Zurich launches ‘Innovation Foundry’

Zurich will seek to build an insurtech arsenal with the launch of its Innovation Foundry.

However, the insurer will aim to use its innovation hub to build long-term partnerships, such as the one it has with Laka (formerly Insure A Thing), rather than focus on acquisitions.

According to a press release from Zurich, the insurer hopes the Innovation Foundry will enable it to develop a range of ideas and drive growth.

David White, retail managing director at Zurich explained: “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.

Ideas being developed are likely to include process improvement, the introduction of new technology and new propositions.

White added: “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 into 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!”

The Innovation Foundry’s innovation strategy has been developed with Ninety, the agency that won the Insurance Times Customer Champion of the Year Award 2017, alongside Zurich Municipal and affordable home provider VIVID.