At a glance
- Solutions needed in a fast-changing world
- Zurich Global Corporate introduces new role to tackle product research and development
- Developing products to help meet future needs
Since 2008, insurers and customers have had to manage volatility and provide stability for their capital providers. In an ever-changing, fast-paced world, instant modern solutions are needed to tackle modern risks.
Confronting this challenge is Steven Taylor, in a new role at Global Corporate UK which he hopes will help cement Zurich’s reputation as an industry thought leader.
As Head of Product Development, Steven is making sure that the research and development of product pipelines is high on the agenda, keeping Zurich’s brokers and clients at the cutting edge of new developments and ideas, and maintaining products in the growth sector of the product life cycle.
“Some of the industries we insure make significant investments in growth and development. I think it is fair we challenge ourselves and the insurance industry to make sure that we have used our knowledge to invest as much as they have in the research and development of products in recent years,” says Steven.
In 2014, Zurich Global Corporate launched a host of new solutions:
- Captive Solutions across life and general insurance business
- An essential Supply Chain product
- Cyber Risk product
- The Total Cost of Risk solutions in managing your people proposition
- Multi-territory solutions for Environmental Impairment Liability
And two months into his new role, Steven, who previously headed up GCUK’s Casualty lines, already has new or refreshed products in the pipeline for 2015, which he believes will have significant impact for brokers and customers.
These products, and more like them, are being developed to be as relevant to customers and brokers as possible, enhancing existing offerings and, in a changing world, making sure that new products fulfil modern needs.
“Our challenge, is to provide solutions to customers who more than ever have to analyse the value to their businesses of insurance products they purchase, “ Steven explains.
“Our job will be to ensure what we offer them is relevant and worthwhile. That we give them thought leadership and that they believe our products fulfil their future needs.”
Early engagement on emerging risks, such as driverless cars and fracking, is key to making new products relevant, as are discussions with the wider industry, including lawyers and adjusters, to see how GCUK can use its intellectual property to provide solutions.
“We want to help our customers and brokers access products that deal effectively with emerging risks within their industry sectors, while at the same time ensuring Zurich delivers on its own strategic goals, says Steven.
“At GCUK, we want to ensure we remain thought leaders to help our customers reduce their total cost of risk, while ensuring we provide the ambitions our own capital providers expect from us.”