At a glance
- Zurich aims to stand out in competitive insurance market with its Value Added Services
- This network can mitigate and manage the wider business risks that many companies face
- Zurich’s proposition gives brokers’ customers access to a wealth of knowledge and expertise
Brokers who take discussions with customers beyond the basic insurance programme and more towards business risk will generally retain and grow more of their customer accounts.
There are many issues that do not always get the time and attention they deserve, including risks around corporate governance, legislation, fraud, reputation, disaster recovery and underinsurance.
Examples of key business issues Zurich’s partners provide help with:
- Corporate governance & legislation: Solicitors DAC Beechcroft, BLM, and Weightmans offer services including legal health checks, contract reviews, policy reviews and training such as claims defensibility and mock trials. 4See Environmental offers services including Energy Performance Certificates, energy audits and carbon reduction planning
- Fraud prevention: Loss Adjusters Cunningham Lindsey and VRS Vericlaim work with Zurich’s claims team to investigate suspicious claims, and help customers to prevent claims through pre loss review planning.
- Brand and reputation: Hill & Knowlton provides support and assistance in protecting a customer’s brand and reputation offering crisis management, media training and reputational management.
- Disaster recovery: First Recovery provides emergency office recovery solutions following a major incident including secure data back-up.
- Underinsurance: Rushton International and Gleeds provide professional valuations of buildings and plant and machinery to give customers peace of mind that the right level of protection is in place.
These risks can quickly materialise into major challenges for a company and lead to significant losses. Brokers have a valuable role to play in making customers aware of them and in providing possible solutions to the threats that they pose.
Many risk solutions are available from insurers and it is their ability to offer guidance and expertise, beyond the basic cover provided by an insurance policy, that really helps to set them apart in a competitive market.
Certainly, this is the approach that Zurich has taken. It has a network of third party providers that offer policyholders specialist expertise to both mitigate and manage the wider business risks they face and any losses they suffer.
The boxout (right) details some of the partners that Zurich works with, as part of its Value Added Services programme, and the specific areas they operate in.
The guidance and services these partners provide is very practical and allows companies to improve their risk profile and benefit at a financial level.
The case study accompanying this article shows how one business benefited from an Energy Audit provided by a Zurich partner, which delivered a significant impact on its financial performance. This is just a single example of the many services available and the sorts of rewards that a huge number of companies could enjoy.
True business partners
Although price will always be an important factor when buying insurance, clients demand more than just a competitive premium. They are crying out for business partners that add value and offer a fully rounded proposition and this is what the Corporate Focus proposition does.
As part of Zurich’s ongoing relationship with a manufacturing company, it was asked to undertake an Energy Audit of the main operation. Zurich’s partner, 4See Environmental, an energy consultancy, provided a full audit at a cost of £1,200 + VAT for the customer. The audit found that if the recommended actions to reduce energy consumption were taken by the insured, an annual saving of £40,000 directly from their bottom line could be achieved. The Company, which needs to generate £500,000 in turnover to deliver £40,000 in profit were delighted with the recommendations made.
“Insurers and brokers often fall into the trap of not focusing enough on the wider threats that businesses have to deal with,” said David Christy, National Corporate Development Manager at Zurich.
“If insurers and brokers can demonstrate an understanding of these wider risk issues and offer advice and solutions to deal with them, their expertise and the value they bring will support their role as a true business partner, retaining more clients and winning new ones.”
For brokers, therefore, discussing the widest possible range of risks with a customer will help to identify the true scope of the potential issues faced. Zurich’s Value Added Services will give brokers’ and their customers access to a wealth of knowledge and expertise to successfully address these issues and risks.
This broader approach is crucial in today’s market.
“In an insurance market as aggressive as the UK, brokers have an increasingly difficult job fending off competition to retain their corporate customers whilst finding new angles in which to win the confidence of a potential new customer,” said David.
“A suitable insurance product and a competitive price are hygiene factors in achieving the goals of retention and new business. It is the broader understanding of a customer’s business risk, and the solutions which will help to mitigate or nullify these risks which will build long-term credibility, sustainability and loyalty.”
For more information, visit Zurich’s page on value added services.