This document provides a report on the digitalization of Zurich Insurance group. It discusses Zurich's existing digital capabilities, such as content marketing, easy web navigation, video blogs, web analytics tools, and organic search. It also identifies areas for improvement, such as increasing digital offerings, distribution, service tools, and data analysis capabilities. The report analyzes competitors' digital platforms and recommends ways for Zurich to enhance their services digitally, such as by automating more of the policy process online and providing easy access to policy information. It suggests opportunities for synergy between Zurich's life and general insurance divisions in their digital strategies.
INGENIOUS aims to design and evaluate the Next-Generation IoT (NG-IoT) solution, with emphasis on 5G and the development of Edge and Cloud computing extensions for IoT, as well as providing smart networking and data management solutions with Artificial Intelligence and Machine Learning (AI/ML). The project embraces the 5G Infrastructure Association (5G IA) and Alliance for Internet of Things Innovation (AIOTI) vision for empowering smart manufacturing and smart mobility verticals.
Ninety Consulting: The Omnichannel InsurerDan White
Some insurers are already pursuing omnichannel, but other sectors, e.g. retail, are seen as more advanced and could yield lessons for insurers. In Part 1 of this two-part paper, we look at some of the initiatives and issues that are emerging as insurers try to move to an omnichannel approach. In Part 2, released separately, we look at examples and lessons from other sectors and try to answer the question ‘What can insurers learn about omnichannel from other industry sectors?’ We will conclude by making some keynote recommendations and predictions about the changing nature of omnichannel and its impact on the insurance sector.
Vidizmo EnterpriseTube - Enterprise Video Streaming SolutionNadeem Khan
This document describes a proposed pilot program for implementing Vidizmo's enterprise video platform at a customer organization. The objectives of the pilot are to develop an effective enterprise video strategy and implementation plan for training, communication, marketing, and compliance. The pilot scope involves publishing 10 videos using 10 authors over 45-60 days and training 1000 users on the platform. Key roles include Vidizmo providing the platform, training, and developing a strategy report, while the customer allocates resources and actively uses the platform. The pilot will be considered successful if certain publishing, viewing, and user authentication benchmarks are met. The deliverables will include a report on issues, recommendations, and best practices as well as an enterprise video training and learning strategy
FTC Internet of Things Report
The report includes the following recommendations for companies developing Internet of Things devices:
build security into devices at the outset, rather than as an afterthought in the design process;
train employees about the importance of security, and ensure that security is managed at an appropriate level in the organization;
ensure that when outside service providers are hired, that those providers are capable of maintaining reasonable security, and provide reasonable oversight of the providers;
when a security risk is identified, consider a “defense-in-depth” strategy whereby multiple layers of security may be used to defend against a particular risk;
consider measures to keep unauthorized users from accessing a consumer’s device, data, or personal information stored on the network;
monitor connected devices throughout their expected life cycle, and where feasible, provide security patches to cover known risks.
FG2A France (Fédération des Garanties et Assurances Affinitaires): Response of the consultation paper CP-16-2016 on Technical Advice on possible delegated acts concerning the Insurance Distribution Directive.
The document is a response template from FG2A France providing comments on EIOPA's draft Implementing Technical Standards regarding the standardized presentation format of the Insurance Product Information Document (IPID).
FG2A France supports having a standardized IPID format to facilitate product comparisons but notes that full standardization may prevent distributors from highlighting key information for customers. They also encourage clarifying that the IPID is not pre-contractual or contractual information.
FG2A France believes icons should only be used in the exclusions section and that font type and size requirements should not be prescribed, in order to provide more flexibility and compatibility with digital formats. Adaptation of the IPID for digital media may also present challenges
The document provides an overview of strategies for evolving a company's data center, mobility strategy, and security network in light of current IT trends. It recommends adopting a cloud-ready infrastructure and virtualization to consolidate the data center. For mobility, it suggests implementing mobile device management to regulate usage and security. It also advises partnering with a managed security services provider to address threats from virtualization, consumerization, and cloud computing in a cost-effective way. Case studies demonstrate how companies have successfully applied these strategies.
INGENIOUS aims to design and evaluate the Next-Generation IoT (NG-IoT) solution, with emphasis on 5G and the development of Edge and Cloud computing extensions for IoT, as well as providing smart networking and data management solutions with Artificial Intelligence and Machine Learning (AI/ML). The project embraces the 5G Infrastructure Association (5G IA) and Alliance for Internet of Things Innovation (AIOTI) vision for empowering smart manufacturing and smart mobility verticals.
Ninety Consulting: The Omnichannel InsurerDan White
Some insurers are already pursuing omnichannel, but other sectors, e.g. retail, are seen as more advanced and could yield lessons for insurers. In Part 1 of this two-part paper, we look at some of the initiatives and issues that are emerging as insurers try to move to an omnichannel approach. In Part 2, released separately, we look at examples and lessons from other sectors and try to answer the question ‘What can insurers learn about omnichannel from other industry sectors?’ We will conclude by making some keynote recommendations and predictions about the changing nature of omnichannel and its impact on the insurance sector.
Vidizmo EnterpriseTube - Enterprise Video Streaming SolutionNadeem Khan
This document describes a proposed pilot program for implementing Vidizmo's enterprise video platform at a customer organization. The objectives of the pilot are to develop an effective enterprise video strategy and implementation plan for training, communication, marketing, and compliance. The pilot scope involves publishing 10 videos using 10 authors over 45-60 days and training 1000 users on the platform. Key roles include Vidizmo providing the platform, training, and developing a strategy report, while the customer allocates resources and actively uses the platform. The pilot will be considered successful if certain publishing, viewing, and user authentication benchmarks are met. The deliverables will include a report on issues, recommendations, and best practices as well as an enterprise video training and learning strategy
FTC Internet of Things Report
The report includes the following recommendations for companies developing Internet of Things devices:
build security into devices at the outset, rather than as an afterthought in the design process;
train employees about the importance of security, and ensure that security is managed at an appropriate level in the organization;
ensure that when outside service providers are hired, that those providers are capable of maintaining reasonable security, and provide reasonable oversight of the providers;
when a security risk is identified, consider a “defense-in-depth” strategy whereby multiple layers of security may be used to defend against a particular risk;
consider measures to keep unauthorized users from accessing a consumer’s device, data, or personal information stored on the network;
monitor connected devices throughout their expected life cycle, and where feasible, provide security patches to cover known risks.
FG2A France (Fédération des Garanties et Assurances Affinitaires): Response of the consultation paper CP-16-2016 on Technical Advice on possible delegated acts concerning the Insurance Distribution Directive.
The document is a response template from FG2A France providing comments on EIOPA's draft Implementing Technical Standards regarding the standardized presentation format of the Insurance Product Information Document (IPID).
FG2A France supports having a standardized IPID format to facilitate product comparisons but notes that full standardization may prevent distributors from highlighting key information for customers. They also encourage clarifying that the IPID is not pre-contractual or contractual information.
