Zurich has launched the UK Innovation Foundry led by Mark Budd, UK head of innovation, which aims to address ever-changing customer demands and embed a culture of innovation throughout the insurer.
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. Zurich said it will be able to work with customers while considering their behaviours and needs in a changing landscape.
It detailed that the innovation process being used within the Innovation Foundry had been created with support from insurance innovation specialists Ninety Consulting.
"Zurich is open to exploring all industries relevant to our broad customer base," said Mark Budd. "In terms of priorities, any initiatives that will help us understand our customers' behaviour and answer their constantly evolving demands is of interest to us."
David White, managing director - retail at Zurich Insurance, said innovation and fostering an innovative culture should be a permanent fixture for all organisations that want to stay relevant. “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.”
The creation of the new brand follows on from Zurich’s recent partnership with start-up bike insurer Laka, teamed up with EasyJet to offer dynamic insurance pricing models aligned to the specific requirement of each customer and launching FaceQuote, a selfie tool helping people understand what life cover would cost. The company has also collaborated with insurtech CoverWallet for a new digital initiative in Europe.