Zurich Insurance Group on Using Technology to Innovate for the Future

The video discusses the impact of technology on the insurance industry, highlighting two main areas: improving customer service through digitalization and changing customer behaviors and expectations. It explores how insurance is becoming more embedded in digital customer journeys, more service-led, and more contextual. The discussion also covers the importance of using data to benefit consumers and build trust, as well as the evolving expectations of customers in the digital age.

What is one traditional way technology is impacting the insurance industry?

• Eliminating the need for insurance agents

• Reducing the number of claims

• Creating new insurance products

• Improving customer service through digitalization

How are insurers adapting to the metaverse?

• By ignoring the metaverse as a trend

• By offering virtual reality insurance

• By changing their business model to be part of the customer experience

• By reducing premiums for online activities

What is an example of insurance becoming more embedded?

• Offering discounts for online purchases

• Including insurance in a digital customer journey

• Providing insurance only through physical offices

• Focusing solely on traditional insurance products

In what way is insurance becoming more service-led?

• By reducing customer interaction

• By focusing only on claim payments

• By being involved in asset management and risk mitigation

• By offering fewer services

What does contextual insurance involve?

• Providing the same insurance to all customers

• Focusing on one-size-fits-all policies

• Offering insurance products based on specific customer needs and situations

• Ignoring customer data

How can data be used to benefit consumers in insurance?

• By reducing the number of insurance options

• By selling customer data to third parties

• By increasing premiums

• By predicting and preventing risks

How have customer expectations changed with the use of technology?

• Customers now prefer slower service

• Customers expect faster service and tailored insurance products

• Customers are less concerned about coverage

• Customers want more paperwork