows insurers and brokers to extract, identify and classify unstructured data sources, such as insurance documents, 400 times faster and much more accurately than a human, the company claims.
Fellow North American startup Zesty.ai earned the silver award for its work developing an AI-based solution that can provide insurers and other users with detailed and accurate property evaluations to improve underwriting, pricing and post-event response.
"Congratulations to all the participants and particularly to the two North American winners, Chisel AI and zesty.ai," said Zurich North America CEO Kathleen Savio. "Our work with these startups and other insurtech companies can complement and augment the innovation capabilities we have here at Zurich. When we bring these things together, it gets to the heart of our strategy around innovation and enables us to be more customer focused in the products and the services that we deliver."
"Chisel AI and zesty.ai represent the spirit of innovation that we continue to foster as we look for new ways to better serve our customers," said Anurag Batta, head of Strategy, Innovation and Business Development for Zurich North America. "We look forward to working with both winners to bring innovative solutions to the market."