FG2A France believes icons should only be used in the exclusions section and that font type and size requirements should not be prescribed, in order to provide more flexibility and compatibility with digital formats. Adaptation of the IPID for digital media may also present challenges
The document provides an overview of strategies for evolving a company's data center, mobility strategy, and security network in light of current IT trends. It recommends adopting a cloud-ready infrastructure and virtualization to consolidate the data center. For mobility, it suggests implementing mobile device management to regulate usage and security. It also advises partnering with a managed security services provider to address threats from virtualization, consumerization, and cloud computing in a cost-effective way. Case studies demonstrate how companies have successfully applied these strategies.
The document discusses ways that television is becoming more personalized, including through recommendations, access to personal recordings on any device, targeted advertising, and personalized audio choices. It explores how content discovery and recommendations can be improved using viewer data, how personal recordings and nPVR systems allow access to content anywhere, options for personalized audio like alternative commentary tracks, and how targeted advertising can be made more relevant to individual viewers. The future of television is moving towards truly personalized experiences for each viewer.
PrimoAir is seeking funding to launch an app-based passenger and delivery logistics network that offers the lowest prices and best guest experience using latest technologies. They aim to inspire passengers to "live in the moment" by saving them time and money on airfare. Key aspects of their offering include live updates on flights and events via the app, in-flight entertainment and amenities, subscription flight passes, and options to check luggage in advance. Their go-to-market strategy is to initially launch 10 domestic routes in North America and the Caribbean and eventually expand internationally.
Broadchoice is a digital marketing company that provides an integrated online platform to help businesses build customer communities, manage various marketing campaigns and content, and analyze data to drive sales. The platform centralizes policy management and offers community management, content management, campaign management, and application management capabilities. It also provides social media intelligence and allows for real-time collaboration through an open API.
Insurers face significant disruption from digital technologies and need to accelerate their digital transformations. They must embrace an omnichannel approach to provide seamless customer experiences across online and offline channels. Insurers also need to reshape core operations and underwriting through advanced analytics, improved data usage, and digital innovations like telematics. To succeed, insurers must upgrade legacy IT systems, rethink their business models, and defend their markets by focusing on efficiency, data, and customer engagement through digital solutions. The pace of digital change requires insurers to proceed strategically in phases to integrate digital and physical operations.
2008 annual report for Absolute Software Corporation (TSX: ABT), the leader in computer theft recovery, data protection and secure IT asset management solutions. Absolute Software provides organizations and consumers with solutions in the areas of regulatory compliance, data protection and theft recovery. The Company's Computrace software is embedded in the firmware of computers by global leaders, including Acer, ASUS, Dell, Fujitsu, General Dynamics Itronix, HP, Lenovo, Motion, Panasonic and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software and Computrace, visit www.absolute.com and http://www.absolute.com/blog.
with great enthusiasm Insights Success has shortlisted, “The Next Generation Tech Disruptors, 2019” who are creating transformational technologies that are all set to change the world of technology for good.
Eurotech reinvents Embedded Connected Computing for M2M. Machine-to-Machine c...Eurotech
Eurotech has developed a new platform called Everyware Cloud that simplifies device and data management for building smart connected applications. It integrates distributed devices with business applications by providing an innovative platform that combines embedded software tools, connectivity, and cloud computing services. This allows users and developers to more easily create open, scalable machine-to-machine applications and services that unlock greater value from connected devices and data.
The document discusses ethics in computing in pharmaceutical research and computer use in market analysis. It addresses key ethical issues like privacy, liability, ownership, and power related to use of computers. It also discusses relevant codes of conduct for computer use and how computers can be used in market analysis to facilitate collection and dissemination of market information. A survey was conducted of industry participants to assess potential acceptance of computer-aided marketing systems. The advisory committee concluded such a system should be developed to complement existing marketing practices.
This document discusses the shift from prescribed personalized experiences to cooperative experiences where users have more control and agency. It provides examples of companies like McDonald's, Tinder, Valve and Uber giving users more options to customize their experiences. Emerging technologies like 5G and AR will enable more ubiquitous customization, but also increase the risk of overstepping user boundaries unless businesses emphasize personal agency and partner with users. The document advocates for businesses to better understand user trust, identify opportunities for more user control, invest in technologies that enable participation, and prepare for increased data regulation.
This document summarizes information about the Kota Kinabalu City Hall (DBKK) and the landscape department where the author completed their practical training. It provides background on DBKK, including its functions, vision, mission and organizational structure. It also describes the landscape department's divisions and the author's tasks and assignments during their training, which involved maintenance, operations, planning and more.
The document contains 14 letters from Gah Hup Seng Sdn Bhd to Allianz General Insurance regarding various claims and payments for medical bills and compensation for their foreign workers under different insurance policies. The letters provide details of attached documents requesting actions such as reissuing cheques payable to different parties, processing receipts and payments.
This document lists several product concept ideas including an Uber emergency shelter, a memorial transit shelter, an accordion shelter, and an ecokiosk. The Uber emergency shelter and memorial transit shelter concepts involve designing shelters for transportation purposes while the accordion shelter focuses on portable shelter design and the ecokiosk concept relates to sustainable shelter structures.
Google's Zurich office aims to reimagine how work could be by focusing on employee well-being, flexibility, and purpose over traditional metrics. However, the document suggests that while new visions for work are inspiring, practical realities must still be faced in implementing meaningful changes to traditional work structures and cultures. The high-level ideas presented require further refinement and consideration of challenges to become established models.
Acting presentation about Zurich insurance use only in classKageri Rajid
This document provides an overview of Zurich Insurance Malaysia Berhad's products and services. It introduces the company and its mission to help Malaysians achieve financial freedom through high-quality insurance offerings. A range of individual life, health, motor, and other insurance products are described. Presentation materials provide details on key individual life products like Smartlife Pro and MedicaGen 200. Claims procedures and contact information are also included to facilitate interactions with customers.
Internship Report on Financial Analysis of Delta Life Insurance Company Ltd.Manas Saha
The document provides an overview of Delta Life Insurance Company Ltd., including its history, vision, goals, products and services. Some key points:
- Delta Life was established in 1986 as one of the first private life insurance companies in Bangladesh. It introduced innovative microinsurance products to serve low-income customers.
- The company's vision is to be the premier life insurance company in Bangladesh and serve customers with respect by providing the best solutions.
- Its goals include maximizing value for policyholders and shareholders. Core values focus on trust, understanding, respect, excellence and teamwork.
- Products include ordinary life insurance, Gono Grameen Bima (microinsurance), group life insurance, and health
Contoh Presentation Latihan Industri (PIS)Syafwan Laili
::Top 5 Industrial Training Presentation::
Polytechnic Ibrahim Sultan, Johor Bahru
Panasonic AVC Networks Pasir Gudang, Malaysia
Diploma in Electronics Engineering Control
Laporan Penuh Latihan Industri (Pelajar Politeknik Perdagangan)Rizalshah Zulkifli
Khas untuk pelajar Latihan Industri Politeknik (Pelajar Perdagangan). Semua yang bergelar pelajar LI boleh juga gunakan sebagai rujukan.
*Doakan pemilik semoga sentiasa mendapat manfaatnya. Amin~
The document provides information about the internship of Sajjad Ashraf at Kay & Emms, including dedications, acknowledgements, and an abstract. It then discusses various aspects of Kay & Emms' operations, including merchandising, production planning and control (PPC), industrial engineering (IE), work study, standard minute value (SMV), time study, line balancing, and efficiency. The key areas covered are the types of merchandising, responsibilities of merchandisers, sampling processes, costing methodology, benefits of PPC, functions of IE, concepts of work study, SMV, and how efficiency is calculated.
