Agentic AI, satellites & start-ups: Innovations in the insurance industry were presented at the SIH General Assembly.
At the Swiss InsureTech Hub Monthly CatchUp, it became clear that the insurance industry is strategically opening up to new technologies and start-ups. From hyper challenges and agentic AI to satellite monitoring and embedded insurance, the pace of innovation is increasing rapidly.
Laura Fischmann, Senior Manager in the Strategy & Innovation team at Zurich Insurance Group, presented the Agentic AI Hyper Challenge at the Swiss InsurTech Hub (SIH) General Assembly. This innovative format complements the existing venture client approach and aims not only to solve existing problems, but also to search specifically for new fields of application and technologies in order to identify and address innovation opportunities at an early stage.
The competition was completed in record time: from June to July, external start-ups, engineers and internal teams developed over 200 prototypes during a four-week hackathon. Four winners from the areas of underwriting, claims, marketing & sales and finance are now launching pilot projects with Zurich. The winners include Wordlift, Interloom, Agentric and Wangari Global.
VetUp: Digitalization around pets
The startup VetApp addresses a rapidly growing segment: pets, meaning dogs and cats. With digital services such as PetAssist Pro and InsurPetPro, the company aims to help insurers develop new products for the 235 million pets in Europe.
PetAssist Pro offers immediate assistance in emergencies, medical advice and preventive services, thereby strengthening customer loyalty. InsurPetPro supports insurers with data-driven tools to better calculate risks and reduce fraud. Initial pilot projects have resulted in savings of up to 20 percent in claims payments.
Neat: embedded insurance rethought
The French InsurTech Neat focuses on embedded insurance in areas such as financial services, travel and consumer goods. With simple, easy-to-understand products, Neet wants to make insurance available online and offline where customers really need it.
There is a particular focus on sustainability: repairing instead of replacing is the motto. Through partnerships such as with the C2C platform Le Bon Coin, Neat integrates insurance cover directly into the purchasing process and relies on transparency and AI-supported fraud prevention.
Caelus.space: Satellites as an early warning system
The Israeli startup Caelus.space uses data from NASA and ESA satellites to monitor ground movements worldwide in real time. With a resolution of two millimetres, the system detects risks such as subsidence, sinkholes or landslides months in advance.
The platform enables insurers to carry out a more precise risk assessment at building level and is therefore a decisive step towards prevention and loss avoidance. Initial proofs of concept with insurers are already underway.
Solva: AI revolutionizes claims processing
The young start-up Solva is developing an Agentic Claims Operating System that uses AI for automated claims processing. The aim is to process claims faster and reduce loss ratios.
The system combines triaging, human-in-the-loop processes and automated checks. There is a particular focus on auditability and regulation in order to comply with European AI regulations and US guidelines. The first insurers in Europe and the USA are already using Solva’s technology.
Pressure to innovate meets openness
The online event impressively demonstrated how the insurance industry is changing: Start-ups are providing technological impetus, while established companies are creating the structures to strategically integrate these innovations. Whether through agentic AI, digital ecosystems or satellite data, the insurance world of the future will be more data-driven, more networked and faster than ever before.
Binci Heeb
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