Future-proofing insurance businesses Global insurers are already adapting to the insurance industry of tomorrow
vation mindset via several platforms that allow its employees, customers and distrib utors to participate in the process. Sumeet Bhatia, Zurich’s head of innovation in North America, points to the company’s Idea Center, where employees can share ideas based on their personal experiences in the marketplace. To date, the platform has generated more than 700 ideas.
“Every organization that wants to survive needs to … continue to develop new capabilities”
Innovation in insurance isn’t just a fad – it’s here to stay and is shaping the future busi ness models of many insurance compa nies. According to Accenture’s Technology Vision 2019 survey, 96% of insurance execu tives said the pace of innovation in their orga nizations had accelerated over the last three years due to emerging technologies. Many global insurers are adapting their businesses accordingly. This year, AXA Group launched AXA Next, which focuses on building new services and business models beyond insurance. AXA Next brings together
five vehicles that were already in operation at the organization, including Kamet, AXA Venture Partners, AXA Labs, AXA Partners and AXA Global Parametrics. “What we have done is to say, let’s bring these different units together under one roof called AXA Next and harmonize the investment boards across these vehicles so that you have natural interactions between the different vehicles and natural synergies as well,” explains Bastiaan de Goei, head of AXA Next US. Meanwhile, Zurich is fostering an inno
Allianz partners with Microsoft for digital innovation
Allianz has teamed up with Microsoft to further its digital transformation efforts. Allianz will migrate core pieces of its global insurance platform, Allianz Business System [ABS], to Microsoft’s Azure cloud and will make parts of ABS open-source to improve and expand its capabilities. Microsoft will also collaborate with Syncier, the B2B2X insurtech founded by Allianz, to offer a configurable version of ABS. Known as ABS Enterprise Edition, it will offer an advanced, comprehensive platform to insurance providers.
Zurich has also established an Innovation Lab that hosts design sprints, workshops, hackathons and brainstorming sessions for employees, as well as broker and customer workshops and summits. The risk management piece of the puzzle is important to Zurich as well, evidenced by its approach to preventing water damage to homes by providing water leak sensors to customers. And the insurer is keeping a close watch on emerging risks – from micro mobility in the form of e-scooters to the growing gig economy – so it can build solu tions that address those new risk areas. “We all know change is happening at a very rapid pace,” Bhatia says, “and I think every organization that wants to survive needs to make sure that they continue to develop new capabilities.”
TransUnion’s DriverRisk joins Duck Creek Policy
Duck Creek Technologies has forged a new partnership with TransUnion to integrate its DriverRisk product with Duck Creek Policy, allowing carriers to access information such as motor vehicle records, pre-filled violation details and out-of-state convictions. The addition of TransUnion’s DriverRisk will allow Duck Creek Policy to improve rating and underwriting, as well as measure and manage portfolio risk. It will also help carriers reduce MVR-related expenses and allow them to optimize their marketing spend and lead quality.
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22/11/2019 4:03:38 AM