Internship of 6 to 8 weeks is a part of curriculum of BBA/BBA-Bi affiliated with Pokhara University. After the completion of internship, one has to prepare and submit the report.
The document provides details about an industrial training report for a civil engineering student at Simplex Infrastructures Ltd. It summarizes a residential project called Hiranandini Lake Verandahs that Simplex is constructing. Key details include the location of the project, specifications of the 27-floor towers including number of flats and amenities, and descriptions of the construction processes for laying building slabs and columns. Photos supplement the summaries of construction steps.
The document discusses ways that television is becoming more personalized, including through recommendations, access to personal recordings on any device, targeted advertising, and personalized audio choices. It explores how content discovery and recommendations can be improved using viewer data, how personal recordings and nPVR systems allow access to content anywhere, options for personalized audio like alternative commentary tracks, and how targeted advertising can be made more relevant to individual viewers. The future of television is moving towards truly personalized experiences for each viewer.
PrimoAir is seeking funding to launch an app-based passenger and delivery logistics network that offers the lowest prices and best guest experience using latest technologies. They aim to inspire passengers to "live in the moment" by saving them time and money on airfare. Key aspects of their offering include live updates on flights and events via the app, in-flight entertainment and amenities, subscription flight passes, and options to check luggage in advance. Their go-to-market strategy is to initially launch 10 domestic routes in North America and the Caribbean and eventually expand internationally.
Broadchoice is a digital marketing company that provides an integrated online platform to help businesses build customer communities, manage various marketing campaigns and content, and analyze data to drive sales. The platform centralizes policy management and offers community management, content management, campaign management, and application management capabilities. It also provides social media intelligence and allows for real-time collaboration through an open API.
Insurers face significant disruption from digital technologies and need to accelerate their digital transformations. They must embrace an omnichannel approach to provide seamless customer experiences across online and offline channels. Insurers also need to reshape core operations and underwriting through advanced analytics, improved data usage, and digital innovations like telematics. To succeed, insurers must upgrade legacy IT systems, rethink their business models, and defend their markets by focusing on efficiency, data, and customer engagement through digital solutions. The pace of digital change requires insurers to proceed strategically in phases to integrate digital and physical operations.
2008 annual report for Absolute Software Corporation (TSX: ABT), the leader in computer theft recovery, data protection and secure IT asset management solutions. Absolute Software provides organizations and consumers with solutions in the areas of regulatory compliance, data protection and theft recovery. The Company's Computrace software is embedded in the firmware of computers by global leaders, including Acer, ASUS, Dell, Fujitsu, General Dynamics Itronix, HP, Lenovo, Motion, Panasonic and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software and Computrace, visit www.absolute.com and http://www.absolute.com/blog.
with great enthusiasm Insights Success has shortlisted, “The Next Generation Tech Disruptors, 2019” who are creating transformational technologies that are all set to change the world of technology for good.
Eurotech reinvents Embedded Connected Computing for M2M. Machine-to-Machine c...Eurotech
Eurotech has developed a new platform called Everyware Cloud that simplifies device and data management for building smart connected applications. It integrates distributed devices with business applications by providing an innovative platform that combines embedded software tools, connectivity, and cloud computing services. This allows users and developers to more easily create open, scalable machine-to-machine applications and services that unlock greater value from connected devices and data.
The document discusses ethics in computing in pharmaceutical research and computer use in market analysis. It addresses key ethical issues like privacy, liability, ownership, and power related to use of computers. It also discusses relevant codes of conduct for computer use and how computers can be used in market analysis to facilitate collection and dissemination of market information. A survey was conducted of industry participants to assess potential acceptance of computer-aided marketing systems. The advisory committee concluded such a system should be developed to complement existing marketing practices.
This document discusses the shift from prescribed personalized experiences to cooperative experiences where users have more control and agency. It provides examples of companies like McDonald's, Tinder, Valve and Uber giving users more options to customize their experiences. Emerging technologies like 5G and AR will enable more ubiquitous customization, but also increase the risk of overstepping user boundaries unless businesses emphasize personal agency and partner with users. The document advocates for businesses to better understand user trust, identify opportunities for more user control, invest in technologies that enable participation, and prepare for increased data regulation.
This document summarizes information about the Kota Kinabalu City Hall (DBKK) and the landscape department where the author completed their practical training. It provides background on DBKK, including its functions, vision, mission and organizational structure. It also describes the landscape department's divisions and the author's tasks and assignments during their training, which involved maintenance, operations, planning and more.
The document contains 14 letters from Gah Hup Seng Sdn Bhd to Allianz General Insurance regarding various claims and payments for medical bills and compensation for their foreign workers under different insurance policies. The letters provide details of attached documents requesting actions such as reissuing cheques payable to different parties, processing receipts and payments.
This document lists several product concept ideas including an Uber emergency shelter, a memorial transit shelter, an accordion shelter, and an ecokiosk. The Uber emergency shelter and memorial transit shelter concepts involve designing shelters for transportation purposes while the accordion shelter focuses on portable shelter design and the ecokiosk concept relates to sustainable shelter structures.
Google's Zurich office aims to reimagine how work could be by focusing on employee well-being, flexibility, and purpose over traditional metrics. However, the document suggests that while new visions for work are inspiring, practical realities must still be faced in implementing meaningful changes to traditional work structures and cultures. The high-level ideas presented require further refinement and consideration of challenges to become established models.
Acting presentation about Zurich insurance use only in classKageri Rajid
This document provides an overview of Zurich Insurance Malaysia Berhad's products and services. It introduces the company and its mission to help Malaysians achieve financial freedom through high-quality insurance offerings. A range of individual life, health, motor, and other insurance products are described. Presentation materials provide details on key individual life products like Smartlife Pro and MedicaGen 200. Claims procedures and contact information are also included to facilitate interactions with customers.
Internship Report on Financial Analysis of Delta Life Insurance Company Ltd.Manas Saha
The document provides an overview of Delta Life Insurance Company Ltd., including its history, vision, goals, products and services. Some key points:
- Delta Life was established in 1986 as one of the first private life insurance companies in Bangladesh. It introduced innovative microinsurance products to serve low-income customers.
- The company's vision is to be the premier life insurance company in Bangladesh and serve customers with respect by providing the best solutions.
- Its goals include maximizing value for policyholders and shareholders. Core values focus on trust, understanding, respect, excellence and teamwork.
- Products include ordinary life insurance, Gono Grameen Bima (microinsurance), group life insurance, and health
Contoh Presentation Latihan Industri (PIS)Syafwan Laili
::Top 5 Industrial Training Presentation::
Polytechnic Ibrahim Sultan, Johor Bahru
Panasonic AVC Networks Pasir Gudang, Malaysia
Diploma in Electronics Engineering Control
Laporan Penuh Latihan Industri (Pelajar Politeknik Perdagangan)Rizalshah Zulkifli
Khas untuk pelajar Latihan Industri Politeknik (Pelajar Perdagangan). Semua yang bergelar pelajar LI boleh juga gunakan sebagai rujukan.
