Zurich Australia launches SME insurane portal for brokers

Zurich Australia is launching a small business insurance portal to the New Zealand market. The offering includes technology for ease and speed of service, complemented by a team of experts that customers and insurance brokers can talk to.

The launch of Zurich’s SME offering is focused on tackling high levels of underinsurance in a market where 95% of New Zealand businesses are SMEs, and 25% of these have no insurance at all – equating to around 125,000 small businesses.

Available through select brokers, the new product uses Zurich’s Z.stream technology, a platform that enables brokers to quote and bind new business, process renewals, and have 24/7 access to mid-term-policy adjustments, and endorsements whilst accessing claims data and reports in near real-time.

“SMEs are doing it tough in New Zealand, so we are delighted to be giving brokers the tools and technology to offer small business customers a fast and efficient insurance cover with claims handling that is backed by Zurich’s global strength and local care. Our Z.stream technology is unrivaled in this market. This level of sophistication has never been available to New Zealand brokers before now and it’s a key reason why Zurich is a leader in commercial insurance in many global markets. The platform is a gamechanger, focused on speed and simplicity whilst removing legacy inefficiencies and creating a better customer experience.” – Brett Wainhouse, Regional Manager, New Zealand.

Bottom Line: The lack of a D2C approach is notable.