21 February 2018Insurance

Zurich unveils UK Innovation Foundry

Zurich has launched a new initiative to drive innovation throughout the insurer, with a renewed focus on changing customer demand and needs, the company said in a Feb. 20 press release.

The launch of Zurich’s UK Innovation Foundry is part of its global strategy, which aims to progress the company's innovation agenda, and will be led by Mark Budd, UK head of innovation.

The Innovation Foundry aims to seek long-term partnerships rather than focus on M&A or acquisition. This ‘start-to-finish’ level of collaboration will entail greater learning for all parties as well as drive sustainable and inclusive growth.

“If we are going to think and work differently, we need to focus our efforts in the right places and the Innovation Foundry will take ideas from an initial ‘spark’, test them for value at every stage and move to a full scale roll-out for the right ideas,” said David White, managing director - retail at Zurich Insurance.

“Building on our experience and achievements over the past year, we aim to work this in to the very fabric of our business. No idea will be considered wrong, however, if something doesn’t work we want to fail fast and move on to the next thing.”

Zurich has recently partnered with insurtech start-up Laka, and teamed up with EasyJet to offer dynamic insurance pricing models aligned to the specific requirement of each customer. The company has also collaborated with insurtech CoverWallet for a new digital initiative in Europe.

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More on this story

6 March 2018   Cayman Islands-based Greenlight Capital Re has launched its new innovation unit, headed by chief operating officer Michael Belfatti.
9 March 2018   The insurance industry in the midst of a customer-led revolution – and the players best equipped to adjust and put customers at the heart of what they do will be the ones that will prosper, Mario Greco, group chief executive of Zurich Insurance, wrote in his foreword in the insurer’s annual report for 2017.
21 February 2018   Insurers are still trying to catch up with other industries regarding technological innovation, according to a recent AM Best report.