*Doakan pemilik semoga sentiasa mendapat manfaatnya. Amin~
The document provides information about the internship of Sajjad Ashraf at Kay & Emms, including dedications, acknowledgements, and an abstract. It then discusses various aspects of Kay & Emms' operations, including merchandising, production planning and control (PPC), industrial engineering (IE), work study, standard minute value (SMV), time study, line balancing, and efficiency. The key areas covered are the types of merchandising, responsibilities of merchandisers, sampling processes, costing methodology, benefits of PPC, functions of IE, concepts of work study, SMV, and how efficiency is calculated.
Internship of 6 to 8 weeks is a part of curriculum of BBA/BBA-Bi affiliated with Pokhara University. After the completion of internship, one has to prepare and submit the report.
The document provides details about an industrial training report for a civil engineering student at Simplex Infrastructures Ltd. It summarizes a residential project called Hiranandini Lake Verandahs that Simplex is constructing. Key details include the location of the project, specifications of the 27-floor towers including number of flats and amenities, and descriptions of the construction processes for laying building slabs and columns. Photos supplement the summaries of construction steps.
The document provides approval for an industrial report from the on-site and academic supervisors. It includes a declaration by the author that the report is original work. The acknowledgements section thanks various individuals and organizations for their support during the internship. The table of contents outlines the document structure. The introduction provides background information on Uganda Wildlife Education Center (UWEC), including its location, history, mission, vision, roles, values, and departments. It also includes an analysis of UWEC's strengths, weaknesses, opportunities, and threats. The objectives are to fulfill requirements for a business administration degree and gain practical experience in different tasks.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
Most emerging market consumers face insurable risks like loss of income, agricultural risks, sickness, and property damage, yet many do not use insurance as a coping mechanism due to lack of access and trust in traditional insurance products. Inclusivity Solutions is an African insurtech company that aims to close this protection gap by developing innovative digital and embedded insurance solutions that make insurance more accessible, affordable, and relevant for emerging market consumers. Their platform allows partners to offer simple and appropriately priced insurance products directly to consumers through digital channels integrated within the partners' existing services and ecosystems. Inclusivity Solutions has already helped over 1 million African customers obtain insurance coverage embedded in services like mobile payments, remittances, and loans.
Portugal InsurTech landscape – Helping digital transformation in EuropeThe Digital Insurer
- The webinar provided an overview of the developing insurtech landscape in Portugal, including perspectives from insurance practitioners and startup founders.
- Portugal Fintech has launched initiatives like the Fintech House and annual Portugal Fintech Report to support the growing fintech ecosystem.
- Panelists from insurers like Generali and Ageas discussed their digital transformation efforts, while insurtech founders from Coverflex and Habit shared their solutions.
- The Digital Insurer updates included opportunities to get involved in mapping the global insurtech landscape and virtual learning programs on digital insurance topics.
TDI Startup Insurtech Award - Blink-insurtech-startup-awards-submissionThe Digital Insurer
Blink is an insurtech startup that provides real-time flight disruption insurance. It monitors registered flights and instantly notifies travelers of any disruptions, then offers solutions like rebooking or reimbursement. This reduces stress for travelers and saves insurers costs by automating claims. Blink has partnered with several large insurers and sees potential for growth as travelers demand more seamless digital experiences.
The Digital Multiplier: Five Steps To Digital Success In The Insurance SectorAccenture Insurance
Insurers are investing less than many of their counterparts in other industries in essential digital technology. They’re also achieving lower financial returns on this spending.
The few insurers that are generating good financial returns from their investments in digital technology have a big advantage over their competitors. They have grown revenue 64 percent more than other insurers that have invested heavily in digital technology and achieved a 48 percent better return on equity.
Uli Kleber attended the EXECInsurtech conference in Cologne, Germany on October 1st, 2019. The conference, organized by PIRATE.global and InsurLab Germany, brought together 340 attendees from startups, corporations, investors, and other industries to discuss the impact of technology on the insurance industry. Winners of the Insurance Shaper of the Year awards were announced, including Kasko for Scale Up and Cardiolyse for Early Stage. Presentations from startups like Tractable and MINDS medical discussed how AI can help with claims processing and medical underwriting. Panel discussions covered topics like the relationship between startups and insurers and the role of data and enabling platforms in InsurTech
BCG and ZA Tech, two companies, I have interacted with quite a bit, have shared some interesting datapoints. They are taken in the Singaporean context but still bear significant insights for the European markets.
Mukesh singh kotak life summer internship report a critical study on using di...Priyansh Kesarwani
A CRITICAL STUDY ON USING DIGITAL PLATFORM BY AGENTS OF INSURANCE COMPANIES IN KANPUR
Objectives -:
1. To evaluate the agent perception and expectation towards the digitalization of insurance.
2. To identify the adoption and agent engagement of digital platforms.
3. To evaluate the awareness and satisfaction towards KOTAK MAHINDRA INSURANCE.
This study will help to evaluate the present position of digital engagement of users in Insurance company services. The study eventually helps to identify the vital reason why agents moving towards digital platforms, in which way consumers will satisfied.
The document discusses the future of the agency model in insurance and introduces the concept of an "OMNI Advisor". It suggests that most insurers will fall behind in their digital transformations if they do not accelerate plans to move to this new model. The OMNI Advisor model envisions advisors having a digital presence and tools to engage with customers anytime. Examples from insurers like Generali Indonesia, Manulife Singapore, and Ping An China that have begun implementing aspects of this model are provided. The document argues that for agencies to remain relevant, they will need to adopt digital capabilities, content, and new skills to operate under a new, digitally-focused operating model.
Aegon, a global insurer, struggled to digitally transform and provide a seamless customer experience due to its traditional organizational structure and siloed departments. To address this, it created the cXstudio, a standalone digital unit with its own culture and agile processes. The cXstudio delivers digital initiatives quickly while driving cultural change across Aegon. It acts as a model for other insurers facing similar challenges to adopt in order to successfully transform digitally and remain competitive by focusing on customer needs.
This document provides an overview of omnichannel approaches in the insurance sector. It discusses how Progressive Insurance has been an early adopter of digital customer experiences, while State Farm has been slower to integrate its divisions digitally. The document also examines trends in the insurance sector triggered by omnichannel advances, such as the development of sophisticated mobile apps and the blurring of direct and agent sales channels. Finally, it explores how insurers can use omnichannel techniques for both customer acquisition and retention.
Zurich Insurance Group - Insurer transformation Award 2022The Digital Insurer
Zurich Insurance Group's application overview discusses three key initiatives that demonstrate its holistic approach to innovation and digital transformation:
1) The Zurich Innovation Championship is an open innovation program that challenges startups worldwide to develop solutions to problems in the insurance industry. It results in pilot projects with winning startups.
2) Make the Difference empowers employees to shape Zurich's future through initiatives like the Zurich Simplified campaign to reduce complexities in business processes. It engaged over 10,000 employees across 28 countries.
