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Case Study: Reimagining Risk Management Through Innovation at the SwissRe GCC
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Swiss Re, a global reinsurance and insurance leader with over 150 years of experience, is renowned for its expertise in risk management.
The Challenge
Swiss Re, a pillar of the insurance industry, faced a critical hurdle. They sought to embrace innovation in the burgeoning InsurTech space, leveraging emerging technologies to enhance risk management and client services. However, their established, risk-averse culture clashed with the agility and calculated risk-taking required for successful innovation in the fast-paced InsurTech world. They needed a solution that would bridge this gap, fostering a culture of innovation while maintaining their core strengths in risk management and financial stability.
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Our Solution
The answer lay in their existing Global Capability Center (GCC) in Bengaluru, India. A well-established center with over 1,000 employees, the GCC offered a strong foundation for innovation initiatives. However, Swiss Re required a partner with expertise in navigating the complexities of fostering innovation within a large organization.
ANSR, with its deep understanding of the GCC model and proven track record in fostering innovation ecosystems, partnered with Swiss Re to implement a strategic solution. Leveraging a multi-pronged approach that combined Swiss Re’s industry expertise with ANSR’s innovation capabilities, they established a dynamic environment that would propel Swiss Re towards becoming an InsurTech leader.
The Swiss Re case study exemplifies the transformative power of a well-established GCC. By leveraging the GCC’s talent pool, cost-effectiveness, and established infrastructure, and combining it with ANSR’s expertise in fostering innovation ecosystems, Swiss Re successfully bridged the gap between its traditional risk management approach and the agility of the startup world.
Business Impact: A Thriving Innovation Hub Fuels Growth
6 New Partnerships
Established through the “InsurTech Accelerator” within the Bengaluru GCC with startups like Max Bupa, GOQii, and Arya.ai.
$750,000 Seed Funding
Secured to fuel the growth of these new ventures.
20 Client Engagements
Generated through the InsurTech Accelerator, showcasing Swiss Re’s leadership and yielding potential revenue streams.
Broadened Innovation Ecosystem
Launched to expand collaboration with startups and larger enterprises, ensuring a diverse and sustainable innovation pipeline.
