Zurich Financial Services Australia (Zurich) has announced it will offer new competitive insurance premiums, varying its pricing by up to 20 per cent in certain areas. This is largely due to technological advancements the insurer has made to provide more efficient underwriting and processing via its online Z.streamXpress.
Zurich Head of SME & Packages Business Shaun Feely explains, “Zurich’s new pricing strategy focuses on driving business growth and supporting our broker partners on risk appetite, pricing and ease of doing business. Zurich already has a strong position in business insurance. The ease of doing business using Z.streamXpress, combined with our targeted pricing, gives Zurich the edge to gain an even greater share of the market.”
This first stage of pricing and risk appetite work makes Zurich relevant to at least 800 in every 1000 quotes. The second stage will be a review of other occupations. In addition, Zurich will be adding other products to Z.streamXpress in the near future, such as Strata.
“These initiatives demonstrate Zurich is serious about being competitive and that we have the pricing mechanisms internally to support this. The roll out of Z.streamXpress for business insurance continues at an impressive pace, with most brokers throughout Australia now signed up to the new platform,” Feely said.
The new pricing will focus on the following target markets.
- Retail trade (low hazard) for example:
- Specialised food – butchers, liquor, cake shop
- Chemist, hairdressers, clothing.
- Wholesale trade, for example:
- Computer wholesaling, machinery & equipment wholesaling
- Clothing wholesaling.
- Property & business services, for example:
- Property owners (medium to low hazard tenants)
- Professional services (office risks).
- Transport & storage, for example:
- Local transport (2T to 5T vehicles)
- Heavy transport (prime movers, semi trailers, concrete trucks).
- Construction:
- Trades – up to four people.
- Manufacturing, for example:
- Clothing manufacturing
- Food manufacturing
- Electrical equipments & machinery manufacturing, office equipment manufacturing.
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