At a glance
- Zurich’s new Engineering Combined product means you don’t have to be an expert to sell the cover
- Unique offering of both insurance and inspection covers under single policy will simplify an often complex process for brokers
- Creates big opportunities for brokers to cross-sell additional lines of cover
Following on from extensive broker research conducted last year, Zurich is about to launch this exciting new engineering product into the market.
The new offering, called Engineering Combined, which will be launched in October, aims to simplify an often complex process for brokers. Insider caught up with Jason Knowles, Engineering Development Manager UK at Zurich, to find out more.
Q: So, Jason, can you explain the main benefits of the new Engineering Combined product?
A: It provides for inspections and seven different types of engineering insurance cover all under one policy for the first time. The product cuts down on paperwork and the issue of documentation. It also cuts down minimum premiums, so it is a very cost effective way to place numerous lines of engineering insurance cover.
Jason Knowles, Engineering Development Manager UK
Q: What was the reasoning behind the launch of the new product?
A: We conducted market research in March 2012, where we worked with a panel of over 100 brokers. We found that it was something that the market would like and would be a saleable product. We then worked closely with our broker partners to develop something they wanted and felt there was a gap in the market for.
Q: What else did the broker research find?
A: That the knowledge of some brokers on engineering insurance wasn’t great. That is the rationale behind the new Engineering Combined product. You don’t have to be an engineering expert to offer these other aspects of the cover. It is very simplistic. And when you think of how you get a simple cross-sell and up-sell to their customers it would be really beneficial for them.
Jason Knowles, Engineering Development Manager UK, talks about the Combined Product.
Q: So, the product will help brokers in their dealings with customers?
A: Very much so. The product will help brokers on the basis that you don’t have to be an expert to sell it. The schedule will be provided and the schedule will show the seven different types of cover that can be included. The factsheet, highlighting the USPs that we will be sending out, will highlight what all of these covers are and where there may be gaps for their customers that they can fill as their broker and add value and add advice.
Q: Any other benefits?
A: It is going to be a big opportunity for the brokers to go out and cross-sell additional lines of cover, as well as increase their income and penetration with their customers. We’ve listened to the broker feedback and we have increased the sums insured in some of the sections accordingly.
You don’t have to be an engineering expert to offer these other aspects of the cover. It is very simplistic
Q: Is this product unique to the market place?
A: There are variations on a theme available in the market but we strongly believe the clear and concise offering and diverse covers we offer are market leading.
Q: Why does the new product simplify the whole process?
A: It makes things easier for both ourselves and also for our brokers because it will be issuing one policy document instead of eight policy documents. So, it will mean a lot less time for brokers to process the document and less time spent writing invoices and accounting for it because all the covers are under one policy and one premium paid. You can also bundle up lots of different covers. So, in essence, it is a lot easier to transact.
Q: Finally, are you excited by the launch of the new product?
A: A:Yes, absolutely! It’s not often that engineering launches a new product, and it’s great to have been involved in the development and now the launch of this product.