Zurich Insurance has made a significant stride in the insurance industry by introducing its cutting-edge suite of solutions for digitally embedded insurance across all Asian markets, Zurich Edge.
According to reports, Zurich Edge, is a revolutionary suite designed to enhance the customer experience, streamline insurance processes, and provide comprehensive protection. The new solution was launched by Zurich in Asia-Pacific, and is closely linked to technology from Zurich eXchange, which means it will leverage services from Zurich Global Ventures. This integration enables faster implementation of solutions, benefiting both insurers and customers alike.
The suite encompasses a range of services, including quotes, purchasing, servicing, and claims, ensuring a seamless end-to-end experience for customers. To ensure localization and foster collaboration, Zurich will establish a dedicated in-market “digital squad” responsible for developing innovative propositions tailored to specific regions.
Embedded insurance is gaining momentum
Embedded insurance, a pioneering concept gaining momentum worldwide, is a form of insurance integrated into existing products, services, or platforms. For instance, customers might be presented with the option to purchase travel insurance while booking a flight on an airline’s website. According to industry experts at EY, embedded insurance channels are projected to account for over 30 percent of all property and casualty insurance transactions globally by 2028, highlighting its immense potential.
Zurich Edge will encourage development in partnerships
Zurich Edge represents an exciting development in Zurich Insurance’s growth strategy across the Asia Pacific region. The company already boasts a robust portfolio of over 200 partnerships in six markets, collaborating with leading brands in diverse sectors such as retail, travel, banking, fintech, e-commerce, automotive, and telecommunications. Among the prominent partners are Japan Airlines, TikTok, Citibank, and MYAirline.
Roopa Malhotra, the Head of Customer & Digital, APAC at Zurich Insurance Group, said the significance of this endeavour, particularly in catering to tech-savvy customers who currently lack adequate insurance coverage.
Malhotra stated, “This is a very relevant time for digital insurance across Asia Pacific as we continue to witness the growth of tech-savvy customers who lack adequate insurance coverage. With this in mind, we have embraced a holistic approach through Zurich Edge, considering every facet of the digital insurance value chain to modernise the entire experience and be more responsive to evolving partner and customer needs.”
Zurich Insurance’s launch of Zurich Edge is poised to reshape the insurance landscape in Asia, revolutionising the way customers access and experience insurance products. With its commitment to innovation and strategic partnerships, Zurich is primed to strengthen its position as a market leader in the region while meeting the evolving needs of its customers and partners.
