New technology outpaces competition as Zurich tackles underinsurance among New Zealand small business owners

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Zurich Australian Insurance Limited (Zurich) today announced the launch of its insurance offering for small businesses (SMEs) in the New Zealand market. The offering includes unparalleled technology for ease and speed of service, complemented by a team of experts that customers and insurance brokers can talk to.

The launch of Zurich’s SME offering is focused on tackling high levels of underinsurance in a market where 95% of New Zealand businesses are SMEs, and 25% of them have no insurance, which equates to approximately 125,000 small businesses.

Research with Zurich’s Australian client base has laid bare the precarious position that uninsured businesses can face. Our data shows that the top five complaints made by SMBs by volume and average claim value are the following:

  1. Theft and burglary ($5,329)
  2. Defective goods and poor workmanship ($21,731)
  3. Impact ($6,339)
  4. Water damage ($11,209)
  5. Storm damage ($21,629).

Although less common, the highest average payouts were for fire damage ($112,114), sprinkler leaks ($100,225), and flood damage ($81,534).

Businesses without insurance will experience a direct impact on their bottom line if they encounter unexpected events, as evidenced by the most common SME claims identified by Zurich. Underinsurance or lack of insurance is not only about the direct cost of this event, but also the loss of revenue if operations are interrupted.

Available from selected brokers, the new product offering uses Zurich’s innovative Z.stream technology, a platform that enables brokers to quote and link new business, process renewals efficiently and have 24-hour access / 24 and 7 days a week for medium-term policy adjustments, endorsements while accessing claims. near real-time data and reports.

Brett Wainhouse, Regional Manager, New Zealand commented: “SMEs are tough in New Zealand, so we’re excited to give brokers the tools and technology to offer small business customers fast and efficient insurance cover with claims handling backed by Zurich’s global strength and local focus.

“Our Z.stream technology is unmatched in this market. This level of sophistication has never been available to New Zealand brokers before and is one of the main reasons why Zurich is a leader in commercial insurance in many global markets. The platform is a game-changer, focusing on speed and simplicity while removing legacy inefficiencies and creating a better customer experience. »

The SME offering will strongly appeal to smaller businesses in the SME market, with a particular focus on retail, property owners, businesses and professional offices.

Mr. Wainhouse concluded: “Our global expertise in the SME segment means that we learn about emerging technologies across the world before the market and we can pass this intelligence on to our automotive and commercial real estate customers in New Zealand, their giving a competitive advantage.

Zurich’s SME product is offered through insurance brokers only and will first be rolled out to Steadfast, New Zealand brokers and Insurance Advisernet before launching to the rest of the market. For more information visit https://www.zurich.co.nz/products/small-business-insurance.html

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