New Zealand – Insurance provider Zurich in Australia has announced that it will be launching its small business enterprise (SME) insurance offering to the New Zealand market. The new SME offering is said to be a response to the high level of underinsured small businesses in the country.
Selected brokers can now access Zurich’s innovative Z.stream technology which enables them to provide quotes and bindings for new business, process renewals quickly and have 24-hour access to mid-term policy adjustments and endorsements as well as near-real-time access to claims data and reports for new business.
Zurich said it has identified the most typical SME claims and notes that underinsurance or no insurance is not only about the direct cost of that event, but the loss of income if operations are disrupted.
Brett Wainhouse, regional manager of New Zealand at Zurich, said that SMEs are doing it tough in New Zealand, so they 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 unrivalled 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,” Wainhouse said.
Wainhouse emphasised, “Our global expertise in the SME segment means we learn about emerging technologies across the world ahead of the market and we can pass on this intelligence to our commercial motor and property customers in New Zealand, giving them a competitive advantage.”
Zurich’s SME product is offered through insurance brokers only and will be rolled out in the first instance to Steadfast, NZ brokers, and Insurance Advisernet before launching to the rest of the market.