Zurich Insurance has deployed a mobile business analytics tool to help minimise the complexity of meeting insurance industry regulations and ensure transparency of its operations.
The iPad app was developed in a few weeks using Microstrategy's Mobile platform, integrating internal reports and Solvency II data to aid compliance with capital risk management rules.
The app allows Zurich Insurance controllers and management staff to analyse yearly trends on global claims data, with dashboards to view information by time period, geography or line of business using actuarial methodologies.
This has enabled the multi-line insurer to more effectively investigate complex claims patterns, and report back to regulators frequently on Solvency II requirements.
"Our global and local decision makers have a powerful iPad app, where they can access straightforward, valuable dashboards that also help ensure transparency of operations and support regulatory requirements," said Martin Buess, head of global general insurance claims business intelligence at Zurich Insurance.
"Our relationship with MicroStrategy is the latest initiative that empowers our employees to act decisively to reduce corporate risk exposure and improve our balance sheet.
"With MicroStrategy, our personnel at headquarters and out in the countries are able to easily explore our claims data, uncover areas of improvement, and make informed decisions in a matter of seconds on their iPads."
Last year, the Swiss insurance firm signed a deal with Accenture to develop and manage its SAP finance and business intelligence applications as part of a five-year agreement.
The business also has existing multi-year outsourcing deals with CSC to provide data centre services and desktop support across its operations in Europe and North America.