International insurance company, Zurich, has partnered with low-code platform Mendix to roll-out a Terrorism Data Capture solution for automated coverage, among other updates.
Two-thirds of Zurich’s revenue comes from terrorism coverage, the underwriting process of which relies on legacy applications.
Working with Mendix’s code, Zurich plans to simplify the workflow for more than 700 underwriters by replacing critical legacy application with the new Terrorism Data Capture solution. The solution will reduce the amount of menial tasks for employees and streamline the process of calculating premiums and capturing customer data.
The new technology will also provide 1.5 million users with a personalised experience with the “My Plans Portal” that displays information on their pension and investments in one place. The service is linked to Zurich’s Salesforce platform.
Another step the insurer is taking towards digital transformation is in the automisation of IT infrastructures which will reduce costs for the insurance company. Zurich plans to remove 1,400 legacy Lotus applications that handle business procedures and forms and replace them with updated, automated processes.
Head of UK DevOps at Zurich, Barrington Clarke, commented on the automisation project: “These Lotus Notes applications are very old. Some were developed more than five years ago and no longer fit the operating model of our business. This has caused numerous problems, including shadow IT, as employees look for quicker workarounds. Mendix provides us with the ability to replace, amend, and update these applications, because low-code makes it so quick to do these sorts of activities.”
Paul Fondie, global industry principal for insurance at Mendix stated: “Zurich is a great example of an insurer using technology to provide its customers and employees with the best experience possible. Low-code can provide organisations in this industry with the tools they need to drive digital transformation. The pandemic has accelerated the need for these digital solutions, with more customers moving online than ever before.”
Levelling-up digital strategy is a trend amongst financial institutions at present, as there is an increasing need for them to deliver efficient and agile financial services online to keep up with emerging fintechs.