March 20, 2018
March 20, 2018 | Media Releases
OnePath product range and brand to remain core to Zurich strategy
Zurich has confirmed it will keep both the Zurich and OnePath brands and propositions active in the market after its planned acquisition of the OnePath Life business later this year.
Speaking to financial advisers at a recent roadshow, Life & Investments CEO Mr. Tim Bailey reiterated Zurich’s plan to continue investment in both the Zurich and OnePath brands and propositions, with the two product ranges to operate alongside each other in the open market.
“We know that both the Zurich and OnePath propositions are very highly regarded in the market and are regularly acknowledged for their strength across claims service, product innovation and value for money,” he said.
At the roadshow events, which attracted more than 1000 registrations nationally, Bailey observed that many advisers already used both Zurich and OneCare product suites on a complementary basis, finding the solutions often suited different client segments with different needs.
Against a background of insurer consolidation, many advisers also indicated a concern about diminishing choice of propositions.
“Advisers are telling us they need more choice not less. The OneCare product range is well established and well regarded by customers and advisers alike, and we plan to invest further in that range, giving advisers more options to tailor cover to the specific needs of their clients.”
Later this year ownership of the entire OnePath business will transfer from ANZ, with IOOF acquiring the Pensions and Investments component and Zurich acquiring the life insurance business. Both transactions are subject to regulator approval.
After a period of sharing the brand whilst the final stages of the separation are completed, Zurich will become the permanent owner of the OnePath brand.
“As part of this transaction, Zurich will fully acquire the OnePath brand and logo,” he said.
Bailey also shared with advisers a timeline for the transaction, explaining that all parties were making excellent progress towards the planned late 2018 completion date.
“We’ve have very strong enduring partnerships with ANZ and IOOF going back many years and this has helped us make excellent progress with a reasonably complex transaction,” said Mr. Bailey.
“Our collective objective is to offer staff, customers and the market place ongoing clarity around the process and outcomes, and the collaborative nature of all stakeholders has helped us do just that,” he said.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 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.