Zurich Asia Pacific announces launch of Zurich Edge, a comprehensive suite of solutions for digitally embedded insurance
SINGAPORE, July 17, 2023 – Zurich Insurance Group (“Zurich”), has launched Zurich Edge, bringing together their new suite of technology capabilities and insurance expertise to provide partners and their customers with a refreshed, seamless and elevated approach to digitally embedded insurance – across all Asian markets where Zurich operates.
The use and application of digitally embedded protection solutions have grown exponentially as partner companies seek to integrate distinctive offerings into their online ecosystems and provide customers with a streamlined one-stop-shop experience. In line with this, embedded insurance channels are expected to make up more than 30% of all P&C insurance transactions globally by 2028. Focused on bringing a fresh perspective to digitally-embedded insurance, Zurich Edge provides a tailored, customer-centric approach to proposition development – powered by open architecture and full-stack platforms to drive seamless integration, deliver best-in-class user experience, and allow for a data-driven approach to partnership optimization.
“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 modernize the entire experience and be more responsive to evolving partner and customer needs. Zurich Edge is committed to empowering our business partners, helping them stand out and build customer loyalty by providing highly contextual offerings and personalized coverage that truly matter to the consumers of today,” said Roopa Malhotra, Head of Customer & Digital, Asia Pacific, Zurich Insurance Group. “We look forward to working with both our existing and new partners to grow their core business by delivering a truly fresh and engaging online insurance experience for their customers.”
Zurich Edge’s industry-leading technology supports end-to-end customer journeys – encompassing quotes, purchasing, servicing, and claims – and customer interactions are fully digitized and strategically embedded into a partners’ ecosystem. Leveraging Zurich’s global footprint and experience, partners of Zurich Edge will also be able to benefit from the Zurich Global Ventures’ specialized services, and gain access to Zurich’s global API marketplace, Zurich eXchange, to enable faster integration of solutions. Alongside this, dedicated in-market ‘digital squads’ take a localized and collaborative approach to develop innovative propositions, which can be expanded beyond traditional coverage options, to drive long-term value in alignment with partner objectives and customer needs.
Zurich Edge builds on the company’s partnership momentum across the Asia Pacific region, which has included launches with leading brands, such as Japan Airlines, TikTok, Citibank and MYAirline. Zurich’s regional portfolio already spans over 200 partnerships across six markets, with leaders in industries such as retail, travel, banking, fintech, e-commerce, automotive and telecommunications.
Ericson Chan, Chief Group Chief Information and Digital Officer, Zurich Insurance Group, said: “Zurich Edge brings our products and services to where the customers are, embedded in their digital lifestyle, any time and any place. This is true customer centricity. It is powered by a new tech stack and our global Zurich eXchange platform so we can seamlessly connect with our partners. This is Insurance 2.0.”
The Zurich Edge offering is underpinned by four core pillars:
- Renowned Expertise
Zurich Edge will bring a blend of hyper-localized expertise, deep regional capabilities and unmatched global scale – bringing the very best in global insurance to partners. - Refreshed Solutions
Digital propositions under Zurich Edge will bring together innovative products and services, tailored to each partner’s needs, providing end customers with highly contextual, relevant and personalized offerings. - Reimagined Technology
Designed to deliver seamless, rapid integration alongside superior customer experience, Zurich Edge’s newly developed open architecture and full-stack platform – combined with the Zurich eXchange API platform – offers a comprehensive range of integration options to partners. - Redefined Partnerships
Under Zurich Edge, partners have access to a dedicated in-market ‘digital squad,’ a cross-functional team of digital experts, who work collaboratively to maximize opportunity and deliver long-term success across the partnership.
Bhavna Hemlani
Communications Partner, APAC, Zurich Insurance Group
bhavna.hemlani@hk.zurich.com
1 EY Insights, “How insurers and new entrants can take advantage of embedded insurance”: https://www.ey.com/en_us/insurance/how-insurers-and-new-entrants-can-take-advantage-of-embedded-ins