Zurich has entered the group risk business in the UK, with an initial focus on group life (lump sum)...
Zurich has entered the group risk business in the UK, with an initial focus on group life (lump sum) and group income protection (IP), with further developments planned for later in the year, writes Paul Robertson.
Jonathan Plumtree, Head of Zurich Corporate Risk, said: "We have been positioning for this launch for a while and will be putting our first cases on risk on the first of April. We have to be competitive in this market as far as our products go but what we want to do is have an excellent service proposition. We need to deliver from day one and grow going forward, so initially we are only quoting on unit rated schemes, so removing the sub 20 lives. This will probably be for the first two or three months. Our goal is that by 2012 we will be in the top five insurers in this field."
As well as a service ethos under-pinning the proposition, Zurich is also seeking to differentiate itself in the market by offering a range of features across its suite of products. Key elements include forward underwriting on both group IP and group life; the option to process underwriting and claims by telephone; and dedicated case management for those unfortunate enough to claim.
Commenting on the proposition, Bob Cheesewright, Proposition Director said, "Our research tells us that the biggest customer service trouble is the way the industry deals with senior executives over the free cover limit. Forms and medical examinations are not good news, so once they are through our system once there will be no need for further underwriting going forward. As well as IP, where this is becoming standard, we are applying this to group life.
"In our target market, the IFA will generally have chosen an employee assistance programme and our research told us that it was better not to bundle one in. Advisers want to be bespoke to their clients firms."
