Zurich Australian Insurance has launched its small business insurance offering in the New Zealand market. The offering includes a new technology platform and a team of experts to assist customers and insurance brokers.
Zurich said it is focused on tackling high levels of underinsurance in the New Zealand market, where 95% of businesses are small and medium enterprises (SMEs), with 25% of those having no insurance at all – translating to around 125,000 small businesses with no coverage.
Data from Zurich’s Australian customer base showed that the top five claims made by SMEs in volumes and average claim value are as follows:
- Theft and burglary ($5,329)
- Faulty products and faulty workmanship ($21,731)
- Impact ($6,339)
- Water damage ($11,209)
- Storm damage ($21,629).
While less common, fire damage was responsible for the highest average payout at $112,114.
Zurich’s new product offering is available through select brokers through the Z.stream platform, which enables brokers to quote and bind new business, efficiently process renewals and have 24/7 access to mid-term-policy adjustments, 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,” said Brett Wainhouse, Zurich’s regional manager for New Zealand. “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.”