Zurich Insurance Singapore– All You Need to Know About the Company and the Policies They Offer in Singapore
Zurich Insurance Group: The Global Multi-Line Insurer
Headquartered in Zurich, Switzerland, Zurich Insurance Singapore is a multi-line insurer that serves customers in global and local markets. Backed by a workforce of about 55,000, it offers a wide range of insurance products covering property and casualty, life insurance, and services. Its offerings are currently available in more than 215 countries and territories.
Zurich Insurance is the largest insurance company in Switzerland and ranked as the 112 largest public company as of 2021. As a public company, it is currently listed on the Six Swiss Exchange. The company is organized into three core business segments; General insurance, Global Life and Farmers.
It is one of the most balanced and diverse insurance businesses with operations in North America and Europe. Zurich Insurance has made a name for itself in addressing the needs of individual, commercial, and global corporate customers. It also boasts of a growing position in the Asia Pacific and Latin America.
The multi-line insurance company aims to be one of the most responsible and impactful businesses in the world. Zurich Insurance is sharpening its focus on innovation in digital technology to enhance the way it interacts with customers to meet their ever-evolving needs.
Zurich Insurance Core Business Segments
General Insurance Segment
Zurich Insurance General Insurance Segment specializes in serving individual, small, and medium-sized businesses and multinational corporations. The segment offers a wide range of insurance products for protection against damage on the motor, home, and commercial products and services. It is one of the biggest segments.
The Global Life segment is one that is focused on offering life insurance products. The segment also offers savings, investment, and pension products. In addition, to be operational in Switzerland, the segment is also operational in the United States, whereby the Zurich American Life Insurance Company issues it.
The Farmers insurance segment provides non- claims-related management services. The segment provides insurance and financial service products; some high-profile products include homeowners insurance and auto insurance.
In 2020, Zurich Insurance Singapore strengthened its operational base in the insurance business by acquiring the property and casualty insurance segment belonging to MetLife for $3.6 billion. With the acquisition, the company combined Farmers and MetLife.
Zurich Ireland is another Zurich Insurance subsidiary with operations in Ireland. Incorporated in 1950, the unit is best known for writing non-life insurance business in Europe. The unit writes non-life insurance business across Europe through its Irish Head Office.
Zurich Insurance Singapore is one of the insurance companies at the forefront of digital technology. In the aftermath of the COVID-19 pandemic, the insurance company rolled out several Digital claims solutions aimed at ensuring customers continue to receive support wherever they are virtual.
Its innovative app in Spain allows adjusters to perform live claims assessment by simply using the customer’s smartphone camera. The entire process takes less than 30 minutes compared to up to 15 days in the past. The solution has also resulted in a 25% increase in customer satisfaction scores.
Zurich Insurance Products and Services
Car insurance is one of the biggest insurance products under the Zurich Insurance arm. The company offers some of the best car insurance deals at the lowest price possible. The insurance company allows clients to tailor their car insurance policy to suit their needs and get the protection they genuinely need.
Fast, fair, and convenient is what is at stake with Zurich Insurance car insurance policies, in addition to offering 24-hour support.
Zurich Term Life
Zurich Insurance has also made a name for itself by offering life insurance products. Its Term life insurance product strives to ensure that the insured family is well cared for if the inevitable were to happen.
As a basic plan or a complimentary plan, the Term Life is an excellent plan for protecting a family or business wellbeing. the plan is customized to protect against any liabilities and for legacy preservation
Zurich Insurance Singapore offers an array of home insurance products in different shapes and sizes. The policies can be tailored to cover building and contents therein. It also offers extras such as accidental damage and garden cover as part of its home insurance products.
Zurich Insurance is also known for travel insurance products that seek to ensure travels are safe for people constantly on the move. As part of the travel insurance policies, it offers travel protection which provides coverage against baggage loss or flight delays. Travel protection also provides travel-related property and financial loss protection. Zurich Insurance also offers medical protection as part of the travel insurance cover.
Zurich Insurance also operates a commercial insurance business, a leading property-casualty service that serves the global corporate, large corporate, and middle-market; the program is available in more than 210 countries and territories.
Additionally, Zurich insurance operates Zurich Resilience Solutions, a unit created to offer risk management services. The unit provides specialized insights and tools that support clients with solutions for addressing traditional and evolving risks.
Why Zurich Insurance
Zurich Insurance stands out as one of the best insurance companies, offering insurance products for over 140 years. It boasts of one of the highest levels of financial stability, rated very strong AA-/stable to superior A+/stable. The insurance company pays over $6 billion in claims every year, affirming its financial health.
Additionally, it boasts of a portfolio of 9,600 claim experts and 500 certified in handling international programs. Zurich Insurance Singapore also boasts over 80 claims. Customer executives look after global claims in over 160 countries.
Zurich Insurance strives to give every customer superior customer claims insights on international programs. The company has held over 500 large loss customer scenario workshops, consequently sharing risk and claims insights. It also comes into the business with about 20 years of unparalleled acknowledged and industry-leading Customer Relationship Models.
For over 100 years, Zurich Insurance Singapore has been applying exposure and experience so that customers can enjoy the very best insurance protection and access to risk management and mitigation services for the things they value the most.
Backed by a robust workforce and partner network, the company is committed to deliver reliable and thorough insurance and service solutions to customers. Zurich Insurance is driven by the passion of helping customers around the world understand, manage, and minimize risks.