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ZURICH INSURANCE CO. LTD.
ZURICH RISK ROOM MOBILE APPLICATION
The Zurich Risk Room Mobile Application is a lighter version of Zurich Insurance Group Ltd.'s Risk Room and enables risk managers to analyze and assess country risk on their mobile devices.
And, says Daniel Radulovic, Zurich-based proposition manager for the Zurich Risk Room, clients already have found many uses for the tool.
This usefulness has earned the product a 2013 Innovation Award from Business Insurance.
The app employs data presets and risk scenarios within specific categories over five broad areas: macroeconomic imbalances, natural catastrophes, supply chain risk, political volatility and longevity risk.
The tool allows clients to model future events and helps them to “visualize data in a way that is easy to understand and is intuitive,” said Mr. Radulovic.
The app is “rapid, at your fingertips, and easy to use,” he said.
Zurich demonstrated the app at the recent meeting of G20 leaders in Davos-Klosters, Switzerland, as well as at risk and insurance conferences around the world.
Mr. Radulovic said he has received feedback from risk managers who have used the tool to show top executives in their companies the level of political risk in certain countries, from human resource managers who have used the tool to assess demographic issues associated with pension risk, and even from the primary school teacher wife of a client who used elements of the tool to teach a geography lesson.
The tool is freely available for Zurich clients, and the company believes it adds value for insurance buyers and for the company itself, said Mr. Radulovic.
Mr. Radulovic, who studied political science and then went into a career in investment banking, joined Zurich as a consultant after completing an MBA. Two years ago, he was appointed to head up the team working on the Risk Room — initially designed for Zurich's internal use but made public after demand from clients. He has been working to develop the Risk Room app for about 18 months.
Products and services ranging from a Web-based portal to ease the process of complying with state auto insurance requirements to software that spots questionable prescription drug use have been recognized with 2013 Innovation Awards from Business Insurance.