Australian startup Haast triumphs in 2024 Zurich Innovation Championship

Australian startup Haast triumphs in 2024 Zurich Innovation Championship | Insurance Business Australia

Technology

Australian startup Haast triumphs in 2024 Zurich Innovation Championship

Competition was divided into four categories

Technology

By
Roxanne Libatique

Zurich Financial Services Australia has announced the victory of Haast, an Australian technology startup, in the local round of the 2024 Zurich Innovation Championship.

This recognition comes for Haast’s software platform that employs artificial intelligence (AI) to streamline compliance processes.

Entering its fifth iteration, the Zurich Innovation Championship is a global initiative by Zurich that connects startups with the conglomerate to tackle some of the most pressing issues in the insurance industry. This year, the contest was segmented into four categories, including commercial insurance, digital simplification, life & health, and retail property-casualty.

2024 Zurich Innovation Champion

Haast leverages AI technology to scrutinise digital assets, identifying compliance issues both before and after publication, thereby enhancing efficiency and reducing potential risks.

Shaneen Marshall, chief of technology and strategy at Zurich Australia & New Zealand, said the integration of AI-powered solutions is paramount to delivering superior and efficient service experiences to customers.

“Investing in innovative, AI-driven digital solutions is critical for ensuring we continue to provide high-quality and efficient customer experiences,” she said. “The Zurich Innovation Championship provides an important avenue for us to support and propel startups and their groundbreaking solutions to customers and the broader community, whilst simultaneously driving Zurich’s local ambition to be Australia’s leading digital insurer.”

Haast co-founder Kunal Vankadara commented: “We are thrilled to have won the Australian round of the Zurich Innovation Championship and are excited by the possibility to elevate and scale our platform with the support of Zurich’s strong global presence and deep technological insight.”

The 2024 iteration of the Zurich Innovation Championship drew participation from over 3,300 startups globally.

Haast is set to advance to the global stage, presenting its solution to Zurich executives in Switzerland, alongside other regional winners. The final stage will see two contenders from each category awarded up to US$100,000 and a chance to partake in a four-month accelerator program aimed at testing their solutions for market fit, operational feasibility, and overall viability.