3) The Future of International Programs project modernizes Zurich's global insurance policies with a digital infrastructure connecting underwriting and issuance systems. It onboarding 2,000
This document presents on InsurTech in microinsurance. It discusses key topics like an overview of InsurTech, importance of InsurTech, technologies used like mobile/digital platforms, blockchain, satellites etc. It discusses InsurTech platforms, factors impacting platforms, role of InsurTech in premium collection and claim settlement. It finds benefits like fraud prevention, efficiency but also risks like focus risk, cyber risk, lack of knowledge. Recommendations include knowledge sharing, training, structured laws and responsibility sharing with tech companies. The conclusion is that microinsurance is an emerging sector for financial inclusion but faces challenges that InsurTech can help address.
The
insurance landscape has evolved far beyond what it used to be One major change relates to the way
customers find and purchase coverage Today’s insurance buyers demand a technology inspired
experience that can be done almost entirely virtually, and it’s reshaping the entire insurance industry
Changes
in customer behavior are causing a fundamental shift in the insurance distribution model
Consumers are embracing digital channels, and their experiences with leading tech companies have
also raised their expectations when buying insurance both online and offline
A
seamless, consistent “multi-access” experience across all touchpoints is now the standard that all
companies must strive to meet The bar is also being raised by insurtechs.
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
G&M opted for digital transformation to deliver insurance products and services more efficiently online. Chia adopted strategies like tying up with fintech companies, promoting internal innovation, and partnering with startups. This helped foster a culture supporting digital transformation. Key aspects included building an online aggregator site to target customers and scale in the SME segment. G&M considered partnering with fintechs or developing solutions internally. Digitalization complemented G&M's business model by striking a balance between physical and digital customer contact while simplifying processes.
Alpha Direct Insurtech Pte Ltd – Insurer Transformation Award 2023The Digital Insurer
1) Alpha Direct Insurtech developed Graphite, a software platform that provides end-to-end insurance operations through components that seamlessly interact via APIs.
2) Graphite leverages mobile technology and network connectivity to make insurance accessible even in remote areas by offering products tailored to different needs and budgets.
3) A key feature of Graphite is the "Insurance in a Box" product, which uses an OBD device, sensors and data transmission over mobile networks to offer pay-per-km motor insurance and adjust premiums based on individual driving behavior.
This document summarizes a panel discussion on accelerating digital transformation in the insurance industry in Indonesia. The panel included representatives from an Indonesian insurer and an Insurtech company. They discussed trends like the urgency of digital change, different speeds of digital adoption, and the need for an omni-channel approach. The insurer representative discussed their focus on digital distribution and a seamless online customer journey. The Insurtech representative discussed how their platform provides various insurance products and aims to improve insurance literacy. The panel saw the most attractive areas for Insurtech in Indonesia being new digital business models and value chain innovations in sales and marketing.
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A
Report on
Digitalization of Zurich Insurance
group and understanding the
competitor’s capability in digital
platform
By
Tania Chakraborty
At
2. P a g e | 2
Acknowledgements
I hereby take this opportunity to express my profound gratitude
towards Zurich International Life Ltd. for allowing me to perform my
Summer Internship Program in their esteemed organization.
I would like to extend my deepest regards and gratefulness to Reena
Vivek. Her exemplary guidance and constant encouragement
throughout the course of this study made the successful completion
of this project possible.
I am also sincerely thankful to Dr. Meenaxi Dhariwal who provided
me with an extremely valuable platform in order to carry out
internship work of this nature and giving me motivation to perform
my duties during the period of internship.
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Table of Contents
Acknowledgements………………… i
Executive Summary………………….ii
1. Objectives………………………….7
2. Methodology………………………8
3. About the company………………9
4. SWOT Analysis…………………..13
5. Digitalization of Insurance company……………14
6. Digitalization for Zurich Insurance………………16
6.1 Zurich existing capability in digital platform……….18
6.2 Drawbacks of Zurich Insurance……………21
6.3 Market Gaps………………………………………….24
7. Competitors capability in digital platform…………..26
8. Findings of Mystery shopping with competitors……33
9. Michael Porter’s Five Forces………………………….38
10. Opportunity of synergy in Life and General Insurance….43
11. Recommended areas to Improve………………………….45
11.1 Ansoff Matrix……………………………………………..50
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11.2 Benefits of the recommendation………………52
12. Learning from the project……………………….54
13.Conclusion……………………………………………55
List of References……………………………………57
Annexure……………………………………………58
Glossary…………………………………………….62
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LIST OF FIGURES
Figure No. Description Page no.
Fig. 1 SWOT analysis 13
Fig. 2 Digitalization
Cycle
17
Fig. 3 Michael Porter’s
Five Forces
39
Fig. 4 Ansoff Matrix 50
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Executive Summary
In today’s market scenario customers prefers services through digital
platform than traditional platform. Companies have huge portfolio of
products to offer so it becomes important to make sure that people
feel the presence of Zurich Insurance and its different products and
services digitally.
The report discusses about the importance of digitalization of Zurich
Insurance group followed by different digital tactics which Zurich
Insurance presently practice with the planned capabilities which it
could adopt to increase the brand awareness.
Further, mystery shop with competitors are conducted to find the
competitive threats in digital platform and later opportunity of Life
and General Insurance to work together is identified with the
recommended areas to focus on for enhancement of services.
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1. OBJECTIVE
In the era of digitalization all industries are competing to make their
presence in online platform. Therefore my task is to explore all the
areas by which Zurich Insurance group can go digital and serve the
clients more efficiently. The project is assigned with objective of
understanding how better and innovatively they could reach their
clients at their door step being present on digital platform. The
project will be providing very vital information to Zurich as to how to
serve clients digitally more effectively and also as to how should they
market their online presence to their potential clients.
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2. METHODOLOGY
Primary research was undertaken by interacting with stakeholders to
get the details about the existing digital capabilities it have for their
customers. Information about competitor’s digital capabilities are
found by interacting with the consultants of competitors.
Secondary research was also undertaken through visiting the
websites of companies and also published reports on internet.
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3. ABOUT THE COMPANY
Zurich Insurance group is a leading multi-line insurance provider.
Zurich offers both Life Insurance and General Insurance solution to
their clients. Zurich has the financial resources to help meet
customer risk management and insurance solution needs with 7.6%
of market share.
Zurich International Life focus on providing individual customers
with
real financial solutions to international protection, investment,
retirement and general saving needs.
Zurich International Life also has a wide ranging product portfolio
available to companies and non-government organization, designed
to meet a variety of financial needs.
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Zurich International Life is servicing customer since last 25years in
UAE, Bahrain and Qatar.
ZIL has 2 business segments-
Retail - Offer savings and protection products that have been
developed around the lifestyles of personal customer.
Corporate Life and Pensions - Offer group protection and pension
products for medium to large corporate.
Zurich General Insurance servicing customers from last 6years in
UAE, Oman, Lebanon, Kuwait, Bahrain and Qatar.
Zurich General Insurance business consist of three business segments-
Corporate- General insurance offers an array of product and solution
to large corporate customer.
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Commercial- General Insurance has extensive range of products
tailored to meet the need of commercial customers.
Personal- General Insurance offer several insurance products that
have been developed around the lifestyles of personal customer.
