Cognitive technology delivers award-winning service to our customers
Cognitive technology transforming complex time-consuming activities for multi-national customers into simple yet powerful analysis won a prize at the 2017 Swiss Innovation Awards.
By using advanced artificial intelligence algorithms to make decisions like a human brain, Zurich’s cognitive solution will analyze text and understand the meaning, structure and logic of policies.
This will allow Zurich’s underwriters to click a button and minutes later receive detailed, standardized comparisons between master and local policy documents in an international program, pointing out misalignments and inconsistencies that need to be reviewed and signed off. Currently this is available for specific English-language products with a view to broadening the scope in future.
This innovative solution will hugely benefit multi-national customers by:
- Enhancing risk prevention as any deviations from customers’ expectations, underwriting guidelines or market standards, regulations and practices are quickly highlighted and resolved.
- Improving service as new structured data generated by the cognitive technology allows underwriters to conduct deeper, more value-adding risk insights rather than spending hours completing complex reviews.
The approach was so revolutionary it took second place at this year’s Swiss Innovation Awards, carrying on last year’s superb result when we were recognized for our motor insurance protection and Zurich Risk Advisor platform.
Gero Gunkel, Group Artificial Intelligence Lead, a: “We first introduced cognitive in Claims and we’re bringing it to Underwriting. As we continue to roll-out cognitive across the insurance value chain, our customers will keep on benefitting from faster and better services.”
Helene Westerlind, Global Head of Commercial Insurance International Programs, sponsors the project and is committed to using new technology to introduce value-adding, innovative services: “Rolling-out large-scale robotics, blockchain and now cognitive solutions during the last year clearly shows how we are improving the insurance experience for our international customers.”
Giovanni Giuliani, Group Head of Strategy, Innovation & Business Development, said “This is a great example of how we’re using the latest technology to better serve our customers. Zurich is an early-adopter of cognitive computing in the insurance world. An industry recognition like this says a lot about the culture of innovation we have at Zurich.
The Swiss Insurance Innovation Awards are presented annually by the trade magazine “Schweizer Versicherung”, the Institute of Insurance Economics of the University of St. Gallen, the Swiss Insurance Brokers Association (SIBA) as well as EY Switzerland. The most innovative insurance products, services, and processes and instruments are awarded the prize.