Zurich renews support for IOM finance sector

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As Zurich begins its fifth decade in business on the Isle of Man the leading insurer has renewed its commitment to support the Island’s financial services sector.

It began on March 3rd as the principal sponsor of The Insurance Institute of the Isle of Man’s annual dinner at The Claremont Hotel, Douglas, where the guest speaker was Olympic ski jumper Eddie ‘The Eagle’ Edwards. Zurich is also lending the strength of its global brand to help two important initiatives which promote the Isle of Man globally, namely the Employee Benefits Isle of Man cluster and Insurtech Isle of Man.

“We have been at the heart of the Isle of Man’s finance sector ever since 1982 when Zurich International Life Ltd was established here,” says Nigel Simpson, Head of International Markets, Zurich on the Isle of Man. “During that time we have been proud to play a part in establishing the Island’s worldwide reputation as an international business centre, and a centre of excellence for financial services. As we begin our fifth decade in business here we want to renew our commitment by backing initiatives which will help the Isle of Man to continue to grow in stature on the world stage.”

Insurtech Isle of Man is a collaboration between the government, regulator, insurance professionals and support services to support development of a technology-led insurance innovation hub, with a particular focus on supporting entrepreneurs and founders at the forefront of the industry.

The Employee Benefits Isle of Man cluster brings together the collective expertise which the Island has in this sector, with the aim of supporting sustainable growth within the employee benefits industry. Commenting on the cluster, Nigel said: As the saying goes, we’re stronger together, so it makes good sense for businesses within the sector, and government, to work more closely with one another to increase collaboration and innovation. A collective voice has much more impact than a lone voice, so the cluster will help the sector to amplify its message while also benefitting from opportunities that arise via networking, plus valuable insights from external perspectives.”

Zurich is also one of the sponsors of Gef’s 30under30 campaign which celebrates the emerging generation of the Island’s future leaders. Zurich’s support is focused on those leading the way in innovation through technology, creativity and sheer determination. Nigel commented: “The principles which underpin campaigns such as 30under30 are aligned to Zurich’s programmes which support employees’ personal and professional development. It’s also a perfect match with our commitment to provide employees of all ages with opportunities for career progression, a commitment which includes a target to fill 70% of vacancies by promoting existing employees. Innovation is also at the heart of Zurich’s culture, and we recognise the important role it plays in paving the way for our Island’s future. Another recent example of how we put that principle into practice is by encouraging Isle of Man startups to enter the Zurich Innovation Championship which is run by the Zurich Insurance Group.”

The Championship offers startups around the world a unique opportunity to collaborate with Zurich on the future of insurance. Entries for the Championship closed on February 27th, but it’s a year-long tournament. There are five categories and entrants will go through a judging process over the next few months. That will lead to an accelerator phase from May to September, and then the final stage in which successful startups will receive project funding of up to US$100,000, plus mentorship from Zurich leaders and external experts.



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