Customer demand broadens Zurich expansion

The insurance industry has seen cycles of consolidation and new players entering the market which certainly is good for an industry that plays a vital role in a developing economy. Recent mergers and consolidation of large corporate brokers, has influenced their ability to operate on a global scale, says Christoph Leuzinger, Executive Head: Global Corporate at Zurich South Africa.

These changes, in turn, presented insurers including the Zurich Insurance Group, who serves corporate customers in more than 210 countries, with the opportunity to strengthen its operation in South Africa. In 2013, the Group established its Global Corporate Division to service corporate and multinational customers who need bespoke and relevant solutions to cover their risks.

Christoph Leuzinger, Executive Head of Global Corporate at Zurich South Africa, spoke to the FAnews about Zurich’s new Global Corporate offering in South Africa.

No blanket approach

Zurich Global Corporate does not follow a one-size-fits-all approach as this will not meet the needs of this customer segment. Corporate customers’ insurance requirements depend, amongst others, on the industry within which they operate; the size and geographical footprint of the business.

With a network of risk engineering professionals whose local perspectives and risk insights help make a difference in the mitigation of cost of risk and a worldwide claims organisation, Zurich is able to provide integrated, consistent services and combine global reach with deep risk insight and a determination to make it easy to do business with us.

“We strive to add value far beyond simply assisting customers in dealing with immediate risk management needs and place particular emphasis on responding in ways that customers tell us they most value, including our relationship management culture and the level of knowledge delivered by our underwriters,” say Leuzinger.

With ongoing globalisation and companies expanding into new territories, brokers and insurers must make sure that their customers comply with the insurance and tax regulations applicable to the countries in which they operate. In this respect, Zurich is at a distinct advantage because of its ability to gain insights into respective regulation globally.

Leuzinger says: “Zurich maintains a database, the Multinational Insurance Application (MIA), which contains a vast amount of information and granular detail about regulatory requirements in relation to the jurisdictions in which it operates. This means that we are able to support our customers and brokers with compliance of the respective insurance regulation. The database is updated regularly by a global network of attorneys and law firms.”

Regulation

With the Companies Act and King III, among others, legislation in South Africa, in line with that around the world, has become more stringent in recent years. Regulators and tax authorities are increasingly coordinating and collaborating internationally. It is important for companies, brokers and insurers to understand the respective local regulation and adhere to it.

Increasing regulation and compliance, particularly for multinational companies, is becoming a major concern and a key risk for companies who need to make sure that their representatives are adhering to the regulator’s mandate.

Zurich’s service offering

Zurich Global Corporate offers the full range of short-term insurance products from assets, casualty products and financial lines, to guarantees and niche products such as Environmental Impairment Liability and Product Recall solutions.

Furthermore, it develops new innovative solutions aligned with the needs of its customers to cover emerging risks such as integrated solutions for renewable energy or Single Project Professional Liability cover.

Another aspect that will give Zurich more success in the local market is the fact that it is backed by a team of professional underwriters who have vast and diverse experience in the corporate insurance segment and in other markets. Offering a full range of solutions to the market will give companies the peace of mind that they will be backed when it matters most – in the case of a claim.