Zurich Insurance Group - Enterprise Tech Ecosystem Series

Summary

Zurich Insurance Group is a provider of multi-line insurance products and services. It offers a range of general and life insurance products and services to individuals, small businesses, mid-sized and large companies, and multinational corporations. The group offers car insurance, home insurance, general liability insurance, life insurance and other investment solutions, and pension planning products and services for individual customers.

Launched in 2018, UK Innovation Foundry is a new initiative aimed at fostering an innovation culture within Zurich. It enables the company to work with customers directly and better understand their needs. Zurich establishes partnerships with startups in order to support their ideas, test them for value, and potentially develop them for full-scale rollout.

The Fintech Innovation Lab, jointly launched by Accenture and Partnership Fund New York in 2010, is an accelerator program sponsored by Zurich and other financial institutions including Credit Suisse, AIA, Bank of America Merrill Lynch, J.P. Morgan, and Macquarie Group.

Launched in 2015, Startupbootcamp Insurtech London is a three-month accelerator program sponsored by Zurich. Every year, 10 insurtech startups are selected based on their innovative business models and their usage of emerging technologies such as blockchain, AI, the Internet of Things (IoT), and big data in the insurance value chain.

Launched in 2018, the Zurich Innovation Championship is a competition that provides startups around the globe the opportunity to work with Zurich Insurance in bringing innovative products and services to its retail and commercial customers.

This report provides insights into Zurich’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Scope

• Zurich Insurance has been investing substantial resources over the years to simplify its product portfolios, business processes, and underlying IT systems. It established Zurich Insurance Mobile Solutions to develop state-of-the-art, mobile-enabled insurtech solutions.
• To support its digital transformation initiatives, Zurich extended its partnership with DXC Technology to leverage DXC’s MyWorkStyle solution and create a secure digital workplace for its employees. In addition, with DXC’s support, Zurich intends to modernize its IT environment, migrate to the private cloud, and replace outdated hardware with the DXC Agility Platform.
• Zurich is adopting digital capabilities to provide tailored solutions to customers and thus improve their experience. In addition, Zurich is proactively capturing customer data from various digital platforms and maximizing information from that data.
• In order to transform its services and tap into new opportunities, Zurich Insurance has been investing and deploying a range of new emerging technologies. The company leverages cognitive and artificial intelligence technologies to provide more personalized services to ensure rapid deployment in the market.

Reasons to Buy

• Gain insights into Zurich’s fintech operations.
• Gain insights into its fintech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches, partnerships, investments and acquisition strategies.