The main products ofZurich International Life are as follows –
Protection - 1. Futura
2. ITA
3. International Decreasing Term Assurance
Savings and Investment – 1. Vista
2. Global Choice
3. IWA (HSBC)
4. Saving Plus (HSBC)
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The main products ofZurich General Insurance are as follows –
Motor Insurance – 1. Essential
2. Extra
3. Elite
Home Insurance – 1. Content
2. Personal Possession
3. Buildings
Travel Insurance – 1. Silver
2. Gold
3. Family
4. Schengen
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4. SWOT Analysis
Strength
Reputation as a strong reliable brand.
Well established relationship capita
operation.
Established client services.
Strong underwriting team with a combine
experience of over 100 years.
Weakness
Lack of agility, inability to respond to
market needs.
Ageing infrastructure and stability of IT
system.
Paperwork required to do business with
Zurich.
Communication channel with customer is
heavily biased towards paper.
Opportunity
Opportunities to improve persistency
through proactively engaging with
customer.
Using of electronic interaction tools.
Cost reduction opportunity through simple
automation renegotiation with vendors.
Threats
Increased online and phone presence by
competitors.
Legal requirement for Arabic support.
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5.DIGITALIZATION OF INSURANCE
COMPANY
Digitalization is the process of converting information into digital
format. Digital is a new market force that is driving a massive change
in consumer expectation.
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Some of the categories of digital platform are:
Website
Short message services
Television advertisement
Email advertisement
Mobile application and Social network
Digitalization for life insurance policies is something very important
and it should be used by every insurance provider. In today’s world it
has been found that 40% of the people prefer the online platform.
Clients expect their insurer to be available at all times and at all places
and across multiple channels and devices.
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6. DIGITALIZATION OF ZURICH
INSURANCE GROUP
Digitalization of Zurich Insurance would mean, taking a step
closer to reach their existing and prospective clients. Zurich should
be more digitalized, this will mean automating the entire process of
policy issuance, right from receiving the application to
accepting/rejecting the policy. It will increase transparency and
reduce turnaround time. One of the main benefits of digitalization is
that it reduces cost. For example, a person has got a life insurance
policy from Zurich and wants some information about his policy. The
digital platform should be so strong that the client should be able to
excess all information online without the need to call the contact
center or visit an office.
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The importance of digitalization in Zurich Insurance can be
understand from the figure below
Fig. 1 Digitalization Cycle
DIGITILIZATION
Digital
offerings
/capability
Digital
distribution
/Customer
access
Digital
Service
tool/better
customer
experience
Data
analysis
capability
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Digital offerings/capability-Increased productivity/Reduce cost to serve
Digital Distribution/Customeraccess- Increased sales
Digital Service tool/better customer experience- Increased customer retention
and customer satisfaction
Data analysis capability-More client insight data
6.1 Zurich existing capability in Digital
platform
The existing digital capabilities of Zurich Insurance are as follows
Content marketing
Zurich Insurance is using content marketing tool to increase
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awareness of presence by listing latest news of Zurich across globe
and awards they have won in their website which is very helpful to
target new clients
Easy Web Navigation
Zurich Insurance has maintained very easy navigation of their
website so as to provide easy information access to their customer
who lands into their website. It is very user friendly for the customer
they can easily find information they need.
Video Blog Marketing
Zurich insurance undertakes video blog marketing to spread the
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brand loyalty to their customer. Through video it tries to
communicate to their existing and potential clients to mitigate
unpredictable risk and cover all the risk.
Web Analytics Tool
Zurich Insurance have used the tactics of enabling web analytics tool
at their website so as to benefit customer in form of calculator, fund
performance which is really helpful for the customer to plan their
investment for more profitable return.
Organic Search
Organic search is listing the website on search engine without paying
money to the search engine. Zurich follows the approach of organic
search to reach their potential clients.
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6.2 Drawbacks of Zurich Insurance
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Some of the drawbacks of Zurich Insurance are as follows:
As presently clients are very dependent on the financial adviser.
They don’t have the knowledge where they are investing and the
progress of their investment. Due to this many investor are
surrendering their policy or they are not increasing their
investment. Therefore digitalization is very important where
client will have full knowledge about their investment.
Client sometimes feel that they are not given enough attention
therefore they don’t increase the investment in Zurich.
Client feels when they surrender the policy a standard charge is
levied which customer complains that it is more than the
promised standard charge so if it is made digitalize customer
could easily surrender themselves and thus no charge will be
levied.
Zurich does not have a section of compare products in their
website which help the client to select the most suitable product
for them. Client has to be solely dependent on the adviser.
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Client avail the encashment form online from the Zurich
website which is easier for them to do the encashment of their
policy at their need but presently they need to take out the print
of the form and then they need to post it to the office which is
something very time taking. If it is made online with one click
after filling up the form it will definitely cost effective and will
save time.
Usually when client buys a policy, after all the process and
acceptance of the application in Zurich, the statement is sent to
the customer through postage which is something very
traditional and also time taking. So it is convenient for the client
also if it is sent through an email. It will be spontaneous and also
save time.
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6.3 Market Gaps
Some of the market gaps in Digital platform are as follows
Competitors are having section of testimonial in their website
which helps the potential customer to know about the
satisfaction level of existing customer
Competitor is having a section called compare product in the
website which help customer to choose the product which is
suitable for them.
The competitor’s clients can update their personal and credit
card details through their portal.
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Competitors are having a wide presence in social media
platform.
7. COMPETITORS CAPABILITY IN
DIGITAL PLATFORM
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The competitors of Zurich Insurance in market are MetLife, Generali
and Friends Provident International.
MetLife is among the largest global provider of Insurance, annuities
and employee benefit programs with 90 million customers in over 60
countries. MetLife holds leading market positions in the United
States, Japan, Latin America, Asia pacific, Europe and the Middle
East. They have Life Insurance, Accident Insurance, Health
insurance, saving and Investment and travel insurance.
The digital capabilities of MetLife are as follows
E-services
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Clients of MetLife can access to e-services for their convenience.
They have e-service for medical cardholders where customer can
access information 24/7 to their policy. The clients can also track
claim processing, print medical and life insurance certificates on
the spot. Clients can also update their personal details through their
portal MyMetLife.
Video Blogging
MetLife have strategist to hit human emotion. This we can say
so from ‘My Dads Story- Dream of my child’ campaign
launched by MetLife. Therefore they have gone for television
channel tactics to promote this campaign. They launched
another campaign named ‘Change Perception for Life
Insurance’ which promotes the message live for your loved ones
which became very easy for them to reach or capture the mind
of prospective client.
Social Media Marketing
MetLife is prominent in social Media. The campaign which
MetLife has launched concentrated by the mode of social media
viz Facebook, Tweeter and YouTube and signaled by the
presence of hash tag.
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The Generali group is one of the leading insurance and financial
players in the world with its presence in more than 60 countries.
Generali provides protection for Life and General Insurance. The
main vision of Generali is to actively protect and enhance customers
live. The mission of Generali is to be the first choice by delivering
relevant and accessible insurance solutions.
The digital capabilities of Generali are as follows
Web Analytics
Generali have tactics of web analytics in their website like
clients get current valuation of fund. Client can also receive
quarterly and annually statements of their policy electronically
from the online portal. Client can update their credit card details
from their portal.
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Content Marketing
Generali use content marketing tool to increase the awareness of
presence by listing the latest news of Generali throughout the
globe which help to target new client in the market.
