INSURANCE TECHNOLOGY

Zurich Insurance Germany Selects Cognizant as Strategic IT Partner to Transform its General Insurance Application Landscape

Zurich Group Germany, Cognizant | July 07, 2022 | Read time : 05 min

Strategic IT Partner
Cognizant today announced that it has extended its relationship with Zurich Beteiligungs-AG, the German subsidiary of global insurance leader Zurich Insurance Group (Zurich), to help Zurich Germany deliver more digital services offerings to its clients and partners. As part of the new multi-year agreement, Cognizant will work closely with Zurich Germany to simplify, modernize, and manage and maintain the insurer's enterprise application landscape in the General Insurance domain. The partnership will establish joint DevOps teams and is designed to extend Zurich Germany's artificial intelligence (AI), data, software engineering and cloud capabilities.

By bringing together Zurich Germany's applications in its General Insurance domain under the joint management of inhouse IT and Cognizant as key strategic IT services provider, Zurich Germany is expected to reduce the total cost of ownership, speed up the time to market of new digital services and products, and lay the foundation for further digital and agile enablement of the enterprise.

"Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany.

"Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany.

The new agreement builds on and significantly expands the two companies' existing agreement, under which Cognizant successfully implemented and manage and maintain Zurich's General Insurance products on Guidewire.

"Innovative, forward-thinking clients like Zurich understand the importance of collaborating with a strategic IT partner to help them achieve their digital transformation and meet their business objectives," said Dr. Rolf Werner, head of Germany, Austria and Switzerland, Cognizant. "Cognizant is pleased to have been selected by Zurich to expand our successful collaboration, and we will apply our deep expertise in application modernization, development and maintenance, along with our in-depth knowledge of the insurance industry, to deliver even more value and help Zurich meet its customers' needs."

About Zurich Group Germany
Zurich Group Germany is part of the worldwide operating Zurich Insurance Group. With a premium income (2021) of about EUR 6.3 bn, investments of EUR 53 bn and about 4,500 employees, it is among the leading insurers in Germany with a wide range of property and life insurance products. Zurich offers innovative, powerful and sustainable products and solutions for insurance, prevention and risk management from a single source. Reflecting its purpose to 'create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world.

About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

Spotlight

In business, accidents and life happen. To protect yourself and your business from these events you’ll need the right insurance coverage for the various aspects of your business for when things go wrong. Justin talks to Matthew Bryan of Hitson, Crumb & Blazer Insurance about the types of business insurance, and how to go about getting covered.

Spotlight

In business, accidents and life happen. To protect yourself and your business from these events you’ll need the right insurance coverage for the various aspects of your business for when things go wrong. Justin talks to Matthew Bryan of Hitson, Crumb & Blazer Insurance about the types of business insurance, and how to go about getting covered.

Related News

INSURANCE TECHNOLOGY

Piper Sandler Expands Insurance Investment Banking Team with Addition of Christopher Grady

Piper Sandler Companies | July 06, 2022

Piper Sandler Companies (NYSE: PIPR), a leading investment bank, is pleased to announce the hiring of Christopher Grady. He is joining the New York office as a director in the financial services group as part of the insurance investment banking team. “We are thrilled to have Chris join the Piper Sandler insurance investment banking team. Having worked closely with Chris over many years, we have enormous respect for his deal acumen and integrity. His experience successfully executing insurance distribution M&A transactions, in particular, is unparalleled,” said John Butler, managing director and co-head of insurance investment banking at Piper Sandler. Grady will be focused on advising clients on strategic M&A and executing M&A and capital raising transactions for insurance distribution clients. Previously, Grady was the head of corporate development for Marsh McLennan Agency, where he was responsible for leading strategy, corporate development, principal investment and M&A activity. In his time with Marsh McLennan Agency, he completed 80 transactions including over 70 acquisitions of insurance distribution firms in the U.S. and Canada. Grady holds a Master of Business Administration degree from NYU Stern School of Business and a bachelor’s degree in finance and corporate accounting from Ithaca College. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. The Piper Sandler insurance investment banking group is an industry thought leader providing financial advisory and capital raising services to insurance underwriters, brokers, third-party administrators and other insurance services companies. The team completed 31 M&A and strategic advisory and capital raising transactions in 2021 representing $4.0 billion in aggregate M&A deal value and $4.0 billion in aggregate capital raised.** ABOUT PIPER SANDLER Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.

Read More

INSURANCE TECHNOLOGY

Embedded Insurance Platform Mulberri Raises $4M Seed

MULBERRI | July 29, 2022

Mulberri, the business insurance platform for modern PEOs and brokers, announced it has raised a $4 million Series Seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio). A shared platform that makes business insurance easier to access and manage, Mulberri will use the funding to continue to expand its infrastructure and data modeling to help make business insurance more simple, efficient, and transparent. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “We’ve been gratified by the enthusiastic response to Mulberri from investors and insurtechs alike. Looking towards the future, we’re excited to continue building out our technology so we can help even more PEOs and brokers reach their highest potential.” The process of buying, selling, and managing business insurance has always been complex, but increasingly it has become too slow. With manual workflows, archaic processes, and low-tech solutions, business insurance processes have lagged behind other insurance sectors, which have embraced automation and data-first approaches. But that’s where Mulberri comes in. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. “Business insurance processes have been long overdue for an overhaul,” said Jon Soberg, Managing Partner at MS&AD Ventures. “Mulberri recognized this problem and has developed an innovative, streamlined solution.” Mulberri delivers on the speed, transparency, and efficiency that PEOs and brokers have been asking for. The platform provides smart submission intake, automated quote and bind, data-driven insurance management, and easily accessible protection and monitoring services. It also optimizes PEO business workflows, speeds up client acquisition, and provides risk analytics by integrating with multiple systems like HRIS, Payroll and others. “Mulberri’s embedded platform empowers each one of the critical parties –– the SMB, the PEO, the broker, and the carrier –– while meaningfully leveling up automation and ease of doing business for the industry as a whole. Mulberri uses the sort of convolutional neural networks that we have successfully deployed in other industries, from energy to defense,” said Joseph Malchow, founding partner of Hanover Technology Investment Management. “Ultimately, that means a faster-growing book of business and happier customers. Hanover is proud to partner with Hamesh and the Mulberri team to transform business insurance.” ABOUT MULBERRI Mulberri is a pioneering embedded insurtech that is revamping the way insurance is delivered. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. To learn more, visit https://www.mulberri.io/.

Read More

CORE INSURANCE,RISK MANAGEMENT

Coalition Completes Acquisition of Insurance Carrier With Licenses In All 50 States

Coalition | August 16, 2022

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states. The acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors & omissions, directors and & officers, and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions, Vantage, and Zurich among others. "This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products, The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond." -Shawn Ram, Head of Insurance for Coalition This acquisition builds on a string of important company milestones in 2022. Most recently Coalition announced a $250M investment in July 2022, boosting the valuation of the company to $5B, and appointed its first ever chief financial officer and general counsel earlier this month ahead of a planned expansion into the UK. Coalition's Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organizations identify, mitigate, and insure digital risk. Coalition's technology advantage has allowed the company to build a sustainable, high-performing book of business in a highly-dynamic cyber market, while also helping Coalition customers spot and manage digital risk before it strikes. Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities. About Coalition Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Through its partnership with leading global insurers Arch Insurance North America, Allianz, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions and Vantage, Coalition offers its Active Insurance products in the US and Canada and its security products to organizations globally. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs across the globe.

Read More