Zurich launches new risk services: Zurich Resilience Solutions
Zurich has launched a new global business unit, Zurich Resilience Solutions, to help companies manage risk more effectively and improve their risk profile.
Zurich Resilience Solutions brings together more than 750 risk engineers to deliver risk prevention and mitigation services, combines risk advisory services and insights with the latest technology and tools – leveraging data, analytics and third-party collaborations. We sat down with Kumu Kumar, who leads Zurich Resilience Solutions in the UK to discuss the launch.
1. What is Zurich Resilience Solutions?
The concept involves taking the skill sets that we use primarily for underwriting reassurance, but using it to be more targeted towards customer needs. In the past, the team was built on what the insurance product needed. However, moving forward, our skill sets will be driven heavily by what our customers require.
150 risk specialists will design and deliver risk services for customers over a wide range of industries, in order to build a package of services to help customers best manage their risks. It also supports customers across the full range of risks related to their lines of business, from property to occupational health. In addition, we have partnered with specialist third parties to ensure we can provide the best suite of in-depth expertise.
It also includes services that Zurich Group has recently launched in the areas of climate change, supply chain and cyber risk management.
Zurich Resilience Solutions is available to both current Zurich customers who have an insurance policy with us, as well as non-Zurich customers.
2. What are the services?
The lion's share of what we do is still underwriting reassurance. This links to property conservation, which is protecting our customers’ physical assets, along with human asset protection, which is protecting the customer’s employee base, and customers themselves in terms of personal injury, employers’ liability and the other casualty type insurance products. However, we’re also moving into other services, such as safeguarding children and vulnerable adults, and protecting digital assets – as these risks have a knock on impact to insurable areas. For example, mental health and well-being need to be monitored more closely than ever, due to the fact that many employees are now working from home because of Covid-19 pandemic. In light of this, we are working with sports scientists who are helping us to understand the impact that the new ways of working have on the body and a sleep consultant specialising in the importance of sleep. What’s more, all of our leaders are mental health first aid trained, therefore they know how to identify and help someone who may be experiencing a mental health issue. This insight is helping us to transform our business for our customers.
3. What are the benefits to commercial customers and brokers?
We work with our team of experts, including our claims and underwriting peers, to understand customers’ challenges and issues in order to devise effective solutions. Customers benefit from a better understanding of the risks they are exposed to and are provided with an independent view of the quality of their risk mitigation. It isn't just about insurance products; this service is about providing advice in order to help customers to stay in business.
In terms of the benefits to the broker, if they have a similar offering, they can service more of their customers by utilising Zurich Resilience Solutions. Some brokers may not have the capacity to fulfil this customer need at present, consequently, we are able to support brokers by offering this service as a ‘white label’ or to co-brand the service in order to leverage the Zurich brand.
4. How do we help customers to prepare for future risks?
This is about challenging a customer (as a critical friend) and auditing their existing arrangements and their management systems - and we will examine their viewpoint on the risks that they feel they are exposed to. Taking a data led approach, we provide risk insights, globally consistent peer benchmarking and claims analysis - our recommendations are specific to each customer’s needs.
In our experience, organisations tend to be more operationally focused on their existing business model. So we challenge the focus on operational and look at the other risks that will have an impact on customers as well, for example, climate change, because environmental issues can result in flooding, which will potentially impact a business.
We also have a breadth of digital tools available to customers including My Zurich, Zurich Risk Advisor and our Remote Collaboration Tool.
For brokers who require further information, please speak to your usual Zurich contact.
Direct customers can find out more by contacting:
Stuart Gallagher, UK Head of Sales,
Zurich Resilience Solutions
+44 (0) 7970 652382
stuart.gallagher@uk.zurich.com
