Zurich - Enterprise Tech Ecosystem Series

Zurich - Enterprise Tech Ecosystem Series

Summary

Zurich Insurance Group is a global insurance company offering a variety of life and property and casualty (P&C) insurance products to individuals, small businesses, mid-sized and large companies, and multinational corporations. The company was established in 1872 and is based in Zurich, Switzerland. The group offers car insurance, home insurance, general liability insurance, life insurance, critical illness insurance, savings and investment solutions, as well as pension and retirement plans to individual customers.

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

Scope

• Zurich has deployed RPA technologies in its global life and general insurance business divisions to improve customer convenience and save operational overheads. Zurich applied RPA technologies to automate the claims process, and through this the company was able to reserve less cash for claims, thereby increasing cash flow across the organization.
• To accelerate the development of new products/services and offer them to customers, Zurich has migrated a number of its workloads from traditional mainframe systems and several Software-as-a-Service applications from public clouds to a single private cloud that is managed by a cloud orchestration platform.
• Zurich has adopted a blockchain-based system to allow business clients in the Benelux (Belgium, the Netherlands, and Luxembourg) region to manage surety bonds. Blockchain has enabled Zurich to develop a digital dashboard that enables its customers to view the status of surety bonds, obtain bond history records, view bond forecasts, and file for new surety bond requests. Blockchain technology has simplified, streamlined, and accelerated the process of issuing and managing surety bonds, which involves the commitment of three different parties.
• In order to accelerate the development and rollout of new digital services, Zurich has brought about significant changes to its organizational structure. In late 2020, the group set up a new unit called the Global Business Platforms unit, which will focus on the development and expansion of digital services across the world and will strengthen relationships with partners and customers worldwide.

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