As Switzerland’s biggest insurance company, AXA works with complex systems and large volumes of data. Extracting and preparing useful information from this huge amount of data can be time consuming and requires professional handling. This is where the technology from Veezoo brings a clear value add.
Understanding data with Veezoo
The insurance company and the ETH spin-off met for the first time at Kickstart Accelerator in fall of 2016, where AXA appeared as a partner and Veezoo as one of the first startups in the program. It quickly became clear that the startup’s software was of interest to AXA. Because, with Veezoo’s smart, dialog-based data analysis software, data and information can clearly and easily be made accessible and useful – and this has considerable potential in many areas for AXA.
With Veezoo’s help, concrete questions can be answered easily and in a way that can be understood by anyone. Questions are asked to Veezoo just like in Google and Siri; here, however, based on company data: “How many new customers aged over 30 have we gained in Zurich in the past 3 months?” The question is answered in seconds with a clear, interactive graphic. Answers can also be further explored, either by clicking on individual elements of the visualization or simply by asking a follow-up question, such as: “How many of them came from our online channel?”
Euphoric test phase
Thanks to AXA’s open innovation approach, a potential collaboration and a use case could be prepared very quickly and presented to the decision-making committee. The Customer & Distribution Board wasn’t fully convinced with the original use case. „In a subsequent attempt, we focused more closely on problems of the daily business“, says Marcos Monteiro, Co-Founder of Veezoo. „In the end, it was the focus on the benefit AXA had thanks to Veezoo’s technology, that resulted in the final approval of the pilot.“
In phase one, constructive and close collaboration was essential. After just a few weeks, a running version of Veezoo could be tested. „Selected users in the AXA sales department tested the software for its functionality and to uncover possible deviations in the data reproduction“, says Svea Meier, Open Innovation Developer at AXA. „Initially, some answers from Veezoo differed from the results computed using internal business logics. However, following investigation by both parties, the systems quickly produced fully identical numbers.“ As a result of the test phase, the evaluation showed that the test persons were very satisfied with the support of Veezoo. They were particularly enthusiastic about the extremely simple way answers and information could be obtained from the large AXA data volume. None of them wanted to go back to their daily work without Veezoo.
The final hurdle
Shortly before the end, the Customer & Distribution Board further challenged the AXA/Veezoo team, insisting on full compliance with the process before permanent implementation of the software.
AXA and Veezoo worked hand in hand on that. After clearing the remaining open topics, the business case was presented also to the Executive Board. Further requests were submitted. A few days later, everything was implemented and resulted in the final approval.
For Kickstart Accelerator Co-Lead Katka Letzing, this is a good example of how Kickstart Accelerator can help closing the gap between startups and corporations: „It`s great to see how this pilot project between Veezoo and our partner AXA turned into a longer term partnership. I believe that this kind of collaborations contribute to the Swiss innovation ecosystem in a significant way.“
by Svea Meier, AXA and Till Haug, Veezoo