The Innovation Foundry to focus on partnerships with InsurTech firms and assessing new ideas faster.
Zurich has launched the UK Innovation Foundry, a formal brand through which it will run its InsurTech and innovation ideas. A spokesman for the insurer told Insurance Age that the new venture, led by Zurich UK head of innovation Mark Budd, would look to partner with external InsurTech firms as well as explore ideas coming from within Zurich. He further explained that the Innovation Foundry would enable the provider to work out whether ideas would fit its customers faster, by putting them through a series of checks. According to the business the aim is to support the development of all ideas ranging from process improvement, the introduction of a new technology or a brand new proposition. It has been designed to seek long-term partnerships rather than focus on acquisitions.