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Zurich revolutionises SME insurance as it unveils exciting new trading proposition

At a glance

  • Real-time quotes in 60 seconds
  • Wider product range and appetite
  • More experts on hand to help to e-trade all SME risks

Zurich announces the launch of a brand new trading proposition to cement its position as a leading provider of insurance for Britain’s SMEs.

Following significant investment over the last three years, the heart of the transformation is a completely new and market-leading digital trading platform. ZTrade will revolutionise the way brokers interact with their small and medium sized customers – helping them operate more efficiently and write business in a significantly more streamlined way, whilst maintaining the dialogue and trading they believe is critical.

What are the key features of ZTrade?

  • One of the best trading platforms on the market, which can quote in 60 seconds
  • Broad product range and underwriting appetite
  • All our SME business is traded on it. So brokers see what we see meaning decisions are made quickly and policies created straight away
  • Transact via any channel, any time, on any case – phone, email, or self-serve
  • 30% more experts on hand to write business and guide brokers through the process

Over the summer, broker firms are being invited to begin using the system, with full and open access available to all brokers from the beginning of September.

Helping brokers help SMEs

SMEs account for 98% of businesses in the UK and their operating landscape is becoming more complex – through changing risk profiles led by diversification, new markets and technologies, and the opportunities for growth as the wider economy continues to drive forward.

Based on on-going input and feedback from brokers over the last two years, ZTrade has been built to help them better serve this competitive and changing part of the commercial insurance market. The proposition offers the most comprehensive interface available with a wide ranging suite of market-leading benefits for brokers and their customers.

Time is of the essence

Typically based on fewer than ten questions, brokers will be able to generate accurate price indications in less than 60 seconds – and have power over the process including amending their commission level to suit the requirements of their customers.

Features from launch

From launch, ZTrade will offer a top quality wording across the following different types of cover for SMEs. The range will be enhanced over the coming months, ultimately providing the widest range in the market.

  • Shop
  • Pubs & Restaurants
  • Hair & Beauty
  • Directors & Officers
  • Professional Indemnity
  • Residential Property Owners
  • Commercial Property Owners

The range of services which brokers already value from Zurich have been woven into the new proposition as well, and from launch brokers can continue to take advantage of:

  • Zurich’s risk management helpline
  • Virtual consulting
  • Emergency disaster recovery
  • DAS helplines
  • DAS legal expenses
  • Cyber protect helpline

To support this leap forward in its SME capability, Zurich has recruited 30% more market-facing people over the last two years and fully trained them so they have the knowledge and expertise to assist brokers and customers from launch. The underwriting team are plugged into the same software meaning they see what brokers see – so can make decisions and write business in real time.

Commenting on the launch of this entirely new proposition, Richard Coleman, director of SME at Zurich, said: “We have significant ambitions in the SME insurance market and have completely transformed our SME capability. We can now launch an entirely broker-focused proposition which we believe is a quantum leap forward and puts us way ahead of the competition.

“ZTrade represents significant investment over the last three years in our technology, products and people, and gives us the platform to drive significant growth. Make no mistake, this is an investment for growth and we intend to become one of the major SME insurers in the UK.

“We’ve replaced a collection of legacy systems with one all-singing and all-dancing interface through which brokers can engage directly with our experts, getting pricing indications for a fantastically wide range of products and covers in as little as 60 seconds. I think the market will find our pricing surprisingly competitive – and the added flexibility of a built-in commission slider puts brokers in control.

“We’ve trialled the system with a number of broker firms over the past few weeks and the reaction has blown us away. We knew we were bringing something to the market which had the wow factor, but the feedback to ZTrade has been fantastic. Although given that we built the entire thing based on listening to what brokers want and expect we shouldn’t be surprised.

“The challenge ahead is a good one. Demand for access to ZTrade is very high and we have a full schedule of roll out planned with brokers over the coming weeks to get everyone set up and trading.”

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