July 12, 2018
July 12, 2018 | Broker News
Zurich simplifies Z.Stream trading platform
Zurich has today announced a key change to its Z.Stream trading platform which will simplify the way brokers transact with Zurich across Property, Liability and Fleet Motor products.
Brokers seeking cover for their customers across these lines will either access Z.Stream’s ‘ZBI’ product suite or, depending on the size and complexity of the risk, have their policy case underwritten. As a result of this change, the products that underpinned Zurich’s ‘ZCI’ product suite have been repointed.
Giles Crowley, Head of Commercial Insurance, said: “This change aligns to our ambition to be strongly customer- focussed. We want to be ‘high touch’ and give our customers with larger, more complex risks the benefits of a human underwriter from the moment their broker contacts us. We will deliver this by having boots on the ground in local markets, coupled with a focus on the areas that bring most value to our partners.”
“It’s also about making ourselves easy to work with, and feedback from brokers says they want clarity about how to best access Zurich’s range of propositions. Instead of going to three different places to access our Property, Liability and Fleet Motor offerings, brokers now only need to go to two.”
The re-pointing of ZCI to ZBI and case underwriting does not affect Z.Stream’s Marine, Workers Compensation or Taxi product suites on the Z.Stream platform.
In another change aligned to Zurich’s strategy to focus on distinct market positions, since Friday 6 July 2018 it is no longer writing new policies for chauffeur vehicles, and will cease renewing existing chauffeur policies from 1 September 2018.
“Our chauffeur portfolio was sub-scale and was diverting attention and underwriting capability away from lines where we know we can compete strongly for market leadership,” said Mr Crowley. “To be credible in the market it’s important to be clear and consistent about your appetite and the segments you want to serve, and this decision is entirely aligned to that.”
“More broadly, these changes are about us continuing to refine and enhance our overall proposition to our broker partners and customers. These initiatives sit proudly alongside our efforts to transform our Claims function, strengthen our processes and relevancy in the SME segment, and deliver on our alliance with Blue Zebra and other underwriting agency partners.”
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.