At re/insurance broker Aon’s Profitable Growth Panel, Sierra Signorelli, CEO of Commercial Insurance in Zurich, highlighted that the use of data and technology will really distinguish top performers in the years to come.

She noted that leveraging advances in data and technology enables better decision-making, facilitates more informed conversations about risk, and provides valuable options for clients and brokers to consider.

Signorelli explained that Zurich sees technology supporting various areas: “We see that it enables faster response times, allowing us to be more responsive and focus our time on things that drive value.

She continues: “In the mid-market segment, we have significantly improved response times in the UK, US and Australia. We find that response times are critical in this segment, especially in the lower middle market, where if we are slow, we simply miss the opportunity.

For several years, Zurich has been working hard to integrate its data into a variety of existing systems, including underwriting, claims and risk engineering, on a global scale.

Signorelli noted that this integration will allow Zurich to gain “deeper insights into performance and even individual customer trends.”

She added: “And this technology also helps us stay honest, not only from a portfolio perspective, but also when we are a team in underwriting, claims and risk engineering. We can ensure we present a client with the whole picture: instead of a risk engineer focusing only on fire risks, we also understand if they have suffered losses from flooding, sinkholes or other events in the affected area. would be relevant to them, or in their own facilities.

Signorelli highlighted that this approach allows for a much deeper understanding of individual risks and the entire portfolio, allowing Zurich to achieve this more effectively than ever before.

Zurich is also leveraging artificial intelligence (AI) in several areas.

“One of the areas we have focused intensely on recently is contract certainty for international programs or multinational companies,” Signorelli said.

She highlighted that in this area it can be difficult to ensure that policy formulations align globally across different languages ​​and regulatory environments. It is also important to communicate clearly where differences exist and to ensure that these differences are intentional and well understood.

Signorelli said: “So, using AI to be really effective in being able to analyze the whole world, look at policies and analyze wordings and understand where sub-limits may exist or where different terms and conditions may exist, and sure we’re all going in with our eyes wide open.

Signorelli further noted that, culturally, many people in the industry have been pushed to engage in heavy administrative tasks. She highlighted the need to shift everyone’s mindset towards problem-solving, curiosity and a true focus on risk. Most people who excel in the industry want their work to focus on that.

“Removing the administrative burden from people’s desks and really focusing on what brings the most value is a challenge. However, I believe we have made great progress and, as we explore the capabilities that AI brings, we will be able to move forward faster than ever,” Signorelli concluded.