Zurich Selects Tradeshift to Optimize Procurement Processes

The vendor’s procure-to-pay solution will help Zurich enhance and automate several processes in accounts payable, such as reducing and replacing paper invoices with automated e-invoicing with workflow.

(Image credit: Dollar Photo Club.) 

Zurich Insurance Group (Zurich) has selected Tradeshift, (San Francisco) a global supplier collaboration platform vendor, to help optimize the insurer’s supplier-facing business processes by delivering innovation, efficiency and cost reductions in its global accounts payable and procurement operations, according to a vendor statement. Zurich plans to first implement Tradeshift in Europe and then later in the US. Zurich plans to expand the solution across its other regions.

Kian Shroff, Global Head of Procurement, Zurich.

Kian Shroff, Global Head of Procurement, Zurich.

“In line with Zurich’s commitments to corporate and environmental responsibility, we are delighted to work closely with Tradeshift on a sustainable approach to processing supplier invoices, and towards an entirely electronic procure-to-pay process,” comments Kian Shroff, Global Head of Procurement, Zurich. “As we will utilize Tradeshift’s invoicing solution, we are also excited to leverage its integrated eProcurement capabilities to support the procurement vision across our geographies.”

The vendor reports that its network-based, procure-to-pay solution will help Zurich enhance and automate several processes in accounts payable, such as reducing and replacing paper invoices with automated e-invoicing with workflow. As, the carrier will be able to eliminate redundant and labor intensive aspects of invoicing and transactions. The application will enable Zurich’s suppliers to to easily upload invoices and, ultimately, manage their own data for improved accuracy.

(Related: Zurich Expands Implementation of Insurity Policy Decisions to Unicover Line)

By combining Tradeshift’s AP automation and operational procurement tools, Zurich will have an integrated solution that delivers user-focused best practices, reduced supply chain management costs, and innovation that is all enabled by the design of the cloud-based global platform, the vendor says.

“The addition of Zurich is a milestone as we continue to rapidly grow our customer base in Europe,” commented Charles Royon, Vice President EMEA, Tradeshift. “The company has selected Tradeshift over competing offerings because we will help them think differently about their processes and align them to best practices. We are excited to be a part of the journey that Zurich has embarked on and look forward to help deliver to this global company a highly efficient and collaborative supply chain.”

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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