Social Media Marketing
There is a wide presence of Generali in social media which
helps clients to know more about the brand and helps to attract
potential client. Social media is electronic word of mouth which
consumer share via the internet. Through social networking
websites individual interact with one another and build
relationships.
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Friends Provident International align their business by our
customer needs rather than putting product first, with team
dedicated to serve clients requirement. Financial rating of
Friends Provident International is B+ (very strong) as at March
2013. The main goal of Friends Provident International is to
help clients to easily achieve financial security. Friends
Provident have more than 35years of international experience
with offices in Hong Kong, Dubai, Singapore, UK and Isle of
Man. They pride themselves of being a global company that
understand the markets they operate in and the customer they
serve.
The digital capabilities of Friends Provident International are as
follows
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E-services
Friends Provident International provides e-service for the
convenience of their clients. If client is registered in their
portal then client can easily track the performance of the
fund and can easily switch to another fund. Clients can
refer to glossary section in their website if they find
difficulty in understanding any technical financial term. In
the website there is a section called guide to invest which
guide investor to invest in more profitable return.
Listing Testimonial
In the website of Friends Provident International it include a
section called testimonial where existing client share their
satisfaction story which helps to attract potential customer
and testimonial section also increase the brand loyalty.
Content Marketing
Friends Provident International undertakes content marketing
strategy in their own website. It provides news of the
company to the clients. It also share about the awards and
accolades it receive and news about the new release to the
clients.
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8. FINDINGS OF MYSTERY
SHOPPING WITH COMPETITORS
33. P a g e | 33
Customer expects personalized service delivered in a customized
approach with tailored information. Integrated communication is a
key lever for success in insurance industry. In fact, insurers are
investing in communications and content management to help drive
top line growth. Insurers have many interactions with their
policyholders throughout the customer lifecycle. One bad
communication can result in cost business or the defection of an
existing customer. One great communication can strengthen a
customer relationship and sometimes secure that customer for life.
MetLife
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With MetLife, customer can track the performance of their
investment in their online portal.
Customer can also make amendments in their policy like
changing their personal details, etc.
MetLife have dedicated customer service department
along with a team of sales agent to serve the customer.
The idea of development of mobile application is under
research. However, presently customer can access their
policy details on any internet enabled device.
There is a periodic interaction with customer through
customer service department, sales agent mail the
customer through the online account with MetLife.
The remainders about premiums, status of the request and
other updates are communicated through the chosen mode
of communication by the client.
Clients get periodic calls to check the customer
satisfaction score from the compliance team, if agreed by
the clients.
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Generali
Generali have payment flexibility in their premiums.
Generali accept credit card, cheques and bank transfers.
However, distributor also mentioned that cash as a method
of payment will not be accepted.
Customer can make changes in their personal details via
the portal but a change of beneficiary requires a signed
form.
Generali have an online portal where customer can track
the performance of their investment and switch funds.
The communication strategy that is adopted to interact
with clients are either email or courier (if necessary) to
provide information about latest market report, policy
status, fund performance.
Generali have helpline number for clients where they can
answer any queries related to policy. Consultant
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mentioned that they remain in constant touch with the
clients via email, phone and visits with regard to fund
performance, policy updates and servicing queries.
Generali don’t have mobile application for their clients
which will help them to access anytime and anywhere.
For the claim procedure consultant mentioned that they
assist the client with the complete procedure from helping
the clients to complete the claim request from to delivery
of the claim amount via cheque or bank transfer. The
service is offered to all the clients irrespective of physical
location.
Friends Provident International
Flexibility in premium payment of the policy. Customer
can opt for quarter or annual payment of the premium.
They have flexibility in paying the premium. Clients can
pay the premiums through credit card or bank transfers.
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Consultants remain in continuous touch with clients to
help them with their policy details.
Development of mobile application idea is under research.
Customer can make amendments in their personal details
any time through their online account in Friends Provident
International.
9. Michael Porter’s Five Forces
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The Porter’s five forces tool is a powerful tool for understanding
where power lies in a business situation. This is useful, because it
helps you understand both the strength of your current competitive
position.
With a clear understanding of where power lies, you can take fair
advantage of a situation of strength, improve a situation of weakness
and avoid taking wrong steps.
Conventionally, the tool is used to identify whether new innovation
in the business have the potential to be profitable.
Porter says that there are five forces that apply to any market and its
competitiveness, operating between willing buyers and willing sellers
of goods or services and no market dominance last forever because
of inevitable market and technological changes happen.
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Fig. 2 Michael Porter’s Five Forces
1. Supplier’s Bargaining Power- Zurich Insurance can dominate the
market because:
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The market consists of a few large suppliers and the Zurich
Insurance is one among the few large players.
The service of Zurich is more or less same like the other
supplier in the market. However, Zurich reputed as a strong
reliable brand with established client service and strong
underwriting team with a combine experience of over 100
years.
Switching cost is high, if buyer switches to other supplier in
the market.
2. Buyer’s Bargaining Power- A buyer can impose increased pressure
when the following holds true-
There’s small number of supplier in the market so buyers
bargaining power is low.
Zurich product being supplied is undifferentiated and has fixed
cost of delivery so bargaining power is less.
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3. Threats of New Entrants-
It is easier for a new business to enter the industry or for an
existing business to supply new products and services to your
target market through innovative channel.
Competitors are thinking to approach digital platform to provide
more satisfaction to their customer.
4. Threat of Substitute- A substitute is something that meets the
same need and is of similar nature to your product. Zurich may face
substitution threat in market but it can be reduced by building brand
loyalty of customers belief in the effectiveness of new
product/services.
5. Competitive Rivalry- A competitive rivalry analysis determines
whether your business has or needs to work harder to develop a
competitive edge. The target market includes numerous
42. P a g e | 42
competitors, all offering similar products and service, buyers have no
real incentive to purchase from your business exclusively, unless you
introduce any competitive changes.
10. OPPORTUNITY OF SYNERGY IN
LIFE AND GENERAL INSURANCE
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The various fronts at which Zurich International Life and Zurich
General Insurance can work hand in hand are as follows
Zurich International Life’s customer database can be complied
with General Insurance, this will increase their customer base
and also it will give better insight of the customer linked with
Zurich.
ZIL can use General insurance base to expand their market in
Middle East where ZIL is not having its foot print.
If ZIL and General Insurance can be merged than it will result in
cost down of operation at many fronts, for instance
infrastructure, etc.
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Life and GI has more or less same distributor channel so if they
go under same umbrella brand than cost of giving them
percentage of share of profit or commission would be less. For
instance, a customer buying Life and GI policy from same
distributor, than Zurich can compile that transaction as one and
allow commission instead of paying twice.
If ZIL and GI merge together that will result in increasing in
their advertisement marketing budget and the allotted money
can be spend effectively.
Working together of Life and General Insurance will also result
in increase of brand awareness. As General Insurance is very
new in the Middle East market so if they both merge together
then there will be increase in brand awareness among client.
And also if client of Life wants to take policy of General
Insurance they will remain loyal to the brand.
