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Innovation Team Proposal

Innovation Team Proposal. April 2011. Innovation Team’s Mission will drive profitable growth. The Innovation Team* will: Focus on high-impact, innovative propositions that are: New to Zurich (with preference to New to Market), or

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Innovation Team Proposal

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  1. Innovation Team Proposal April 2011

  2. Innovation Team’s Mission will drive profitable growth The Innovation Team* will: • Focus on high-impact, innovative propositions that are: • New to Zurich (with preference to New to Market), or • emerging risk propositions already existing in the Zurich portfolio • Structured on a GI Level High Impact means: • $100M in annual premium by Year 3, and/or • Central to our long term strategic outlook *Name TBD

  3. The New Innovation Team Focuses on New to Zurich and New to the Market propositions Focused on largely untested “disruptive” or new to the market propositions Standalone products only No involvement in national sales campaigns and focus on “next bets” Measured on long term, 36 month, impact with view on Year 3 GWP Focus on Development, not launch NAC Proposition Development Focuses chiefly on upgrades and refreshes Sustaining and incremental innovation Enhancements, endorsements in addition to re-writes of existing forms Focused on national sales campaigns and NAC current “big bets” Immediate impact on premium (min $50M in first 12 months after launch) Focus on Launch as much or more than Development The new Innovation Team is different than Proposition Development and Launch According to HBR, for these reasons organizational location of NTM must be different than Sustaining Innovation!

  4. Innovation Team has a strong value proposition • Helps Zurich lead the “next generation” of insurance propositions • Providing a “home” for brand new ideas provided by colleagues, customers and brokers • Create high-rate BOP products (due to lack of competition) • An accelerated cycle time within TZW guidelines

  5. Innovation Team Attributes • Key Characteristics • Innovative, “out-of-the-box” thinking • Embrace change • Collaborative • Active listening • Holistic view of the business • Function across the Enterprise • GI • ZNA • Global Life • Farmers Key Areas of Expertise • Development management • Underwriting • Marketing • Distribution management • Operations/IT • Finance

  6. Innovation Team already has an existing pipeline to work on • Criteria • High-impact premium (minimum $100M in Year 3); BOP target 14.7% • High-impact strategic (e.g. Climate Change) New-to-market propositions • Brand Assurance (including execution and launch for first 3 years) • Climate Change (in collaboration with Climate Change Office) • Lifestyle A&H (Worksite) • PACE • Mass Consumer Marketing (A&H) • Aon and other broker list Existing Zurich portfolio • Supply Chain • Zurich Fleet Intelligence • OPPI

  7. Example: Brand Assurance GPW estimates reach $224.7M by 2015

  8. Example: Brand Assurance With targeted loss ratio of 55.5%, combined (gross) of 80% and $70M in BOP (2011-2015)

  9. Producing three other NTM products in first five years produces $1B in aggregated GWP Assumptions: 1- Brand Assurance per submission to GUC 2- One major NTM product annually producing $100M by Year 3 3- Four products in first five years

  10. And total five year BOP of $168M Assumption: BOP equals 14.7% of GWP

  11. Team Members and Reporting Structure Keith Thomas Vince Tizzio Tilman Hengevoss Admin Support Ty Sagalow Head/Innovation Ali Wilson Project Lead Other Dev. Expert Bob Johnson Marketing Lead Actuarial Designee (extended team) UK Dev Expert(s) Richard Billson Lawyer/Project Manager Akiko Shimomura Project Manager Melanie Rimmer Project Manager

  12. Proposed Governance (GI version) Steering committee • Keith Thomas*** • Inga Beale • Alan Fairhead • Tim Carter • Mike Foley* • Mike Kerner* • Vince Tizzio** • Tilman Henevoss**** • David Martin**** • (Claims TBD) * = Or designee ** = Dotted Line reporting relationship the team *** = Solid Line reporting relationship the team **** Extended GI Leadership

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