WINNER, E-trading Initiative of the Year
Highly Commended with Instanda, for Technology Partner of the Year
at Insurance Times Tech & Innovation 2017
We are proud to be winners for our work with Zurich, and Highly Commended for our partnership with Instanda, alongside a strong field of finalists, including RSA’s Home & Legacy, Ascent Underwriting, Covéa Insurance, Audatex, ISO and Kasko.
The challenge was to launch a new SME Commercial Combined to market in less than 3 months from a standing start, and for the broker experience to be ‘delighting’. Historically, this would be about a year’s worth of work: we had a quarter of the timescale, and a quarter of the budget to deliver the promise.
Drawing on our “Change Different” approach, our 3-month pilot framework, and working with cloud insurance platform Instanda (with whom we are delighted to be Highly Commended as “Technology Partner of the Year”), we ran a 12-week Agile process with Zurich Insurance. Through that process, and in line with our key tenet of customer co-design, we worked closely with a group of pilot brokers, involving them in the room with us from the very first day of the very first sprint. By the end of the first 2-week sprint, we had an operational quote & bind capability for PL & EL products, and worked through subsequent iterations to build out a sophisticated and powerful commercial combined product, policy wording and quote & bind experience, complete with live web chat support from underwriters, referrals processes and more. The project employed the core tenets of our “Change Different” methodology: test & learn & scale, customer co-design, and Agile collaboration.
In just 56 working days, from a standing start, we were ready to launch a sophisticated SME commercial combined product to a pilot group of brokers, complete with all necessary covers, policy wording, e-documentation, quote & bind, email confirmations, web chat and more. The close alignment with our pilot brokers, driven by Zurich’s Product Owner, ensured that every part of the product design, policy wording, quote & bind experience, and user interfaces, were prioritized and reviewed by the end users on a weekly basis. Our innovative, market-leading approach to trade selection, for instance, allows brokers to fast-track to a trade or helps them through a multi-stage process where they need help. Brokers said it was “brilliant”, “intuitive” and “instinctive”.
When asked “How satisfied are you with the overall experience of requesting a quote from Zurich?”, our pilot brokers showed a 3 point improvement on a 10 point scale.
Your approach is totally different to your competitors’.
Quick, slick, easy…it’s done!
56 working days to take a new sophisticated proposition to market is a phenomenal achievement. With any other approach, it would have taken 3 or 4 times as long, and we’d probably still be working on it.
Paul Tombs, Project Sponsor and Head of E-trading & SME, Zurich Insurance