Zurich’s Innovation Foundry Will Bring New Ideas to Insurance Market

Today sees the launch of Zurich’s UK Innovation Foundry. The new initiative which will tackle the ever changing customer demands as well as embedding a clear culture of innovation throughout the insurer – from the initial ‘spark’ of inspiration to a full-scale roll out. Building on a central principle of global Zurich’s strategy, the exploration of true innovation will also allow the insurer to work with customers whilst considering their behaviours and needs in an ever changing landscape.

The Innovation Foundry will progress Zurich’s innovation agen­da in a formally co-ordinated way and promises to support the development of all ideas ranging from process improvement, the introduction of a new technology or a brand new proposition. Recent examples of Zurich’s dedication to innovation in the UK include its partnership with Laka, a disruptive bike insurance product and the launch of FaceQuote, a selfie tool helping people understand what life cover would cost. Zurich has also teamed up with EasyJet to offer dynamic insurance pricing models intuitively aligned to the specific requirement of each customer. 

Depending on the genesis of an idea or proposition, 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 engender greater learning for all parties as well as drive sustainable and inclusive growth. The innovation process being used within the Innovation Foundry has been created with support from Ninety Consulting, specialists in insurance innovation and long-term partners of Zurich. The new team will be led by Mark Budd, UK Head of Innovation. 

David White, Managing Director – Retail at Zurich Insurance plc comments: “We launched the UK Innovation Foundry to build on a central principle of Zurich’s global strategy – that 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. 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. This is a very exciting time for Zurich in the UK so watch this space!”

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