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Engineering insurance now as easy as A, B, C

At a glance

  • Zurich’s new Engineering Combined product will simplify an often complex process for brokers
  • Unique offering of both insurance and inspection covers under single policy
  • Product will be quick and easy to use for brokers, with multiple cross-sell opportunities

You don’t have to be an expert to sell engineering insurance.

That is the premise behind Zurich’s latest offering to brokers, which is designed to be quick, easy and provide brokers with multiple cross-sell opportunities in a subject area that is perhaps understated.

Combined insurance policy
Source: Zurich broker research March 2012

Liz Wallace, Engineering Operations Manager at Zurich, believes that the new Engineering Combined policy, which is set to launch in October, will be a massive boon to brokers when it comes to arranging cover.

The new policy will offer both insurance and inspection covers under a single offering, and it will be unique in the marketplace.

“We are showing what is covered and what is not in one simple document, with a range of covers available,” said Liz. “I think that’s why there was an overwhelming response from brokers when we pitched the idea of a combined product, as it makes it so much easier.

Overwhelming support

The idea of a combined policy came about following extensive broker research conducted by Zurich last year. At present, no insurer offers a combined product but Zurich’s broker research discovered that an overwhelming 89% of brokers said that they would be interested in such a product.

There was an overwhelming response from brokers when we pitched the idea of a combined product, as it makes it so much easier

Liz Wallace, Engineering Operations Manager at Zurich

“We wanted to produce the best possible offering for brokers,” added Liz. “They tell us what cover they need and we put it all together into one document. They can have up to seven lines of insurance and in addition get a discount for using the combined product.

“They’ll get the documentation for each split and also tell them what’s not covered, so it’s a good selling point for brokers to show the customer what is covered and what is potentially also at risk. On the last page of the document, there is a tick box to help brokers keep track of what covers are in place for each customer, and what is not.”

Jason Knowles, Engineering Development Manager UK, talks about the Online Plant Guide. 

Expert team

Brokers will also benefit from working closely with Zurich’s Engineering underwriters.

“They are very visible with brokers, from an engineering point of view, and our expert teams are on hand to answer any queries,” said Liz.

“The simplicity of the new product will allow brokers to have added confidence that they have the right cover in place for their customers.”

Image © Getty

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