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Brokers set to profit from Zurich’s revamped SME platform

At a glance

  • Speed and ease of use key to new ZTrade proposition, which will allow brokers to serve SMEs more productively and profitably
  • Slick interface provides brokers with 60-second quotes and dynamic question sets, meaning we have fewer, more relevant questions
  • With SMEs becoming more complex, Zurich’s new ZTrade platform ensures small businesses will have the right cover in place

Zurich has redesigned its entire SME proposition, enabled by the new ZTrade platform that has launched this week.

ZTrade will make it faster and more efficient to quote, place and renew SME business. It will give brokers access to a suite of 17 products, designed specifically as part of the new SME proposition. The proposition targets firms with a turnover of less than £5m and fleets with fewer than 14 vehicles.

What makes the Zurich SME proposition different?

  • New family of specifically designed products
  • 60 second indicative quote
  • New policy administration system
  • Seamless referrals
  • Competitive pricing
  • More underwriting staff
  • Choice of communication channels

ZTrade enables full cycle self-service functionality for straightforward risks and immediate access to expert underwriters for complex or referral cases. Once referred and agreed, all business remains on the platform, allowing brokers to take advantage of self-serve efficiencies for future transactions.

The tight margins on SME business necessitate innovation to drive frictional costs out of trading. Providing indicative quotes in 60 seconds, dynamic question sets that contract and expand, and pre-answered questions – these are all examples of ZTrade’s time saving philosophy that will help brokers manage these margins profitably.

Zurich’s research into SMEs – such as its collaboration with the Centre for Cities think tank that looks at the role cities play in the UK economy and the insurer’s own quarterly SME Risk Indexes, which monitor small business concerns – has found that smaller companies are getting more and more complex.

To weather the economic storm, these firms have diversified their business activities and sought out new markets. Technology trends continue to impact at an increasing pace, with employees’ propensity to increasingly work from home as one example.

All of this has changed the risk profile SMEs represent and the growing diversity of these businesses was a big factor in Zurich’s decision to go broker-only in this market. SMEs need the professional advice and knowledge that brokers provide.

ZTrade ZIP

ZTrade replaces Zurich’s existing SME policy administration system and this creates the ability to offer seamless referrals. If a broker has an issue when completing an application, an underwriter can step into the process and pick up exactly where the broker left off. After the underwriter has made the adjustments and calculations necessary, they can hand the case back to the broker who can then complete it.

Expanded service

This is possible for quotations, mid-term adjustments and renewals. To make sure qualified underwriters are available when needed, Zurich has already increased its team by a third, meaning expert underwriters are ready to assist.

The ability for underwriters to step in and out of the process so easily allows Zurich to offer full ranging products that have not been watered down for the online environment. Similarly, the fact that the 17-strong suite of products have all been written specifically as part of the new SME proposition, ensures there are no gaps between the policies and the cover they provide.

In addition, it ensures products look and feel the same. This will let brokers get to know the policies quickly and see exactly how they will work for their clients.

Although ZTrade is a digital platform, brokers can interact with the new SME proposition in any way they choose. Whether working online, via email or over the phone, brokers and underwriters can share the same information in real time and decide in what format they wish documentation to be issued.

With the SME sector evolving so dramatically, Zurich’s remodelled proposition will let brokers serve it both effectively and efficiently.

Image © Getty

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