Technology is being used in increasingly flexible ways to create the insurance products needed by the modern world.
copyright by www.intelligentinsurer.com
In her keynote speech concluding the Intelligent Automation event that was held in London yesterday (Tuesday, May 21), Susan Fallon, global head of commercial property at Zurich, said that Zurich was using technology to meet the needs of those clients who were being affected by technology.
She pointed out that cyber risks are affecting customers – and are constantly evolving, with the occasional twist. Fallon mentioned that one client was food delivery company who had built a state of the art purpose-built engineering building with robotic automation – which had burnt to the ground. She said that Zurich was finding different underwriting solutions to issues such as that.
Client’s supply chain and customers supply chain and the risks that develop even further when they try to optimise their supply chain.
Fallon also pointed out that twenty years ago the way that Zurich designed and manufactured insurance products was very different – they did it themselves largely. Computers were used on the sidelines, but not really very much. However, today there’s a different feel to it, as companies like Zurich use insurtech and build partnerships in many different areas to create a product that meets the needs and demands of the customer.
Some of the areas of interest for Zurich at the moment include cognitive computing, robotics, process automation, application programme interfaces, in many cases developed in partnership with others in the market. Working with others in the market is seen as a positive benefit to the end customer.
Blockchain is an interesting area. A lot of innovation, but not every part of blockchain processes are new. Zurich is also looking at cognitive computing.
Fallon stressed that there is an ‘absolute ocean of data out there’ which makes it difficult to read, let alone analyse all the publications, data and information that it out there. Real-time analytics is wanted by many insurtech companies are being created that allow more and more companies to do this.
She added that remote collaboration and telematics particularly interesting – there is an increasingly wide variety of information from sensors and other outputs in a building. Insurtech can be used to look at how claims happen in buildings. In addition Zurich has been using virtual reality to visualise risks for customers.
Fallon confessed that some of the ideas/concepts they come up don’t always work but that it can be ok to fail – some products are produced that the customer doesn’t actually want, so it can be worth looking at what do they really want and are searching for.[…]