Zurich Insurance Group: Overcoming challenges in insurance


03 August 2017

At the recent Efma Insurance Summit, Monika Schulze, a member of the leadership team at Zurich Insurance Group, outlines how to meet the challenges of operating in the fast-paced insurance industry.

According to Monika Schulze, one of the biggest challenges facing today’s insurers is the ever-evolving status of the customer. “This is what we have to respect and also answer to,” she said. “In the old times, we were very much product-focused, today there’s a huge need to shift to customer centricity, not only because we are used to it from other suppliers like Amazon, but also there are a lot of fintechs out there challenging us. That means we have to react’’.

Whilst reflecting on the way the process worked nine years ago when she started, Schulze highlights the challenges that need to be met and how this ultimately impacts the culture of the company.

‘’In order to meet those challenges, you have to change the culture of the company significantly. It’s not that easy to just say ‘oh now we go from product to customer, can you just shift your mindset’. In the older times, when I started almost nine years ago, it was really about the underwriters and claim officers ruling the world. Now it’s much more about how can we jointly, and not in a silo, look at the customer journey and then look at the main pain points and together find solutions so that we can meet customer needs’’.

When asked about whether artificial intelligence (AI) could potentially replace the need for humans within customer interactions and the insurance industry, Schulze responded that both are equally valuable, but for different reasons.

‘’Are machines replacing humans? Yes, maybe in one hundred years. But in the end AI is not that easy. I mean, to copy our brain fully is not an easy task if you look at AI today’’.

Watch Monika Schulze’s full interview:

Keywords : Insurance Products & Services , Robotics/AI

Geography : Switzerland