Zurich Insurance Group has launched Zurich Program IQ to help multinational businesses operate with confidence in an increasingly complex risk environment. This new AI-powered tool has been designed to further enhance contract certainty of multinational insurance programs across multiple regions, jurisdictions, languages and currencies.
“Multinational insurance programs can be extremely complex, and our customers trust we deliver clarity and consistency across all their markets,” said Sierra Signorelli, CEO Commercial Insurance, in a statement. “Zurich Program IQ is a major step forward allowing us to review thousands of pages of policy wording across the globe to give customers even greater confidence in the coherence of their global insurance programs”
Developed in-house and used by Zurich’s underwriting experts, the tool analyzes sublimits within multinational policies, highlighting discrepancies between local policies and the master policy.
Zurich notes that these inconsistencies can expose businesses to unforeseen risks, create coverage gaps, and reduce operational efficiency. Early identification of these issues allows for swift corrective measures and helps ensure customers have the expected insurance coverage.
The tool currently analyzes property natural catastrophe coverage within multinational insurance programs, efficiently processing policies in multiple languages, and will be expanded to additional areas in the future, Zurich said.
Source: Zurich Insurance
Topics
InsurTech
Data Driven
Artificial Intelligence
Tech
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