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swiss-re

Swiss Re

Case Study

Overview:

Microsoft Azure cloud native Risk engineering platform from Aureus Tech Systems transforms risk management operations, achieving process innovation.

About Swiss Re:

Swiss Re, founded in 1863 in Zurich Switzerland, is the world’s largest provider of insurance and reinsurance, specializing in property and casualty. It acquired GE Insurance Solutions in 2006 and serves some of the world’s largest corporations and operates through offices in more than 25 countries. Swiss Re was ranked 118th in Forbes 2000 Global leading companies 2016 and ranked 313th in Fortune Global 500 in 2015.

Setting an Aggressive Goal for Improvement:

Over the years, Swiss Re dealt with numerous challenges in the risk management function. Risk assessment become time consuming at the same time, the insurer saw an increase in the complexity of engineering assessment and scenarios. Swiss Re had the legacy risk management system that supposed to handle the operational process seamless however it was dragging the efficiency down. The operational cost of maintaining the systems was ever increasing and turnaround time was increasing as the complexity increase for any changes required in the legacy system. For customers like manufacturing and engineering businesses, Swiss Re risk engineers need to visit the field to perform the assessment and they requires a system which is well integrated within Swiss Re other platforms. Today’s legacy system lacks the ability to integrate with other platforms in Swiss Re.

Swiss Re found, as risk engineers performs assessment in the field, they need to be equipped with a platform that empowers them to create custom and personalized assessment forms to provide a better experience to the customers.   Risk engineers were spending more time in tailoring forms and conducting which lowered productivity immensely.

Develop a Comprehensive Risk Engineering Platform:

Swiss Re realized the need for a transformation in the risk management function. As the operational cost is increasing, lack of control of the system, dragging down the risk engineer’s efficiency and importantly and customer experience is getting impacted.

Swiss Re engaged with Aureus Tech Systems to create a comprehensive risk management platform with the goal of improving operational workflow, empowering risk engineers, platform that is scalable, secure, enhanced location mapping service & automate risk assessment forms, integrated with other systems within Swiss Re and improved overall customer experience. The platform is based on the integration of multiple Aureus offerings and includes Cloud computing services, Digital experience platform and Digital transformation. Designed on Azure cloud native to reap the benefits of both secure and highly extensible cloud features.

Leading the Future:

IoT adoption rates are increasing year-over-year as businesses leverage increased connectivity to derive data, increase their analytic prowess, and deliver unique, strategic solutions to their customers. McKinsey estimates by 2025, the number of networked devices will cross 50 billion. But, as the world of IoT spreads across industries, there is a certain sense of dread for some business owners — what can you do with IoT technology? What IoT "provider" should you leverage to deliver IoT solutions?

Networked devices via IoT will help insurers to generate revenue by.

  • Offering more customer interactions
  • Offering additional personalized products or services
  • Re-visit the pricing model

And reduce cost by.

  • Predictive fault detection
  • Improved safety and prevention measures
  • Increase operational efficiency

Today, we will look at some of the use cases where IoT can open businesses for Insurers.

Mobility and connected vehicles: Sensor installed in the vehicles do not just monitor driving behavior and use of the vehicle but also collect other vehicle data like; oil temperature and wear of the brakes to tire pressure. This data forms the basis for countless new applications that contribute to customer comfort as well as to active and passive safety. Insurers could, for example, develop customized offers and services to the customers based on the driving pattern and vehicle working condition, provide services for avoiding risk, point out necessary maintenance work to drivers, and identify intelligent parking solutions.

Smart Home and Health: Connected devices are invading homes like never with rapid adoption of Google, Amazon and several other providers placing their smart home offerings in the market. To name a few front IoT enabled doorbells, heat monitors, baby monitors, large electronic appliances, lighting, and entertainment control, pipe leakage sensors etc. The wealth of data torrent being generated by these devices, is an area for new insurance product innovation. With respect to personal health, there is new market called smart wearables with growing range is getting popular. These networked devices capture, personal health facts, biometric data, bad posture, and odd joint angles etc. that can help prevent injuries and avoid costly medical and disability insurance claims.

Commercials: This is high valued segment within the Industry because of the ecosystem centered partnerships (B2B, B2B2C) along the value chain.  Safety and preventive maintenance are paramount importance in manufacturing, automotive, Oil & Gas or any heavy engineering industry. Some of most common reasons for claims are human getting hurt, fire, hazardous gas detection, equipment condition deterioration, oil field vehicle accident, and gas leaks. Insurers need to collaborate with commercial partners to deploy the sensors to capture and transmit the data to the central system. Then with the captures data, using analytics on top if it they can look for early signs and prevention of these costly accidents and claims avoidance.

Swiss Re is satisfied with the comprehensive engineering platform development and looking forward for the engagement with Aureus for future possibilities in IoT capabilities.