11. RECOMMENDED AREAS TO
IMPROVE
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The recommended areas to improve in digital platform are noted
below-
Communication modes to be developed. The communication
process can be broadly divided into two parts-
Above the Line – It is basically a mass media marketing
which is normally done for mass public. It involves a good
amount of investment and is done on major scale. It is
done through mediums like Television, Magazines,
Hoarding and banners, etc. If this communication is
adopted it will increase the awareness among people.
Below the Line - This type of communication uses non-
media types of medium to promote various products. A
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few major characteristics of Below the Line
communication are enlisted as follows:
a) Below the communication has a kind of direct
interaction with end customer.
b) The impact of below the line communication is more
measurable than any other medium of communication as
below the line communication is aimed at selling the
product and services.
c) Below the line activities are generally targeted at groups
having unique needs, they generate a much higher
customer satisfaction.
d) It involves considerate amount of money. So it becomes
very important to use this kind of communication
effectively and efficiently.
The type of medium that can be used for this type of communication
is –
Outbound Dialers
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A predictive dialer application in which the system calls a list of
customers and delivers information about various offerings by the
service provider to the customer. It screens out the un-respond calls,
disconnected calls, etc. Also it predicts the next right time a customer
can be called. It will help to reach target customer in short time.
Development of mobile application which will help Zurich
Insurance to create brand differentiation from other brands and
this is the perfect way to achieve it. The brand differentiation is
basically brought by positioning of brands. Positioning is the
place which the brand makes in the mind of customers or in the
market.
Use Search Engine Marketing. It is a form of internet marketing
that involves the promotion of websites by increasing their
visibility in search engine result through optimization and
advertising. Search Engine Marketing may use search engine
optimization which adjust or rewrites website content to achieve
a higher ranking in search engine result pages or use pay per
listings.
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Use Drip marketing as a communication strategy that sends or
drips, a pre written set of messages to customer or prospects
over time. The messages often take the form of email marketing,
due to low cost associated with sending multiple messages over
time. A direct mail piece for home insurance is sent to current
auto insurance customers in a cross-selling initiative.
Blogging is one of the most popular internet marketing
techniques. A blog allows developing content, which is ideal to
interact with the customers and also helps for customer
acquisition. If blog is kept updated, Zurich will gain traffic and
recognized by search engine in top results.
Social media marketing is the process of gaining website traffic
or attention through social media sites. Zurich should follow the
pathway of social media which will create contents that attract
attention and encourage readers to share it across their social
network. Social media network is the electronic word of mouth
which is any statement consumer share via the internet.
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11.1 Ansoff Matrix
According to Ansoff Matrix, Zurich Insurance must focus on
following market strategy to expand their reach.
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Fig. 3 Ansoff Matrix
Market Penetration strategy i.e. for existing market with existing
product because Zurich Insurance is already present across major
countries of Middle East therefore it can think of penetrating the
existing market by heavily promoting its brand and product across
this market so as to increase the customer base to win the heart-mind
share of customer dealing with insurance sector.
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Product Development strategy i.e. Zurich must think of developing
products to tape the untapped section of the existing market. The
strategy will help to draw customer attention. Therefore, Zurich
Insurance must undertake serious customer behavioral study in order
to create a new product for the existing market.
Market development strategy i.e. Zurich Insurance can think of
expanding its reach to areas in Middle East where it is not present to
provide it services. This strategy is beneficial for Zurich Life because
it can work hand in hand with Zurich General Insurance to tape the
untapped market where General Insurance is present. This will not
only help increase their base of customer but will help to increase
their revenue and net worth of the company as a whole.
Diversification strategy i.e. Zurich Insurance can think of launching
new product to tape new market to acquire customer which will help
Zurich to create brand image in mind of new clients.
11.2 Benefits of Recommendation
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The benefits of the recommendation are discussed below
Easy to reach the potential client in less time.
Awareness of brand will increase in the market.
Drip Marketing which is recommended will help to build
relationship with customer and will help to gain customer
loyalty.
Social media marketing will increase the customer interaction
and it will help to trace the interest of the client.
Development of mobile application for customer would help to
know about the details of their policy anytime they want even if
they are in move they can access the details and fund
performance.
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Flexibility in payment system will help customer to make
payment of their premiums hassle free.
12.LEARNING FROM THE PROJECT
My learning from this project is as follows
A fair insight about the Insurance industry.
Understood the Zurich Insurance position in digital world.
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Helped me to improve my research skill.
Understood to identify the competitive threats in the market.
Learned about the online tactics to make more visibility in
digital platform.
13. CONCLUSION
Digital capability is essential to be a successful insurance company in
this century. To secure future digital success Zurich must change the
operating model and the way they listen to their customer.
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To this insurer must embedded a culture of innovation However,
focus more to be an innovative company. In recent survey of Deloitte
it has been found that 52% of the population is likely to switch online
for better service. Insurance is currently lagging behind in digital
curve.
In traditional path it is commonly seen that there is a positive
correlation in customer satisfaction between quality and frequency
of contact and also increase cross selling and less switching to other
providers. Digital technology can enable company to improve and
personalize communication. Customer expectation, in short, now
bridge to online world. They expect their insurance company to
understand their needs. Thus, it will be a great success for Zurich
Insurance as soon as it “cracks the digital nut”.
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www.brandstrategyinsider.com
Bubukwar.Sachindra.MetLife.Sales.Manager
Dumri.Rishad.Nexus Insurance Broker
www.fpinternational.ae
www.MarketResearch.com
www.MetLife.ae
Sharma.Shailendra.Goodwill Insurance
www.wikipedia.com
www.zurich.ae
http://www.xerox.com/downloads/usa/en/gdo/brochures/Integrat
ed_Communication_Insurance.pdf
www.businessinsurance.com
Annexure -1 (Questionnaire for mystery shopping)
For MetLife
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1. What are the modes of payment for premiums to be paid for the
policies?
2. Do you have any portal for customer service or taking policy
online?
3. What is the communication strategy you adopt to interact with your
existing clients?
4. What are the guidelines to be followed if one wants to surrender its
taken policy?
5. What is the maximum tenure of the policy given by your
organization?
For Generali and FPI
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1. Is there any flexibility in the premium payment? Like can I use my
credit/debit card for premium payment in both Generali and FPI
2. Do they both have any portal where I can be aware of performance
of investment?
3. Can I make amendments in address changing, beneficiary, etc in
the policy from the portal (if exist)?
4. Ideally What communication strategy it adopt to interact with
clients?
5. Do they have any mobile application which will help them me to
access anytime?
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Annexure - 2 [Questioned asked by policy provider to
understand client need]
1) Name and date of birth of both ( you & Your husband ),please
also mention if you or your husband is smoker .
2) What is the purpose of investment ? ( Child education/
Retirement / Wealth creation / Family financial protection )
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3) How much amount would you like to invest/save every year ?
4) How many years would you like to invest ?
5) Do you also want Life Insurance benefits along with Critical
illness & disability cover for both ? if yes , then till what age ?
6) How would you like to invest ? on monthly
/quarterly/semiannual /annual basis ?
7) What kind of returns you are expecting ? ( 6-7 % or 9% above )
Glossary
FPI – Friends Provident International
GL- General Insurance
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IWA- International Wealth Account
ITA – International Term Assurance
SEO- Search Engine Optimisation
SEM- Search Engine Marketing
ZIL – Zurich international Life