Zurich sets the pace in insurance innovation

DARQ Power Zurich's Belgian, Dutch and French companies are collaborating together with Accenture to offer an encrypted self-service portal that makes use of the blockchain technology of distributed ledgers for customers who require certainty facilities.

Zurich sets the pace in insurance innovation

To stay relevant to the needs of consumers in the highly competitive insurance market insurers must be more than just updating their portfolios of products or expand their channels of distribution. They must become customer-focused. They need to be able to continuously assess the needs of their clients and offer products and services that meet the specific needs of the policyholders, no matter the time or place they're needed.

Zurich Insurance, which was recently named the Efma-Accenture Global Insurance Innovator of the Year was quick to realize the importance of being relevant to customers in the increasingly competitive market. The company has started to transform its business model, which was based on tradition, into what we call an Living Business that strives to remain at the forefront of a vast array of customers.

Zurich recognized that it was time to adapt to attract new younger customers, to meet the increasing demand for digital services and products and to provide insurance products that are available on demand. Without these changes , the company would be in a position to lose the level of relevance that is essential to its long-term growth.

Zurich insurance encourages innovation across its operations

The key to the transformation of Zurich is a firm dedication to innovation across the entire organization. The numerous innovations that Zurich presented to this year's Efma-Accenture awards for innovation in insurance show the depth of the dedication. Zurich is setting the standard in a variety of key innovations that I highlighted in my last blog post.

Meet me in Spain, Zurich has launched the Klinc insurance on demand service that offers users of mobile devices with a unique and interactive digital experience that lets them purchase insurance whenever they require it. Klinc was named the best product or service in the Efma-Accenture Innovation insurance awards. It is designed specifically for those who are millennials and want to have instant digital coverage and experiences that meet their specific requirements. Initially focussed on home insurance the Klinc service has been recently extended to include life insurance by launching Klinc Vida.

My market: Through forging connections to its clients, Zurich has been able to launch a variety of engaging digital experiences such as momentary markets which are readily available. These include Toggle which is a digital insurance platform that offers customizable, flexible insurance coverage for renters. Zurich has launched Toggle in the US through Farmers Insurance. In Spain the company has launched an app-based health service named Azul that analyses facial images by using artificial intelligence to provide people with mobile devices with live assessments of their health and also quotes for life insurance.

Beyond borders In Zurich's global headquarters situated in Switzerland, Zurich has introduced a Make the Difference scheme that promotes cooperation, trust and innovation within its workforce. The program breaks down the traditional barriers of hierarchy and bureaucracy, and encourages employees to collaborate on ideas that can increase the efficiency of the company as well as the service it offers customers.

DARQ Power Zurich's Belgian, Dutch and French companies are collaborating together with Accenture to offer an encrypted self-service portal that makes use of the blockchain technology of distributed ledgers for customers who require certainty facilities.

Collaborations in the field of insurance: Zurich has teamed up with several insurtech partners to expand its operations beyond its usual limits. It has signed an European partnership with CoverWallet and has also launched the platform in Spain and Switzerland an insurance platform that is digital for small-sized businesses which incorporates the US startup's technology. Zurich is also working with another US insurtech company, Snapsheet, and has used its virtual claims system within it's Irish business. To expand its reach to start-ups with innovative ideas and to encourage collaboration, the company last year held a world-wide insurtech contest. This year's Zurich Innovation World Championships attracted more than 450 start-ups representing 49 nations. Canadian startup Chisel AI, followed by US companies zesty.ai and LifeNome as well as Australian company Soldier.ly won the title of the contest. Zurich is currently conducting trials in various countries, along with some of the emerging insurtech companies. Zurich has launched the 2020 competitions.

In my next blog post, I'll discuss how some other progressive insurers that participated in the Efma-Accenture Innovation in Insurance Awards are using a deep understanding of their customers to develop exciting new products and services. Until then, take a look at the many impressive innovations submitted for this year's awards: https://www.efma.com/innovationininsurance/.